Product categories and sales

Thule Group offers a broad range of valued products that make it easier for people to live an active life filled with experiences. All products are developed and manufactured with a focus on safety, quality and sustainability.

Before the pandemic, our markets grew 2–5 percent each year, with greater variations in different product categories and geographic markets, depending on factors such as market maturity, standard of living, urbanization, the competitive landscape and brand recognition. In 2023, the bike sector was still being affected by excessive stocks built up in 2022 by retailers and stores. Other product categories continued to grow. Our assessment is that in 2024, the market will continue to be affected, but to a much lesser extent than in 2022, by the inventory adjustment in the bike sector, and greater general uncertainties about the economy. 

Region Europe & Rest of World

The region’s largest markets are in Central, Western and Northern Europe, with sturdy growth occurring in Central Eastern Europe. Our products are sold through in-store and online retailers, and in many countries, through our own online sales at thule.com. The region accounts for 97 percent of our sales in the RV Products category. We have six assembly sites in the region that are strategically located near our major markets.

DECREASED SALES OF BIKE-RELATED PRODUCTS

In Region Europe & RoW, sales decreased 12 percent after currency adjustment, impacted by a weak first half of the year for bike-related products. Sales decreased significantly during the first half of the year, as bike retailers almost entirely stopped purchasing products in order to manage high inventory levels. Bike retailers’ inventory of Thule products returned to healthy levels during the summer, and sales increased during the second half of the year in the region. For the full year, sales in all product categories decreased in 2023, and particularly for Sport&Cargo Carriers. In Europe, growth continued for direct-to-consumer (DTC) sales in all product categories and all of the markets where it is launched. We launched sales via thule.com in Austria and Spain during the last quarter of the year, which immediately impacted sales. In total, DTC rose 81 percent during the year and accounted for 4 percent of sales in the region.

Sport&Cargo Carriers

Sales of ike carriers for the car were still burdened by the record year 2021, as retailers were too optimistic and built up too much inventory. The stock situation normalized during the summer of 2023 and, together with strong Thule products, contributed to good growth in, for example, bike carriers in the second half of 2023. Thule Epos, our premium tow bar mounted bike carrier that was launched in the spring, contributed significantly to sales growth in the latter part of the year. Rooftop tents continued their positive long-term trend and continued to grow.

Change in sales from 2022: -16% (currency adjusted)

RV Products

RV Products is Thule Group’s sole product category with exposure to a historically cyclical market segment. The strong trend in RV Products from the past decade continued in the first half of 2023. However, in the second half of the year the business area was impacted by a weaker economy with higher prices and increased financing costs for consumers with less spending power. Sales in the OE channel continued at a brisk pace during the second half of the year, as manufacturers produced previously placed orders and orders ahead of the coming spring season, while sales in the aftermarket segment declined sharply.

Change in sales from 2022: -6% (currency adjusted)

Juvenile & Pet

In 2023, we saw a slight increase in bike trailers and child bike seats. Sales declined in our stroller category, largely due to a challenging year at the retailer level. Child bike seats adhered to the general bike trend and posted growth in the second half of the year.

Change in sales from 2022: -7% (currency adjusted)

Packs, Bags & Luggage

Sales of Thule branded products in this category continued to post solid growth, with the main contributing factor being higher sales of smaller bags for everyday use, such as our new collection of Thule Aion backpacks. Duffel bags were the fastest growing product group as travel continued to increase. There has also been a pronounced growth in the popularity of the Thule brand in Asia, where our bag collections are gaining market share. As expected, sales within categories linked to consumer electronics, such as camera bags and tablet cases (known as the Legacy categories), continued to decline, as expected.

Change in sales from 2022: -7% (currency adjusted)

Region Americas

This region is divided into North, South and Central America. It offers wide variations in active living both at national and at regional levels. The US is the region’s largest market, while Canada has the highest per capita sales. Central and South America are geographically vast markets, with several South American countries mainly active in cycling and water sports.

Our products are sold through retailers – in stores and online. In the US, our products have been sold for more than ten years through our own online sales platform at thule.com. We have three proprietary assembly sites in the region – two in the north and one in the south.

ADVERSE IMPACT OF SLOWDOWN IN BIKE SECTOR

Region Americas declined 23 percent after currency adjustment. For the full year, sales decreased in all product categories, primarily accentuated by a decline in bike-related products. During the fourth quarter, there was a break in the trend and sales of bike-related products increased. The sales decline mainly occurred in North America, i.e., the US and Canada, while the performance of markets in Central and South America ranged from somewhat negative to somewhat positive. Direct-to-consumers (DTC) sales continued to grow in Region Americas. In total, DTC accounted for 15 percent of sales in the region during the year and increased 32 percent.

Sport&Cargo Carriers

In Region Americas, performance during the year was clearly linked to bike retailers’ inventory levels and behavior. In general, inventory levels normalized in Region Americas in 2023, but later in the year than in Europe. In light of the challenging market trend, sales of bike carriers initially declined, but resumed growth during the fourth quarter. Sales of roof boxes and roof racks also declined during the year, but not as much as for bike carriers.

Change in sales from 2022: -24% (currency adjusted)

RV Products

In North America, we chose to have a niche product offering focused on smaller vehicles for active people. Accordingly, we are less dependent on the general RV market in North America. Sales in this business area declined during the year, due to an extremely tough period faced by the industry. However, this product category accounts for only a minor portion of sales in Region Americas.

Change in sales from 2022: -14% (currency adjusted)

Juvenile & Pet

In 2023, this product category was impacted by the high inventory levels of bike-related products, which contributed to lower sales of bike trailers and child bike seats. Sales of strollers increased, driven by continued strong sales of our award-winning jogging-and-activity stroller, Thule Urban Glide.

Change in sales from 2022: -69% (currency adjusted)

Packs, Bags & Luggage

Sales of Thule branded products in this category continued to post solid growth, including in Region Americas. Historically, the region has had greater exposure to categories linked to consumer electronics, such as camera bags and tablet cases (known as the Legacy categories). As expected and planned for, these product categories continued to decline. The strongest positive contributing factor was increased sales of smaller bags for everyday use, such as our new collection of Thule Aion backpacks, as well as cabin bags and duffel bags, which continued to post robust growth as travel continued to increase. 

Change in sales from 2022: -11% (currency adjusted)

Sales per product category for the full year 2023