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 2022.
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 2022.
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 2022 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.
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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 2022-2030.
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.
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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Recreational Vehicles (RVs) Batteries Market: Overview
- 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.
Drivers of Recreational Vehicles (RVs) Batteries Market
- Vehicle electrification refers to a range of technologies that use electricity to propel a vehicle. Electric vehicles are designed in order to operate on electricity, and the consumption of fossil fuels is reduced. Electric vehicles are also likely to help achieve the target of low carbon emissions from vehicles. Therefore, major players engaged in the value chain of manufacturing the recreational vehicle are expected to shift toward vehicle electrification.
- The primary function of a recreational vehicle is to provide comfort to passengers. Vehicle electrification enables RVs to be fitted with state-of-the-art luxury equipment such as stereo systems, HVAC systems, GPS navigation systems, satellite television, and advanced safety systems. Therefore, increase in vehicle electrification is expected to boost the global recreational vehicles (RVs) batteries market.
- 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 2022. However, the market is anticipated to recover through economic losses by increasing production volume of vehicle components as well as vehicle production from 2022.
- 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.
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.
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
- Exide Technologies
- Fullriver Battery USA
- Go Power!
- Harris Battery
- Interstate Batteries
- Johnson Controls
- MIDAC Batteries
- Navitas Systems
- RELiON Batteries
- Smart Battery
- Trojan Battery
- U.S. Battery
- Key players at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in industry. In December 2017, Interstate Batteries launched an exclusive partnership with Advance Auto Parts. This partnership enabled the company to expand its business in terms of battery products across 4,900 locations in the U.S. and globally. Additionally, the company offered free battery testing and installation across their stores.
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