Global Nickel-Metal Hydride Battery Market Report and Forecast 2024-2032

Global Nickel-Metal Hydride Battery Market Outlook

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.

Key Trends in the Market

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.

• The nickel-metal hydride (Ni-MH) battery market demand is predicted to grow significantly over the forecast period as a result of the rising demand from the automotive industry. Ni-MH batteries, which provide the large power capabilities required by electric vehicles, are increasingly used in hybrid and electric vehicles. As a result of the growing demand for electric vehicles, the market for nickel-metal hydride (Ni-MH) batteries will expand globally.

• Further, the rising use of electronics devices like mobile phones, electric shavers, electric toothbrushes, laptops, and other portable electrical appliances will provide lucrative growth opportunities to the nickel-metal hydride battery industry.

• Nickel-metal hydride finds extensive applications and end-uses as the demand for power has been increasing tremendously. As a result, modernisation efforts and the development of the infrastructure for electricity generation are being made by various governments. An essential part of the power supply in appliances is the nickel-metal hydride battery. Therefore, it is anticipated that rising electricity demand, particularly in the electronics industry, will raise demand for nickel-metal hydride batteries.

Global Nickel-Metal Hydride Battery Market Analysis

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.

• Panasonic Corporation

• Primearth EV Energy Co., Ltd.

• Duracell Inc.

• Energizer Holding, Inc

• Saft Group SAS

• FDK Corporation

• NEXcell Battery Co, Ltd

• Others

Market Share by Application

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.

Market Share by Region

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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Competitive Landscape of the Nickel-Metal Hydride Battery Market

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.

Key Highlights of the Report