LCI Industries, operating through its Lippert Components subsidiary, supplies engineered components to RV, transportation, marine, and housing OEMs. The RV market is Lippert's core end market, accounting for roughly 61% of OEM segment revenue. Lippert supplies components to virtually every RV brand — including chassis, axles, suspension systems, furniture, appliances, windows, slide-outs, leveling systems, and hitches — and its three largest customers, Thor Industries, Forest River, and Winnebago, collectively account for a large majority of RV OEM volume. Lippert also sells to adjacent OEM markets including school and transit buses, marine vessels, and manufactured housing. Beyond OEM, Lippert operates an aftermarket business (~23% of total revenue) selling replacement parts and accessories to RV dealers, distributors, and consumers, driven largely by its CURT brand of hitches and towing products. The aftermarket earns a significantly higher operating margin than the OEM segment, underpinned by Lippert's proprietary installed base — management estimates over $20B of replaceable Lippert content has been embedded in the RV fleet over the past decade. Lippert grows through three levers: organic content-per-unit expansion via product innovation, tuck-in M&A (77 acquisitions since 2001), and aftermarket infrastructure investment. Revenue is primarily driven by RV wholesale shipment volumes and content per unit, the latter of which has grown roughly 67% since 2020. Steel and aluminum costs are largely passed through to OEM customers, though with a short lag.