The global recreational vehicles batteries market was calculated at $0.42 billion in 2020 and is projected to grow at a CAGR of 5% during the forecast period from 2021 to 2027.
Recreational vehicles (RVs) batteries are used as energy storage devices to sustain the operations of a vehicle's electric components.
Growing electric devices and the need for electrification across the globe are expected to fuel the demand for Recreational Vehicles (RVs) Batteries. Apart from that, the growing need for recreational activities and the increase in electrification activities would drive the growth of the recreational vehicles (RVs) batteries market.
Recreational vehicles are highly preferred for recreational purposes. Changes in public lifestyle and rising fitness concerns among the population are anticipated to boost the growth of the global recreational vehicles batteries market. Moreover, the increasing interest of people in recreational activities would fuel the growth of recreational vehicles. Hence, these factors will ultimately grow the demand for recreational vehicle batteries during the forecast period.
Properties like hassle-free transactions and quick payment modes can fuel demand for recreational vehicles during the forecast time.
Recreational vehicle (RVs) batteries lessen the requirement for cash payment and language concerns between passengers and drivers. The recreation vehicles make the journey convenient for passengers by allowing hassle-free transactions. Thus, Recreational Vehicles (RVs) Batteries have improved the performance of recreational vehicles.
Electronic components provide efficient output in less time. The adoption of electrical components in Recreational vehicle OEMs is growing constantly, owing to the lightweight property and output efficiency. Thus, recreational vehicle electrification becomes a better economic solution for manufacturers and buyers. Batteries play an essential role by supplying the required amount of electricity input to operate electric components. Additionally, the inexpensive costs and low prices would fuel the growth of the global recreational vehicles batteries market in the upcoming years.
According to a research report published by Bloomberg New Energy Finance (BNEF), the automotive battery price declined from $1,100 per Kwh in 2010 to $137 per Kwh in 2020.
The unavailability of raw materials in several regions is expected to hinder the global recreational vehicles batteries market growth. Manufacturing of Recreational Vehicle Battery requires cobalt, lithium, and manganese as raw material. However, the minimal presence of cobalt and lithium in various regions would impact the overall production. Apart from that, various nations like North America also face scarcity of lithium and manganese, while the element is widely available in states like Argentina, Australia, Bolivia, Chile, China, and South Africa,
As China is one of the leading exporters of raw materials, the trade war between countries like China and the US can restrict the growth of the market. Furthermore, challenges in transportation, and variation in prices, are expected to create a slowdown in the market growth.
COVID-19 Impact Analysis
COVID-19 severely decelerated the growth of the global recreational vehicles (RVs) batteries market. Key companies' weak financial performance, pandemic restrictions boosted the decline of the market. Moreover, a declining workforce, obstacles in the supply chain, regulatory & policy changes, liquidity & solvency management were the major reasons that impacted the market negatively during the COVID-19 pandemic.
Regional Analysis
North America is expected to grow in the global recreational vehicles batteries market by registering the highest CAGR during the forecast period.
The region is experiencing high demand from the geriatric population. Moreover, increasing personal disposable income is likely to augment the market growth in North America.
Key Market Segments
By Battery Type
By Voltage Range
By Sales Channel
By Region
Key Players
