Technavio, an international market research organization, recently released a report stating that the global alkaline battery market is expected to grow by $ 493.5 million from 2020 to 2024. Throughout the forecast period, the compound annual market growth rate will exceed 1%.
North America is one of the largest markets for alkaline batteries, and the region will provide suppliers with some growth opportunities in the market during the forecast period. The growing sales of consumer electronics products and the introduction of technologically advanced rechargeable products are driving the growth of the alkaline battery market in the region.
During the forecast period, more than 38% of market growth will come from North America. The US is an important market for alkaline batteries in North America. Market growth in this region will be faster than in the Middle East and Africa and the South American market.
During the forecast period, disposable (non-rechargeable) batteries will increase the demand for disposable alkaline batteries due to their wide range of applications, convenient availability, and stability in various climatic conditions and environments. However, growth in this segment will be slower than in the rechargeable battery segment.
The good performance of alkaline batteries will become an important factor driving the growth of the alkaline battery market. Alkaline batteries have a higher capacity, longer life, and anti-leakage properties, so they are very suitable for heavy and common applications such as remote controls, clocks, radios, Bluetooth mice, electronic toys, etc. Because alkaline batteries do not contain mercury or contain any harmful chemicals, they are environmentally friendly, can be safely disposed of after use, and a low alkaline battery replacement cycle will support market growth over the forecast period.
The development of recycled alkaline batteries is also one of the important market trends for alkaline batteries, which will have a positive effect on market growth during the forecast period.