The global alkaline battery market is set to gain traction from the ongoing developments in batteries. It has resulted in the rising usage of carbon in the cathode mix to surge efficiency. The demand for alkaline batteries would further increase owing to their high performance capabilities. This information is given by Fortune Business Insights™ in a recently published report, titled, “Alkaline Battery Market Size, Share and COVID-19 Impact Analysis, By Product (Primary and Secondary), By Size (AA, AAA, 9 Volt, and Others), By Application (Remote Control, Consumer Electronics, Toys & Radios, and Others), and Regional Forecast, 2020-2027.” The report further states that this market size was USD 7.48 billion in 2019 and is projected to reach USD 10.71 billion by 2027, thereby exhibiting a CAGR of 4.8% during the forecast period.
The emergence of the COVID-19 pandemic is causing heavy losses of a wide range of industries. It has brought the production processes to a complete standstill. But, many companies have resumed their processes by maintaining social distancing and lowering their workforce. Unless a vaccine is created, the situation is likely to cause more disruptions in businesses. Our reports offer accurate information about the present market scenario.
This Report Answers the Following Questions:
- Will COVID-19 impact the Alkaline Battery Market severely?
- Which segment is set to lead the market in the near future?
- What are the growth drivers, dynamics, and restraints of the market?
- Which strategies are adopted by companies to gain more revenue?
Drivers & Restraints-
Rising Consumer Spending on Electronic Products to Spur Growth
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.
How will the COVID-19 Pandemic Affect Market Growth?
- The COVID-19 pandemic can pose a threat to the global Alkaline Battery Market.
- This is set to occur because of the lockdown measures in the countries, such as India and China. These countries are the major producers of electronic products.
- There is a decline in the demand for spending on such products as the masses are buying only those items that are very essential.
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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 Alkaline Battery 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 Alkaline Battery Market growth in this region.
Key Players Aim to Launch Novel Alkaline Batteries for Strengthening Position
The Alkaline Battery 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).
Quick Buy – Alkaline Battery Market:
Fortune Business Insights™ lists out the names of all the alkaline battery manufacturers operating in the global market. They are as follows:
- Duracell Inc. (US)
- Energizer Holdings (US)
- Camelion Batterien GmbH (Germany)
- Gold Peak Industries (Holdings) Limited (Hong Kong)
- Sanyo (Japan)
- Sony (Japan)
- Maxell Holdings, Ltd. (Japan)
- Toshiba International Corp (US)
- Zhejiang Mustang Battery Co., Ltd. (China)
- Panasonic Corporation (Japan)
- FDK Corporation (Japan)
- GPB International Limited (Germany)
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
Name: Ashwin Arora
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