Thor Industries (THO)

In North America, Thor produces Class A, Class B and Class C motorhomes as well as towable RVs sold through independent dealer networks. Its brand structure allows the company to address entry-level buyers, families upgrading to larger units, and premium customers seeking higher-specification vehicles. Demand is closely tied to consumer confidence, interest rates, fuel costs, dealer inventory cycles and long-term participation in outdoor recreation.

Thor also has a major European presence following its acquisition of Erwin Hymer Group in 2019. That business added motor caravans, camper vans, caravans and related RV products tailored to European markets, where vehicle size, road networks and camping habits differ from North America. The acquisition made Thor a more geographically diversified RV manufacturer.

The company has expanded beyond vehicle assembly into adjacent aftermarket and component markets, including through its acquisition of Airxcel in 2021. This business supplies RV-related parts and systems, although vehicle sales remain the dominant revenue driver. In fiscal 2025, Thor wholesaled 181,388 units and reported $9.6 billion in revenue, underscoring its scale in a cyclical but globally significant leisure vehicle market.