September 21, 2022 07:50 ET | Source: Fortune Business Insights Fortune Business Insights
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.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/sample/alkaline-battery-market-103298
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.
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.
Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/alkaline-battery-market-103298
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.
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.
Quick Buy - Alkaline Battery Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/103298
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:
A List of Key Manufacturers Operating in the Global Market:
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/alkaline-battery-market-103298
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/alkaline-battery-market-103298
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Fortune Business Insights™ Pvt. Ltd.