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The global nickel-metal hydride battery market size is expected to grow at a CAGR of 2.50% during the forecast period of 2024-2032, owing to the rapid increase in use of the battery in numerous end-user industries.
A rechargeable energy storage device called a nickel-metal hydride battery (sometimes referred to as a NiMH or Ni-MH battery) relies on electrochemical charge/discharge interactions between positive and negative electrodes. The chemical reaction of the positive electrode is similar to that of a nickel-cadmium cell because nickel oxide hydroxide is used in both (NiCd). These batteries are used in many different applications, including high-end portable electronic gadgets.
Based on type, the market is segmented into small-sized and large-sized. The market on the basis of application can be divided into automotive, electrical and electronics, and consumer goods, among others. On the basis of sales channels, the market can be segmented into OEM and aftermarket. The regional markets for nickel-metal hydride battery can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following major nickel-metal hydride battery companies, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
Due to the rising use of nickel-metal hydride (Ni-MH) batteries in passenger and commercial vehicles, including electric and hybrid cars, the automotive sector dominates the global nickel-metal hydride battery market. Additionally, advancements in the nickel-based components used in automotive Ni-MH batteries will help the industry grow. Since Ni-MH batteries outperform Li-ion batteries in terms of longevity and safety, they are being utilised in hybrid vehicles.
Ni-MH batteries are inherently safer than Li-ion batteries because they do not contain flammable liquids. Large-sized batteries are replacing traditional batteries in more and more applications due to their high energy density. There is an increase in demand for hybrid electric vehicles, which utilise these batteries in their secondary cells, thus aiding the segment growth.
Due to the rising popularity of hybrid vehicles and the increasing use of NiMH battery in telecommunications and medical equipment, North America is predicted to dominate the global nickel-metal hydride battery market. The growing number of research and development projects for battery advancements, the increased consumption of batteries across a variety of end-user industries, and the expanding popularity of consumer electronics in this region will support the nickel-metal hydride battery market expansion. Due to the rising popularity of electric and hybrid vehicles in North America, NiMH battery usage is anticipated to expand. The need for NiMH batteries has expanded due to the region's large user base for electronic devices, such as mobile phones, laptops, audio players, and other electronic products.
Besides North America, Europe is expected to grow significantly throughout the anticipated period due to tight regulations in countries that promote the use of electric vehicles for both personal and public transportation in order to minimise carbon emissions. Greater potential for the expansion of NiMH batteries is anticipated as the demand for alternative transportation options in European countries rises significantly.
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Primearth EV Energy Co., Ltd., a major Japan based producer, was established in 1996. With its headquarters in Shizuoka Prefecture, Japan, the business develops, produces, and distributes lithium-ion batteries, battery modules, and nickel-metal hydride batteries used in hybrid and pure electric vehicles (HEV and PEV).
Energizer Holding, Inc., with its headquarters in Missouri, United States, is one of the biggest producers of primary batteries and portable lighting devices worldwide. The company is supported by its internationally renowned brands, Energizer, EVEREADY, Rayovac, and VARTA. Alkaline, carbon zinc, micro, and rechargeable batteries, as well as lighting items, are all available from the company.
NEXcell Battery Co. Ltd., established in 1994, aspires to supply the cordless globe with high performance rechargeable nickel metal hydride batteries and lithium-ion battery packs for portable green power. The batteries can be used in a wide range of consumer and business applications, including electric bicycles, portable tools, digital cameras, and telephones. Additionally, NEXcell collaborates with clients on collaborative battery project development.
Other market players include Panasonic Corporation, Duracell Inc., Saft Group SAS, and FDK Corporation, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market for nickel-metal hydride battery is projected to grow at a CAGR of 2.50% during the forecast period of 2024-2032.
The major drivers of the nickel-metal hydride battery market include the growing demand for power, infrastructure development for electricity generation, growing number of research and development projects for battery advancements, and growing demand for alternative transportation options.
The increasing demand for Ni-MH batteries in the automotive industry and rising use of electronics devices are the key industry trends propelling the growth of the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
Based on type, the market is segmented into small-sized and large-sized.
These batteries find extensive applications in automotive, electrical and electronics, and consumer goods, among others.
The major players in the industry are Panasonic Corporation, Primearth EV Energy Co., Ltd., Duracell Inc., Energizer Holding, Inc, Saft Group SAS, FDK Corporation, and NEXcell Battery Co, Ltd, among others.
Compared to the average alkaline battery, nickel metal hydride batteries are more expensive. When they run out of charge, they frequently shut off the power abruptly. They also swiftly self-discharge.
NiMH batteries typically have a high rate of rechargeability, which might make them functionally comparable to hundreds of alkaline batteries throughout the course of their lifetime. Though, the battery life is restricted to 5 years or less.
A NiMH cell's capacity and cycle life may be permanently reduced if it is overcharged excessively. Elevated temperatures are felt when a cell is overcharged to the point that pressure starts to build up. This can result in the separator losing electrolyte.
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