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 market growth.
The global alkaline battery market size was valued at USD 7.48 billion in 2019 and is projected to reach USD 10.71 billion by 2027, exhibiting a CAGR of 4.8% during the forecast period.
How will the COVID-19 Pandemic Affect Market Growth?
• The COVID-19 pandemic can pose a threat to the global 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.
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.
List of Key Players Covered in this Market Report:
• 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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