Record Sales of RVs Create Incremental Opportunities for Manufacturers During COVID-19 Pandemic
Recreational vehicle sales have increased during the COVID-19 (coronavirus) pandemic. In order to find safe shelter during hurricane evacuations amidst the pandemic, automotive companies in the U.S. have registered a surge in RV sales. This phenomenon has created incremental opportunities for manufacturers in the recreational vehicles (RVs) batteries market. Individuals in the U.S. have been trying to escape costly hotel rents and air travel during the pandemic. This has led to increased sales of RVs. The RV Industry Association stated that shipments of new RVs and camping trailers had dropped in May due to factory shutdowns. However, dealers that continued business experienced record sales of vehicles during May 2020.
Automotive dealers have registered a surge of up to 30% in sales during May. Business activities are anticipated to gain momentum in the last quarter of 2020.
These factors are likely to drive the recreational vehicles (RVs) batteries market during the forecast period.
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Cost-efficient Van Life Sparks RV Rebuilds among Millennials
A significant percentage of the millennial population are opting for the unconventional van life and directing their money in rebuilds. This trend is anticipated to create value-grab opportunities for companies in the recreational vehicles (RVs) batteries market, where the market is estimated to progress at a favorable CAGR of 7% during the assessment period. Technological innovations in RVs have grabbed the attention of millennials who are in pursuit of a comfortable and cost-efficient living.
Apart from the U.S., manufacturers in the recreational vehicles batteries market are tapping into business opportunities in countries of Asia Pacific, since the region is predicted for exponential growth during 2020 to 2030. They are investing in production capacities that manufacture solar-powered batteries. These batteries are gaining increased popularity since not all days are blanketed with sunrays.
Extension of Battery Life Eliminates Issue of Costly Warranty Claims
Innovations in lithium-ion batteries are bolstering growth for the recreational vehicles (RVs) batteries market. However, battery manufacturers are troubled with costs associated with annual warranty claims on batteries. Hence, manufacturers in the recreational vehicles (RVs) batteries market are increasing awareness about measures that help to extend the battery life. They are increasing R&D muscle to improve the size of lead plates and electrolyte content in order to improve power storage capacity of batteries.
New trends such as proliferation of food trucks and new ownerships in campsites have led to the expansion of the market for RV batteries. In order to extend the battery life, manufacturers are increasing awareness about Cold Cranking Amps (CCA) number since starting batteries should be avoided in deep cycle applications. Manufacturers are increasing the availability of flooded lead acid batteries with removable caps so that individuals can inspect and perform maintenance.
Manufacturers Abide with IATF and ISO Standards to Meet Highest Customer Satisfaction
Reliable RV travel is dependent on heavy-duty batteries. Hence, the U.S.-based East Penn Manufacturing is offering its customers with a wide product portfolio of heavy-duty RV batteries that deploy protection against deep discharge damage. Manufacturers in the recreational vehicles (RVs) batteries market are innovating in rugged vibration-resistant construction of products. They are offering two-in-one function of high starting and deep cycle capabilities in batteries to meet demanding applications of RV owners. There is a growing demand for extra reserve power in batteries for the management of accessory loads.
In order to gain recognition, manufacturers in the recreational vehicles (RVs) batteries market are complying with the International Organization for Standardization (ISO) and International Automotive Task Force (IATF) industry standards. They are focusing on the sales of travel trailers, as these types of batteries are predicted for rapid sales during the assessment period. Manufacturers are acquiring logistical support to meet highest customer satisfaction levels in store-door and direct delivery programs.
Next-gen Electric Motorhomes Lead to Innovations in RV Batteries
The electric motorhome by German RV company called Dethleffs is being highly publicized for its ground-breaking battery lifespan. Manufacturers in the recreational vehicles (RVs) batteries market are taking cues from such automotive companies to deploy innovations in batteries. Though lead acid batteries dictate the highest share among all battery types in the recreational vehicles (RVs) batteries market, lithium batteries are projected for exponential growth during 2020-2030.
During cross-country road trips, individuals prefer less stops for gas filling. The next-gen RVs are meeting these demands for individuals since these RVs are integrated with rechargeable sodium-nickel-chloride batteries. On the other hand, editorials are boosting the uptake of RV batteries. Since these batteries are significantly expensive than conventional car batteries, editorials are helping buyers to make the right choice in batteries. Thus, in order to increase product uptake, manufacturers should list their products in editorials, as these help individuals to make informed decisions.
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Deep Cycle AGM Batteries Address Problem of Spilling Liquid Acid
Deep cycle batteries continue to dictate the highest share among all battery functions in the recreational vehicles (RVs) batteries market. However, dual-purpose batteries are expected to witness increased demand during the forecast period. Innovations in deep cycle batteries involve improvements in its design, as automotive batteries are prone to failure if the batteries are discharged more than a little before recharges again. Companies in the recreational vehicles (RVs) batteries market are increasing the availability of deep cycle AGM (absorbed glass mat) batteries that are free from liquid acid. This type of battery eliminates the spilling issues associated with conventional deep cycle batteries.
Manufacturers are increasing their production capabilities to develop deep cycle gel batteries. These batteries are highly preferred in marine and off-grid energy applications.
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