Pune, July 21, 2020 (GLOBE NEWSWIRE) -- 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.
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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.
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To get to know more about the short-term and long-term impacts of COVID-19 on this market,
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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?
Segment-
Consumer Electronics Segment to Lead Owing to Their High Demand Worldwide
Based on application, the market is fragmented into remote control, toys & radios, consumer electronics, and others. Out of these, the consumer electronics segment procured 38.7% in terms of alkaline battery market share in 2019. This segment is likely to lead throughout the forthcoming years stoked by the high demand for alkaline batteries in GPS, MP3 players, smartphones, computers, and laptops. These products are exhibiting more popularity across the globe. The toys & radios segment is set to hold the second position fueled by the increasing usage of these batteries in walkie-talkies and several toys.
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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.
Competitive Landscape-
Key Players Aim to Launch Novel Alkaline Batteries for Strengthening Position
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:
Fortune Business Insights™ lists out the names of all the alkaline battery manufacturers operating in the global market. They are as follows:
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Detailed Table of Content
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