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 (NiMH) batteries are rechargeable batteries commonly used in hybrid electric vehicles, cordless power tools, and other consumer electronics. They have higher energy density than nickel-cadmium batteries and do not suffer from memory effect. Major advantage of NiMH batteries is their ability to deliver high energy in relatively smaller size compared to other battery technologies.
The global semiconductor shortage is expected to drive higher demand for nickel metal hydride batteries from the automotive industry. Automakers are facing supply chain issues for lithium-ion batteries used in electric vehicles due to chip shortage. This is prompting them to consider alternative battery technologies like NiMH that do not require complex power management chips. Additionally, rapid adoption of cordless power tools and other power equipment that traditionally use NiMH batteries is also fueling market growth. NiMH batteries provide advantages like reliability, higher energy density and ability to deliver consistent power over long period compared to lead-acid and alkaline batteries commonly used in these applications. Growing usage of consumer electronics and the need for high capacity rechargeable batteries is further propelling the demand.
The nickel metal hydride battery market is segmented into consumer electronics devices, industrial equipment, and automobiles. The consumer electronics devices segment currently dominates the market, accounting for nearly 50% share, due to the widespread use of Ni-MH batteries in various consumer electronics such as cameras, camcorders, power tools, and wireless keyboards.
Political: Governments across nations are supporting the use of non-conventional energy sources and energy-efficient solutions through various subsidies and initiatives. This is driving demand for advanced battery technologies like Ni-MH batteries.
Economic: The increasing disposable income and rising demand for portable consumer electronics are fueling the growth of the nickel metal hydride battery market.
Social: Growing environmental concerns and awareness about the safe disposal of batteries are compelling consumers to opt for eco-friendly battery alternatives like Ni-MH batteries.
Technological: Continuous technological advancements are helping manufacturers enhance the energy density and life cycle of Ni-MH batteries. Improvements in rechargeability and cost reduction are widening the application scope.
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 portable consumer electronics. Regionally, North America dominates the global Ni-MH battery market currently, supported by high penetration of consumer electronics and electric vehicles.
The regional analysis indicates that Asia Pacific is expected to emerge as the fastest growing market for nickel metal hydride batteries during the forecast period. Factors such as rising disposable income, growing electronics industry in countries such as India and China, and strong government support for EVs will drive the demand in Asia Pacific.
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. These players are focusing on new product launches and partnerships to strengthen their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it