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The global alkaline battery market size is expected to reach USD 10.86 billion by 2028 from USD 7.76 billion in 2021. The growing advancements in batteries coupled with high demand for electronic products will bolster healthy growth of the market, mentioned in a 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, 2021-2028.” The market size stood at USD 7.58 billion in 2020 and is expected to exhibit a CAGR of 4.9% between 2021 and 2028.
Collaboration of Toyota Motor and Panasonic Corporation to Aid Business
Toyota Motor Corporation, a Japanese multinational automotive manufacturer headquartered in Toyota, Aichi, Japan, announced that it had signed an agreement with Panasonic Corporation, a major Japanese multinational electronics company, headquartered in Kadoma, Osaka, to establish Prime Planet Energy & Solutions, Inc., a partnership focused on the development of automotive prismatic batteries. The contract will enable the company to form a new company. Batteries-as solutions will offer energy and power for automobiles and other mobility devices.
Moreover, the solution provided by the company will promote environmental sustainability. The contract between the companies will have a tremendous effect on the alkaline battery market as Toyota and Panasonic will produce cost-effective, safe, and high-quality, efficient batteries for its consumers. Besides, the joint venture will also allow the company to supply batteries to a wide variety of customers across the world. The company’s aim to provide sustainable and powerful batteries can improve the alkaline battery industry's prospects.
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High Consumption of Electronics Products to Promote Growth
The surging demand for electronics in the military, medical, industrial, commercial, and others will bolster the alkaline battery market's growth. The increasing application of electronic products in day-to-day activities will boost alkaline batteries' demand, thus propelling the market growth. The transformation in the telecommunication and mobile computing industries will further contribute positively to the market's growth. The development of internet infrastructure in developing countries is expected to uplift the market in the forthcoming years. However, the high adoption of lithium-ion batteries can hamper the growth of the market. The growing awareness about rechargeable batteries can subsequently inhibit the growth of this market.
Energizer Holdings and Camelion Batterien GmbH to Dominate the Market
The market for alkaline battery is led by the robust product portfolio and broad distribution network of numerous companies operating across various regions. Duracell Inc., Energizer Holdings, Camelion Batterien GmbH, and Gold Peak Industries (Holdings) Limited are expected to dominate the market due to their robust distribution network and customer-centric approach. The adoption of keys strategies such as mergers, acquisitions, and collaborations among companies will consolidate the market in the forthcoming years. Moreover, the increasing focus of prominent companies towards IT and telecom industry will intensify Business.
The Report Lists the Critical Players in this market:
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The global market is Segmented into:
Value (USD Billion)