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.
This Report Answers the Following Questions:
- Will COVID-19 impact the 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?
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?
- 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.
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 …
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