May 22, 2024
Nickel Metal Hydride Battery Market

Gaining Impetus from Electric Vehicles, the Nickel Metal Hydride Battery Market is driven by rising demand for environmental-friendly Power Sources

The Nickel Metal Hydride Battery, also known as NiMH battery, is a rechargeable battery which provides high energy density, high discharge rate and long cycle life compared to other battery chemistries. NiMH batteries are extensively used in consumer electronics, automotive, industrial and healthcare applications. Some key uses of NiMH batteries include power tools, cordless phones, electric vehicles, medical devices and memory backup systems. The main advantages of NiMH batteries are their higher energy density, lack of memory effect and more disposal friendliness as compared to Nickel-Cadmium batteries.

The global Nickel Metal Hydride Battery Market is estimated to be valued at US$ 3.38 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends driving Nickel Metal Hydride Battery Market Growth is increasing adoption of electric vehicles. with stringent emission norms and rising environmental concerns, many countries are encouraging adoption of EVs to curb vehicular pollution. As NiMH batteries offer higher energy density compared to lead-acid batteries, they are widely used in hybrid electric vehicles. Many automakers like Toyota and Honda have been utilizing NiMH batteries in their hybrid models for over a decade. rising production of hybrid and electric passenger cars as well as commercial vehicles is augmenting the demand for NiMH batteries globally over the forecast period.

Porter’s Analysis
Threat of new entrants: Low cost of production and technology required for Nickel Metal Hydride Battery manufacturing results in low threat of new entrants. However, established brands have economical scale and customer loyalty which creates entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like lithium ion batteries. However, price sensitivity is low as nickel metal hydride batteries are economical.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material suppliers and differentiated customer base across industrial and consumer applications.
Threat of new substitutes: Threat of substitutes like lithium ion batteries is high due to their higher energy density. However, nickel metal hydride batteries have cost advantage for certain industrial applications.
Competitive rivalry: The market has moderate competition due to differentiation in product offerings, production capabilities and regional presence among key players.

Key Takeaways
The global Nickel Metal Hydride Battery market is expected to witness high growth. The global Nickel Metal Hydride Battery Market is estimated to be valued at US$ 3.38 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031. Advancements in battery technologies and increasing demand for industrial and consumer applications are driving the market.

Regional analysis: Asia Pacific dominates the global market and is expected to maintain its leading position throughout the forecast period. Countries like China, Japan and South Korea are major manufacturers and consumers in the region. North America and Europe are other prominent regional markets.

Key players: Key players operating in the Nickel Metal Hydride Battery market are Stempeutics Research Pvt. Ltd., Medipost Co. Ltd., Nipro Corporation, Dendreon Pharmaceuticals LLC, Organogenesis Inc., Novartis AG, Vericel Corporation, Allogene Therapeutics Inc., Gilead Sciences Inc. (Kite Pharma Inc.), and Takeda Pharmaceutical Company Limited (TiGenix).

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it