The primary battery market is expected to register a CAGR of 7.02% during the forecast period, reaching approximately USD 21.97 billion by 2027, up from USD 14.24 billion in 2020. With the outbreak of the COVID-19 pandemic, there was a sharp pullback in economic activity due to mandatory lockdowns and other containment measures. The COVID-19 pandemic's impact on the energy, battery, and automobile industries has already been profound. The demand for primary batteries remains high across the world due to the numerous advantages of primary batteries, such as low cost and wide application across consumer electronics, including flashlights, calculators, clocks, and smoke alarms. Factors such as rising demand for primary batteries in military and healthcare applications and increased demand for consumer electronics are expected to drive the market during the forecast period. However, the increasing share of secondary batteries that replace primary battery functions is likely to restrain the market growth.
The primary battery market is fragmented. Some of the major players operating in this market include Duracell Inc., Energizer Holdings Inc., FDK Corporation, Panasonic Corporation, and Toshiba Corporation.
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