THOR PUBLISHES NORTH AMERICAN MOTORIZED ELECTRIC RV STUDY RESULTS

Rhea-AI Summary

THOR Industries (NYSE: THO) released its North American Motorized Electric RV Study, revealing vital consumer expectations for electric RVs. Key findings indicate that 45% of consumers expect to drive 5-6 hours on a single charge, with 97% wanting a charge interval of 3 hours or longer. The study highlights a pressing need for improved charging infrastructure, as 44% of participants expect fast-charging stations at campgrounds. THOR aims to innovate within this sector, leveraging data to exceed consumer needs while addressing infrastructure challenges.

Positive

• 45% of consumers expect to drive 5-6 hours on a single charge, indicating strong demand for high-voltage electric RVs.
• 97% of surveyed consumers want to drive 3 hours or longer before needing to charge, showcasing interest in longer-range vehicles.
• 70% support the inclusion of an onboard fuel cell for recharging, enhancing purchase interest.

Negative

• 44% expect a fast-charging station at each campground spot, highlighting potential infrastructure gaps.
• Consumer expectations for charging times and costs may challenge THOR's current offerings.

Global RV Leader Reveals Key Insights About Consumer Expectations for Motorized Electric RVs

ELKHART, Ind., May 12, 2022 /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) announced the release of the company's North American Motorized Electric RV Study, which explores consumer expectations, key purchase motivators and electric infrastructure development needs. The global RV industry leader is utilizing the data to inform its high-voltage electric platform innovation, which will enable the THOR family of companies to industrialize motorized electric RVs to exceed consumer expectations.

Comprehensively confirming the need for long range solutions such as THOR's high-voltage solution, THOR's study found that 45% of consumers expect to be able to drive 5-6 hours on a single charge. This data aligns with results from THOR's 2021 North American Path to Purchase Study in which 70% of new RV purchasers reported traveling an average of 5 or more hours from their home for RV trips. THOR's newest survey reflects that only 3% of consumers expect to charge after 2 hours or less of driving, which is the range currently offered by low-voltage motorized electric RVs.

The survey included question to assess consumers' interest level, intended usage, charging and service expectations, as well as identify factors challenging their purchase of motorized electric RVs. The featured information was collected from current and potential electric vehicle owners who are interested in purchasing a motorized electric RV, who have had some level of RV experience within the last 10 years.

Several key findings from the survey include:

Usage:

• 47% expect to use a motorized electric RV at least "once a week or more often" or "once every 2 to 3 weeks"

Charging Expectations:

• 97% expect to drive 3 hours or longer before charging
• 70% report that the inclusion of an onboard fuel cell for recharging the vehicle's battery positively impacts their purchase interest level, regardless of a small carbon footprint

Charging Infrastructure:

• 44% expect a fact-charging (1-hour) station at each individual campground spot
• 34% report charging time is expected to be 45-59 minutes
• 34% report charging cost from empty to full is expected to be $41-$60

"As the global leader in the RV industry, it's important that we share some of the critical data and insights used to inform innovation efforts across the THOR family of companies, which allow us to anticipate and exceed consumer expectations," shared THOR President and CEO Bob Martin. "Our motorized electric RV study confirms that the high-voltage motorized platform we've developed meets the expectations of consumers, however charging infrastructure development is necessary to increase adoption.  When it comes to electrification, THOR is positioned to redefine the RV experience."

For more motorized electric RV findings and to view the North American Motorized Electric RV Study, please download it here.  To learn more about THOR's electric RV innovation, visit www.thorindustries.com/innovation.

About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the company and its products, please go to www.thorindustries.com. 

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SOURCE THOR Industries

FAQ

What are the key findings from the THO electric RV study?

The THO electric RV study found that 45% of consumers expect to drive 5-6 hours on a charge and 97% want to drive 3 hours or longer before charging.

How does consumer interest impact THOR's electric RV offerings?

Consumer interest is high, with 70% of respondents indicating that an onboard fuel cell positively influences their purchase interest.

What infrastructure do consumers expect for electric RVs according to THO's study?

Consumers expect fast-charging stations at campgrounds and significant improvements in charging times and costs.