According to a recent report published by KD Market Insights, titled, Alkaline Battery Market 2018: Market Size, Market Volume, Trends, Opportunity, Forecast 2018-2024, “the global alkaline battery market accounted for USD 5,976.1 Million in 2018 and is estimated to reach USD 6,772.4 Million by 2024. Moreover, it is anticipated to flourish at a CAGR of 2.0% during the forecast period i.e. 2019-2024.
The global alkaline battery market has been segmented on the basis of type, size, and application. Based on the type, this market has been segmented into primary alkaline battery and rechargeable alkaline battery. In this segment, the primary alkaline battery segment is projected to capture a large market share over the forecast period i.e. 2019-2024. Global alkaline battery market for the primary segment was totaled at USD 4,592.6 Million in 2018 and is predicted to thrive at a CAGR of 1.4% from 2019 to 2024. In terms of volume, the global market for primary alkaline battery segment was calculated at 5,490.9 Million Units in 2018.
In the application segment, the alkaline battery market is further sub-segmented into a remote control, consumer electronics, toys, and others.
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Growing Toy Sales All Across the Globe
Alkaline batteries are ideal for toys. Alkaline batteries can be used for remote-controlled cars or for a video game controller. Their long-lasting capacity makes them a superior choice for toys. Since the global toy industry is on the rise and toy sales in the United States, the world’s largest toy market, grew by 1 percent to $20.7 billion in 2017. Further, this growth in toys industry is likely to drive the expansion of global alkaline battery market in upcoming years.
Emerging Applications of Alkaline Battery
In the world today, people cannot live without technologies such as televisions, air conditioners, and others. The alkaline battery has been powering numerous devices over many years. However, with the development of new battery technologies such as lithium-ion batteries, demand for the alkaline battery has weakened across the globe. But, few remarkable emerging applications of alkaline battery are expected to keep alkaline battery demand positive in upcoming years. These applications are home automation, medical devices, fitness tracking devices, and others.
In terms of geography, the alkaline battery market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounts for the major share of the global alkaline battery market.
In terms of value, the North America alkaline battery market is expected to reach USD 2,834.1 Million by the end of 2024. Further, the market of North America alkaline battery will be receiving an opportunity of USD 132.0 Million between 2019 & 2024. In addition to this, North America alkaline battery market value is projected to witness a Y-O-Y growth of 0.8% in 2024 as compared to previous years. The North American countries are the major contributors to the revenues of the alkaline battery market. The high consumption rate of consumer electronics is one of the major factors that are driving the demand for alkaline batteries in the North America region.
The report also covers detailed competitive analysis of major market players of the global alkaline battery market, such as Duracell, Energizer Holdings, Panasonic Corporation, Toshiba, GP Batteries International Limited, FDK Corporation, Maxell Holdings Ltd., Sony, Samsung Electronics, Zhongyin (Ningbo) Battery and other major and niche players. The alkaline battery market is witnessing a wide range of industry activities such as Product launch, advancement, acquisition, and partnership across the globe. For instance, on 24th May 2017, Panasonic Corporation introduced its powerline series of alkaline batteries in a whole new packaging in packs of 10 batteries. This initiative was meant to offer more convenience to industrial customers since packs of 10 is more practical for both customers and distributors.
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