Pune, India, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According latest report published by Fortune Business Insights, the global alkaline battery market size is projected to grow at CAGR of 4.9% and reach USD 10.86 billion in 2028 from USD 7.76 billion in 2021 during forecast period of 2022 to 2028. The alkaline battery market size was valued at around USD 7.58 billion in 2020. This vital information is presented by Fortune Business Insights™, in its report, titled, “Alkaline Battery Market, 2021-2028.”
According to analysis the factors to drive the growth of market during forecast period are growing demand for electronics among consumers such as telephones, portable stereos, watches radios, smoke detectors, electronic games, and others will have an excellent impact on the alkaline battery market growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 4.9% |
| 2028 Value Projection | USD 10.86 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 7.58 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 220 |
| Segments covered | By Product (Primary and Secondary), By Size (AA, AAA, 9 Volt, and Others), By Application (Remote Control, Consumer Electronics, Toys & Radios, and Others) Regional |
| Growth Drivers | Rising Consumer Spending on Electronic Products to Spur Growth |
| Key Players Aim to Launch Novel Alkaline Batteries for Strengthening Position |
Drivers & Restraints:
Consumer spending is considered to be a very crucial part of gross domestic product (GDP) that maintains the economic stability of a country. Rising consumer spending on electronic products worldwide is a major factor that is set to propel the alkaline battery market growth in the coming years. The U.S. Bureau of Labor Statistics mentioned that in 2018, the average expenditure per consumer was USD 61,224. It shows a hike of up to 1.9% from 2017. Alkaline batteries are majorly used in electronic gadgets and household appliances. These factors would boost the market growth.
COVID-19 Impact:
Temporary Shutdown of Factories to Disrupt Alkaline Battery Industry amid Coronavirus
The spread of coronavirus interrupted the production and sales of batteries, which, in turn, caused a massive loss for the global market. Due to strict policies, such as nation-wide lockdowns and restrictions on transportation to contain the virus has slumped the alkaline battery market share. Moreover, the surging cases of coronavirus have led to a decline in the number of battery units produced while also hampering the import and export activities in various regions. However, government plans and tactics to deal with the rising cases coupled with ease on industrial operations can simultaneously stabilize trades and elevate businesses.
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Market Segments:
Based on the product, the alkaline battery market is classified into primary and secondary. The primary battery segment is expected to hold the dominant share in the global market. The dominance is due to the increasing applications of non-rechargeable batteries in electronics products and household appliances.
Based on the size, the market is divided into AA, AAA, 9 volts, and others. The AA segment is expected to experience significant growth due to its higher storage capacity and long-lasting life. The AAA segment is expected to hold a considerable share due to increasing applications in smaller and portable devices, including MP3 players, TV remote controls, digital cameras, and others.
The market is categorized into remote control, consumer electronics, toys & radios, and others based on application. The consumer electronics segment is expected to account for a substantial share market due to the increasing demand for alkaline batteries in laptops, computers, smartphones, MP3 players, and GPS units.
The other segment, which includes cameras, entertainment, alarm clocks, flashlight, and tracking devices, is predicted to expand radically during the forecast period due to its growing demand.
Geographically, the market is classified into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
Regional Analysis:
North America to Dominate Stoked by Rising Investments in Healthcare Sector
Regionally, North America generated USD 3.46 billion in 2019 in terms of revenue. This growth is attributable to the contribution of the U.S. as it is experiencing higher consumer spending, as well as rising adoption of consumer electronic products. Apart from that, alkaline batteries are utilized in industrial, healthcare, and military applications. Also, the rising investments in the healthcare sector in this region would augment the market growth.
Asia Pacific, on the other hand, is expected to remain in the second position owing to the rising demand for electronic products. The International Monetary Fund (IMF), for instance, declared that the growth in the developing and emerging Asian countries is anticipated to surge slightly to 5.8% in 2020 and 5.9% in 2021 from 5.6% in 2019. This exhibits that the rising consumer spending would also aid in the market growth in this region.
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Competitive Landscape:
The market consists of several big, small, and medium-sized enterprises. They are nowadays focusing on launching new products to attract more consumers and to gain a competitive edge. Presently, Gold Peak Industries (Holdings) Limited, Camelion Batterien GmbH, Energizer Holdings, and Duracell Inc. are in the dominant positions. Below are two of the significant industry developments:
- February 2019: Duracell unveiled Duracell Ultra, its latest alkaline battery. It is capable of providing up to 100 percent more power. The company’s main aim was to satiate the rising need for power hungry devices. Families can now rely on the new batteries to power their devices and toys with unstoppable and safe quality power.
- May 2017: Panasonic Corporation introduced its new Powerline series consisting of a pack of 10 alkaline batteries. Produced in Europe, they can have long life, high reliability, and low self-discharge. They are being highly demanded from the distributors and original equipment manufacturers (OEMs).
A List of Key Manufacturers Operating in the Global Market:
- Duracell Inc.
- Energizer Holdings
- Camelion Batterien GmbH
- Gold Peak Industries (Holdings) Limited
- Sanyo
- Sony
- Maxell Holdings, Ltd.
- Toshiba International Corp
- Zhejiang Mustang Battery Co., Ltd.
- Panasonic Corporation
- FDK Corporation
- GPB International Limited
Alkaline Battery Market Segmentation:
By Product:
- Primary
- Secondary
By Size:
- AA
- AAA
- 9 Volt
- Others
By Application:
- Remote Control
- Consumer Electronics
- Toys & Radios
- Others
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on Alkaline Battery Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Alkaline Battery Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Primary Alkaline Battery
- Secondary Alkaline Battery
- Market Analysis, Insights and Forecast – By Size
- AA
- AAA
- 9 Volt
- Others
- Market Analysis, Insights and Forecast – By Application
- Remote Control
- Consumer Electronics
- Toys & Radios
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- North America Alkaline Battery Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Primary Alkaline Battery
- Secondary Alkaline Battery
- Market Analysis, Insights and Forecast – By Size
- AA
- AAA
- 9 Volt
- Others
- Market Analysis, Insights and Forecast – By Application
- Remote Control
- Consumer Electronics
- Toys & Radios
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
Continued…
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