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The recreational vehicle battery market share is expected to increase by USD 20.3 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 16.24%.
This recreational vehicle battery market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers recreational vehicle battery market segmentation by type (FLA batteries and VRLA batteries) and geography (North America, Europe, APAC, South America, and MEA). The recreational vehicle battery market report also offers information on several market vendors, including Brookfield Business Partners L.P., C and D Technologies Inc., Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, Exide Technologies, Leoch International Technology Ltd., Lifeline Batteries Inc., Shield Batteries Ltd., and U.S. Battery Manufacturing Co. among others.
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The growth in global tourism is notably driving the recreational vehicle battery market growth, although factors such as use of fuel cells to replace batteries in recreational vehicles may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the recreational vehicle battery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Recreational Vehicle Battery Market Driver
The growth in global tourism is one of the key factors driving the growth of the global recreational vehicle battery market. The tourism industry is booming and is expected to grow further during the forecast period. For instance, according to The World Bank Group, the number of tourist arrivals globally was 1.44 billion in 2018. Similarly, there was a rise in international arrivals in 2019 globally. The Middle East was the fastest-growing region in terms of international tourism arrivals in 2019. France reported the strongest increase in international tourism expenditure among the world's top ten markets in 2019. Today, traveling is gaining huge popularity among the younger generation. Not only are they spending more on traveling itself but also on new modes of travel such as cars and bikes. The tourism industry in many countries such as the US, the UK, India, Australia, Germany, and New Zealand is experiencing huge growth as the number of international tourists grows. People who come to holiday in these countries prefer recreational vehicles as a mode of transportation. This increase in tourism is leading to the growth of the recreational vehicle battery market during the forecast period.
Key Recreational Vehicle Battery Market Trend
The increased ownership affordability will fuel the global recreational vehicle battery market growth. Consumers are purchasing more recreational vehicles as these vehicles help them save 59% on their vacation costs when compared with other forms of travel. Moreover, in North America, recreational vehicles are not available just as first-hand purchases but also as pre-owned vehicles. Like any other pre-owned car or truck dealer, pre-owned recreational vehicle dealers also provide a thorough pre-delivery inspection of used recreational vehicles. In addition, rental companies offer housekeeping packages to consumers for recreational vehicles at a nominal fee. However, a growing number of campgrounds offer on-site recreational vehicle rentals. Many sellers offer deals not just on new recreational vehicle models but also on pre-owned units to ensure savings, along with easy financing for qualified borrowers. The above factors will increase the growth of the global recreational vehicle battery market during the forecast period.
Key Recreational Vehicle Battery Market Challenge
The use of fuel cells to replace batteries in recreational vehicles is a major challenge for the global recreational vehicle battery market growth. Fuel cells produce electricity by utilizing the power generated by electrochemical reactions and converting potential chemical energy into electrical and heat energy. They utilize external sources of chemical energy, such as hydrogen and oxygen, to produce energy. Electrochemical reactions in the fuel cells oxidize hydrogen, which reacts with oxygen to form water and release electrons that flow through the external circuit as electric current. All fuel cells have a common design where two electrodes are separated by an electrolyte, which carries electrically charged particles. A catalyst is often used to accelerate the speed of the electrochemical reactions within the fuel cell. Fuel cells are utilized in small devices that can be powered by a few watts of electricity and also in large power plants that produce megawatts of electrical energy. However, fuel cells have higher energy density than other battery technologies; they are also considered a clean form of energy because they use hydrogen to produce energy. In the long run, fuel-cell technology is expected to replace battery technology in recreational vehicles.
This recreational vehicle battery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global recreational vehicle (RV) battery market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the recreational vehicle battery market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the recreational vehicle battery market encompasses successful business strategies deployed by the key vendors. The recreational vehicle battery market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The recreational vehicle battery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the recreational vehicle battery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global independent power and renewable electricity market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Battery type
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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