July 16, 2024
Nickel Metal Hydride Battery Market

Nickel Metal Hydride Battery Market Connected with Market Growth Opportunity

The global Nickel Metal Hydride Battery Market is estimated to be valued at US$ 2.93 Bn or Mn 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.

Market Overview:

Nickel metal hydride batteries are rechargeable batteries commonly used in consumer electronics, industrial devices and transport sectors. They offer advantages over other battery technologies including relatively high energy densities, no memory effect, low self-discharge and lack of toxicity. Nickel metal hydride batteries are a popular choice for powering devices where portability, long run-times and low maintenance are important. Some key applications of nickel metal hydride batteries include cordless phones, cameras, camcorders, toys, power tools and hybrid electric vehicles.

Market key trends:

One of the key trends driving growth of the nickel metal hydride battery market is rising adoption in hybrid electric vehicles. Automakers are increasingly integrating nickel metal hydride batteries in HEVs due to their superior power delivery and durability compared to other alternatives. Growing environmental concerns and stringent emission regulations are accelerating demand for fuel-efficient hybrid vehicles, fueling consumption of nickel metal hydride batteries. Additionally, advancements in cathode material technologies have improved the energy density of nickel metal hydride batteries, translating to enhanced performance and lifetime. Leading manufacturers are engaged in developing advanced cathode materials using rare earth and transition metals to realize higher storage capacities.
Porter’s Analysis

Threat of new entrants: Low capital requirements and established brand loyalty make it difficult for new companies to enter the market.

Bargaining power of buyers: Large buyers can negotiate lower prices but lackalternatives as Ni-MH is still the dominant battery for many applications.

Bargaining power of suppliers: A few major manufacturers control global supply of raw materials and production.

Threat of new substitutes: Lithium-ion batteries threaten traditional applications but high costs limit widespread adoption.

Competitive rivalry: Intense competition on pricing and new product development between top manufacturers to gain major contracts.

Key Takeaways

The global Nickel Metal Hydride Battery Market Size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand for durable batteries in consumer electronics.

The global Nickel Metal Hydride Battery market size was valued at US$ 2.93 Bn in 2023 and is projected to reach US$ 4.23 Bn by 2030. Regionally, Asia Pacific dominated the market with over 35% share in 2023. China, Japan, and South Korea are major manufacturers and consumers of Ni-MH batteries due to presence of leading battery companies and large consumer electronics industry.

Key players operating in the Nickel Metal Hydride Battery market include 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. Major players are focusing on new product launches with advanced features and partnerships with OEMs for steady revenue growth.

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