The recreational vehicle battery market size is set to grow by USD 143.95 million, accelerating at a CAGR of over 13%, during the period spanning over 2020-2024. One of the key factors driving growth is the growth of global tourism. The growing popularity of travel, especially among the younger generation has fueled the growth of the global tourism industry. In addition, the increase in the spending capacity of people is a significant trend that will further stimulate market growth. Improved consumer spending is supporting the sales of recreational vehicles, which is boosting the demand for recreational vehicle batteries.
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Technavio has announced its latest market research report titled Global Recreational Vehicle Battery Market 2020-2024 (Graphic: Business Wire)
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Parent Market Analysis
Technavio categorizes the global recreational vehicle battery as a part of the global leisure facilities market within the overall hotels, restaurants, and leisure market. The parent global leisure facilities market covers companies engaged in the operation of leisure facilities such as sport and fitness centers, stadiums, golf courses, and amusement parks.
Growth in the global leisure facilities market will be driven by the increase in disposable income and rising expenditure on sports and fitness, arts, entertainment, and recreational activities.
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Recreational Vehicle Battery Market: Geographic Segmentation
The report segments the market by geography: North America, Europe, APAC, South America, and MEA. About 63% of the market’s growth will originate from North America during the forecast period. The rising adoption of recreational vehicles among the younger generation and the introduction of the latest features such as cruise control has been beneficial for market growth in North America. The US and Canada are the key markets for recreational vehicle batteries in North America.
Recreational Vehicle Battery Market: Segmentation by Battery Type
The FLA batteries segment was leading the segment in 2019. The segment is mainly driven by technological advancements and the low cost of FLA batteries. Besides, vendors are focusing on overcoming technical drawbacks related to FLA batteries such as shorter lifecycles, slow charging, and maintenance, which is contributing to the segment growth. This report provides an accurate prediction of the contribution of all the segments to the growth of the recreational vehicle battery market size.
Recreational Vehicle Battery Market: Growth Drivers
The market is driven by the growth of global tourism. The trend of traveling is increasingly becoming popular among the younger generation. They are spending more on travel as well as on new modes of traveling such as cars and bikes. Countries such as the US, the UK, India, Australia, Germany, and New Zealand are experiencing huge growth in the tourism sector due to the increasing number of international tourists. The growth in tourism is increasing the demand for recreational cars and bikes as many travelers prefer them as the mode of travel. Therefore, the rise in the global tourism industry will have a positive impact on the growth of the global recreational vehicle battery market during the forecast period.
Recreational Vehicle Battery Market: Challenges to Overcome
Fuel cell technology is gaining momentum in the market and fast becoming popular in recreational vehicle applications. They overcome various challenges associated with conventional batteries such as longer charging period, low energy density, and frequent replacements. Moreover, fuel cells are considered cleaner forms of energy. Thus the rising popularity of fuel cell technology will challenge the growth of market vendors during the forecast period.
Recreational Vehicle Battery Market: Vendor Landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading recreational vehicle battery companies, including:
- C&D Technologies Inc.
- Crown Battery Manufacturing Co.
- East Penn Manufacturing Co. Inc.
- EnerSys
- Exide Technologies
- Johnson Controls International Plc
- Leoch International Technology Ltd.
- Lifeline Batteries Inc.
- Shield Batteries Ltd.
- U.S. Battery Manufacturing Co.
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View market snapshot before purchasing
Technavio reports cover the following key research areas:
- Detailed Analysis of Market Eco System
- Market favorability index
- Market opportunity by segments
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Customer Landscape
- Analysis of drivers of price sensitivity
- Key purchase criteria
- Customer purchase basket
- Impact of Drivers and Challenges
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Vendor landscape
- Factors of differentiation
- Landscape disruption
- Key industry risks
- Market position of vendors
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