The global recreational vehicles (RVs) batteries market is anticipated to expand at a CAGR of 7% during the forecast period, owing to adoption of technologies by vehicle manufacturers who are enhancing vehicle efficiency and vehicle performance. Increase in demand for electric vehicles coupled with the demand for vehicle technology to reduce vehicle emissions is likely to further propel the global recreational vehicles (RVs) batteries market during the forecast period.
Technological advancements in the vehicle battery technology have enabled automakers to increase the cruising range of electric vehicles. This, in turn, is anticipated to increase the trend toward electric vehicles and consequently, propel the recreational vehicles (RVs) batteries market during the forecast period.
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Technological advancements, in terms of battery technology, are expected to boost the global recreational vehicles (RVs) batteries market. Battery technologies, such as Li-ion batteries and solid state batteries have enabled automakers and OEM players to increase the power output of a battery.
For instance, Li-ion battery technology allows the highest level of energy density. The large choice of cell design and chemistries in Li-ion batteries can help in terms of performance such as fast charge or temperature operating window (-50°C up to 125°C). Moreover, Li-ion batteries display additional advantages such as very low self-discharge and very long lifetime and cycling performances, typically thousands of charging/discharging cycles.
Fast charging technologies charge RV batteries at a rapid rate. All these factors are expected to propel the global recreational vehicles (RVs) batteries market.
Challenges for Recreational Vehicles (RVs) Batteries Market
Disruptions in supply chain catering to the automobile industry, owing to shutdown of production and manufacturing facilities and raw material shortage caused by the novel coronavirus across the world, is estimated to contract the market in 2020. However, the market is anticipated to recover through economic losses by increasing production volume of vehicle components as well as vehicle production from 2021.
Additionally, governments across the globe have enacted stringent regulations on manufacturing, storage, and transportation of batteries, owing to their chemically sensitive nature. For instance, battery manufacturers must have two types of recycling facilities as required by regulations. Smaller facilities for temporary storage and larger facilities are designed for long-term operation. Additionally, battery recycling facilities are supposed to collect, sort, store, package and ship used electric vehicle batteries; however, they are not allowed to disassemble these, except for inspection purposes. These regulations are expected to hinder the market.
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Recreational Vehicles (RVs) Batteries Market: Segmentation
The global recreational vehicles (RVs) batteries market has been segmented based on RV type, voltage range, battery function, battery type, sales channel, and region
Based on RV type, the global recreational vehicles (RVs) batteries market has been divided in to travel trailer, fifth wheel, Class A, Class B, and Class C. The travel trailer segment dominated the global recreational vehicles (RVs) batteries market. Camping and trekking activities are increasing globally, as people are spending more on outdoor travels resulting in the increased demand for traveling vehicles for tourist. This is likely to drive the demand of travel trailers and subsequently, boost the segment.
Based on voltage range, the 12 volt batteries segment held a major share of the global market. Increase in use of in vehicle luxury systems and appliances in recreational vehicles is expected to propel the 12 volt battery segment. 12 volt is a safer voltage for DC circuits, as opposed to any higher operating voltages, in vehicles. Most vehicle systems in recreational vehicles operate on 12 volts, making this voltage the most widely used.
Recreational Vehicles (RVs) Batteries Market: Regional Analysis
In terms of the region, the global recreational vehicles (RVs) batteries market has been split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Based on region, North America held a major share of the global recreational batteries market. High disposable income of the population and openness toward new technologies in countries across North America are propelling the recreational vehicle batteries market in the region. Rise in awareness about benefits of electric vehicles and their benefits among consumers in countries across North America is further propelling the recreational vehicles (RVs) batteries market in the region.
Asia Pacific is projected to be highly lucrative market, globally, during the forecast period. This is primarily, owing to the presence of a prominent automotive industry in China, Japan, and India. Consistent rise in vehicle production across East Asia is anticipated to drive the recreational vehicles (RVs) batteries market during the forecast period.
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Recreational Vehicles (RVs) Batteries Market: Competition Landscape
- Key players operating in the global recreational vehicles (RVs) batteries market include
- Crown Battery
- Discover Battery
- East Penn Manufacturing
- EnerSys
- Exide Technologies
- Fullriver Battery USA
- Go Power!
- Harris Battery
- Interstate Batteries
- Johnson Controls
- Lifeline
- MIDAC Batteries
- MPower
- Navitas Systems
- RELiON Batteries
- Smart Battery
- Trojan Battery
- U.S. Battery
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