Alkaline Battery Market to Reach USD 10.86 Billion by 2028 Owing to Rising Expenditure on Electronics, Says Fortune Business Insights™
June 01, 2021 at 11:00 AM EDT
Pune, India, June 01, 2021 (GLOBE NEWSWIRE) -- The global alkaline battery market size is expected to experience considerable growth by reaching USD 10.86 billion by 2028. Fortune Business Insights in its report, titled "Alkaline Battery Market, 2021-2028", mentions that the market stood at USD 7.58 billion in 2020 and is projected to exhibit a CAGR of 4.9% between 2020 and 2028. The alkaline batteries are extensively used for domestic and commercial purposes as they have low leakage, high functioning in diverse temperatures, and longer life. Electronics such as Digital cameras widely utilize these batteries and are highly demanded by professional and amateur photographers. For instance, in 2019, Sony recorded 1.65 million units of sales globally. Such consumption globally is anticipated in the foreseeable future.
Market Experiences Decline Owing to Industrial Shutdown
The pandemic resulted in a negative impact on several industries. The lockdown resulted in various industries to remain non-operational for a considerable time. Moreover, the outbreak has significantly changed the demand of alkaline battery as end-users have reduced their demand. Therefore, the market projection for the year 2021 now stands at USD 7.76 billion owing to the decline in product demand. The relaxation of lockdown norms in several regions is expected to normalize production and demand of products to help in inclining the demand graph during the foreseeable future.
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On the basis of product, the market is segmented into primary and secondary. Based on size, the Alkaline Battery Market is divided into AA, AAA, 9 volt, and others. Additionally, the application is classified into remote control, consumer electronics, toys & radios, and others. Based on application, the consumer electronics segment is expected to remain dominant with the increasing demand of alkaline battery for the consumption of laptops, smartphones, MP3 players, smartphones, and GPS units.
On the basis of geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The Alkaline Battery Market report has details on all the latest technology available in the market. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advises various solutions to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the market.
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Increasing Disposable Income to Favor Market Growth
The consumer expenditure on electronic gadgets have seen a gradual incline in the past decade. Availability of various household appliances and gadgets in the market is leading to high expenditure of consumers. For example, in 2018, the U.S. Bureau of Labor statistics recorded an expenditure of about USD 61,224 for electronics in the country. Therefore, the expenditure on electronics is expected to grow further.
The technological advancement across various regions have made several electronic products available in the market. Such products are used in various sectors such as medical, industrial, military, commercial, household, and others. The utilization of such electronics in day to day activities is expected to increase demand. Moreover, introduction of portable electronics, paired with the developing networking & communication is expected to increase the alkaline battery market growth.
Widespread Consumption of Electronics to Boost North America Market
North America is expected to lead alkaline battery market share due to the high adoption of electronic products and consumer expenditure. The market in 2020 itself stood at a value of USD 3.50 billion. The increasing investment in the healthcare industry and wide application of these batteries in healthcare is expected to propel the regional market.
Asia-pacific is projected to hold second position owing to the rising disposable income. For instance, as per the International Monetary Fund estimates, in 2020, the developing and emerging economies in Asia Pacific region will experience a growth of 5.6% leading to high purchasing power of the consumers. This is expected to augment growth in the forthcoming years.
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Market Players Invest in Product Development to Amplify Their Market Position
The presence of several industry players intensify the market competition of alkaline battery. Constant innovation and product updates by major players is one of the driving factors for stability in the market. They are also trying to expand the application of product across various sector with the rapid development of portable electronics. Furthermore, the industry experiences various partnerships and collaboration for mutual profits.
List of Key Players Profiled in the Alkaline Battery Market:
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ALKALINE BATTERY: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2021-2028
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