A major RV maker now has more than $18 billion in backlogged orders and says its dealers may not be fully restocked until 2023

• RV maker Thor Industries has a $18.07 billion order backlog.
• Demand for RVs has remained strong since the start of the COVID-19 pandemic.

Famed RV maker Thor Industries now has an $18.07 billion order backlog as of October 31 as demand for tiny homes on wheels continues to remain strong through the COVID-19 pandemic, the company said in its 2022 first-quarter earnings report on December 8.

Thor Industries — which owns brands like Jayco and Airstream — first saw rising sales in May and June of 2020, especially from first-time RVers, Bob Martin, Thor's president and CEO, told Insider in May 2020. Since then, interest has yet to taper off: The RV maker achieved $3.96 billion in net sales in the first quarter of 2022, a 56% increase compared to the same time last year.

Thor has now reported record net sales for three successive quarters despite labor, cost, and supply chain "challenges," which it predicts it'll still continue to face, Martin said in the earnings report. However, the RV maker has been "pretty much sold out for the next year" as dealers have "virtually no inventory," Martin told CNBC's Jim Cramer on "Mad Money" in June.

"Independent dealer sentiment remains positive and consumer demand for our RV products remains strong," Martin said in the earnings report. "The dealer restocking process will still take a number of quarters to complete and could possibly extend into calendar 2023."

To alleviate this backlog, Thor Industries acquired Airxcel, an RV parts manufacturer. Martin called this acquisition a "key piece" in Thor's efforts to bolster its supply chain.