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An RV or a recreational vehicle is a mobile home on wheels. It is equipped with accommodating living space, cooking area, functional bathing area, and other such amenities. It is especially popular with campers, backpackers, and travel lovers. The popularity of RVs has increased with the rise in income levels, especially in developing countries. The battery type used in RVs is SLI or starting, lighting, and ignition.
Based on the technology, the recreational vehicle SLI battery market is classified into flooded, lead-acid type, and others. The flooded segment accounts for a significant share in the market due to its cost-effectiveness and long life. In addition, it also has a low rate of carbon emission and does not require much maintenance. Flooded type batteries also work very well with open area environments and high ambient temperatures, both of which can be associated with recreational vehicles.
Based on the sales channel, the global market of recreational vehicle SLI batteries comprises OEM and aftermarket. The OEM, or the original equipment manufacturer segment, is expected to dominate the global recreational vehicle SLI battery market in the forecast period. The reason behind this is the trust that consumers have in OEM batteries. OEM batteries are made by the same manufacturer as that of the RV itself. This ensures that the quality of the battery is the same as other original parts of the vehicle, making it a better alternative.
There has been a shift in the investment pattern over the past few years. The transition has seen companies focusing their investments on developing nations instead of the developed countries. The benefit to companies from this move has been lower taxes, increased profits, and lower cost of capital investment required. The advantage to the consumers has been more employment, and as a result, increased household income. With increased income, the demand for automobiles also increased, thus, leading to a significant boost to the SLI battery market in such regions. The need for luxury RVs and customized versions of Rvs has also risen, leading to positive market growth.
The key market restraint for the market is implementing renewable energy batteries, such as lithium-powered automobile batteries. With the recent sentiment shift of the consumers towards sustainable energy alternatives, manufacturers are coming up with more eco-friendly and electric battery systems for recreational vehicles. Lithium-ion batteries tend to perform better than SLI batteries in many aspects, including discharge rate, energy output, etc., stagnating the SLI market.
Key Market Driver -
Increased Interest in Camping and Increased Disposable Income to Propel Market
Key Market Restraint -
Introduction of Renewable Energy Battery Sources to Hinder Market Growth
Some of the major companies in the recreational vehicle SLI battery market are Exide Technologies, LLC, East Penn Manufacturing Co., Ruiyu Battery, Amara Raja Group, GS Yuasa, Fengfan Co., Ltd., PT Nipress Tbk, Camel Group Co., Ltd., Hitachi, Yacht, Hankook Atlas BX America Corp., Dry Cell and Storage Battery JSC, Sebang Global Battery Co Ltd, Chengdu Chuanxi Storage Battery Group Co. Ltd., Tong Yong, Banner Group, Furukawa Battery Co Ltd, Johnson Controls, and Leoch Battery Corporation.
The recreational vehicle SLI battery market spans over different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for a significant share of the global market due to most recreational vehicle SLI battery manufacturers being based out of that region. The U.S. is a leader in the automobile industry, is another region for the dominance of the North America region in the RV SLI battery market.
The market that is expected to lead to the most profitable opportunities for the RV SLI battery manufacturers is estimated to be the Asia-Pacific region, due to increasing urbanization in countries such as China, and India, with companies targeting their markets for investing, and the consumers getting increasingly interested in the concepts like camping. Another region that is expected to progress significantly in Europe. The electric vehicles sector is progressing rapidly in Europe, leading to more opportunities for the RV SLI battery market to thrive.
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