According to the report, the global recreational vehicles (RVs) batteries market is projected to surpass US$ 600 Mn by 2030, expanding at a CAGR of 7% during the forecast period. Increase in global warming across the globe is prompting most vehicle manufacturers to develop efficient vehicle technologies for their vehicles, which is anticipated to boost the recreational vehicles (RVs) batteries market across the globe. Technological advancements in the vehicle battery technology have enabled automakers to increase the cruising range of electric vehicles. This, in turn, is expected to increase the trend toward electric vehicles and subsequently, boost the recreational vehicles (RVs) batteries market during the forecast period.
Expansion of Recreational Vehicles (RVs) Batteries Market
The surge in demand for luxury and comfort vehicles across the globe is projected to boost the recreational vehicles (RVs) batteries market during the forecast period. North America recorded significantly high production of recreational vehicles in 2018, which continued in 2019, leading the region to account for a significant share of the global recreational vehicles (RVs) batteries market. Camping and trekking activities are increasing globally, as people are spending more on outdoor travels resulting in an increased demand for traveling vehicles for tourist. This is likely to drive the demand for travel trailers and consequently, boost the segment. This, in turn, is projected to propel the demand for recreational vehicles across the globe and subsequently, fuel the recreational vehicles (RVs) batteries market.
Based on voltage range, the 12 volt segment held a major share of the global market. Rise in the use of in vehicle luxury systems and appliances in recreational vehicles is expected to propel the 12 volt battery segment. Most vehicle systems employed in recreational vehicles operate on 12 volt systems, as 12 volt is a safer voltage for DC circuits, thereby making this voltage highly popular.
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Regional Analysis of Recreational Vehicles (RVs) Batteries Market
The global recreational vehicles (RVs) batteries market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominated the global recreational vehicles (RVs) batteries market in 2019. It is anticipated to hold a leading share during the forecast period, due to rise in production and sale of recreational vehicles in the U.S. and Canada. The increased demand for electric vehicles across North America is another factor boosting the recreational vehicles (RVs) batteries market in the region.
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.
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.
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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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