The Nickel Metal Hydride Battery Market is estimated to be valued at US$ 2.93 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Nickel metal hydride batteries are commonly used in consumer electronics such as portable media devices and electric vehicles due to their reliability, high capacity and low self-discharge rate. They provide power to devices for cordless power tools, laptops, cameras and electric vehicles.
The growth of the nickel metal hydride battery market is driven by increasing demand for consumer electronics and electric vehicles globally. Nickel metal hydride batteries are widely used in devices such as laptops, cameras, power tools and electric vehicles due to their advantages over lithium-ion batteries including stable energy density, high power capacity and low self-discharge rate. Additionally, growing environmental concerns have led OEMs to increase production of electric vehicles, thereby fuelling demand for nickel metal hydride batteries for use in hybrid electric vehicles.
Market key trends:
The nickel metal hydride (NiMH) battery market has been witnessing rising demand from various end-use industries such as consumer electronics, automotive, and industrial. One of the key trends in the market has been the growing adoption of electric vehicles. The NiMH battery technology has been widely used in hybrid electric vehicles due to its high energy density and longer lifespan as compared to lead-acid batteries. Furthermore, the easy availability of raw materials for NiMH battery production has added to their popularity in the auto industry.
Strengths: Long shelf life; resistance to overcharging; no memory effect.
Weaknesses: Lower power density than lithium-ion batteries; self-discharge faster than lithium-ion.
Opportunities: Growing demand for EVs and investment in EV infrastructure; increasing focus on recycling to improve sustainability.
Threats: Rapid adoption of lithium-ion batteries in newer consumer electronics and automotive applications.
The global Nickel Metal Hydride Battery Market Size is expected to witness high growth, exhibiting a CAGR of 4.6% over the forecast period of 2023 – 2030, due to increasing demand for electric vehicles.
The United States is expected to dominate the regional demand for nickel metal hydride batteries during the forecast period. The growing consumer electronics industry and the focus of the U.S. government to increase EV adoption are some key factors driving the market in the country.
The global nickel metal hydride battery market was valued at around US$ 2.93 Bn in 2023. Some of the key players operating in the nickel metal hydride battery market are Panasonic, Primearth EV Energy, FDK, GP Batteries, Corun, Huanyu battery, GS Yuasa, Spectrum Brands (Rayovac), Lexel Battery (Coslight), EPT Battery, Energizer Holdings, Great Power Energy, Suppo, Duracell, Cell-Con, Highpower International, Maxell, Nanfu, PKCELL, EVE Energy.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it