Nickel Metal Hydride (NiMH) Battery Market Overview:
As per MRFR analysis, the Nickel Metal Hydride (NiMH) Battery Market Size was estimated at 1.89 (USD Billion) in 2022. The Nickel Metal Hydride (NiMH) Battery Market Industry is expected to grow from 1.96 (USD Billion) in 2023 to 2.7 (USD Billion) by 2032. The Nickel Metal Hydride (NiMH) Battery Market CAGR (growth rate) is expected to be around 3.62% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Nickel Metal Hydride (NiMH) Battery Market Trends Highlighted
The Nickel Metal Hydride (NiMH) battery market is witnessing rapid growth, driven by the increasing demand for portable and cordless devices. The key market drivers include the increasing demand for electric vehicles (EVs), the growing popularity of power tools, and the rising adoption of renewable energy sources. The market is also experiencing a surge in demand for consumer electronics, such as smartphones, laptops, and tablets. Opportunities for growth lie in the development of high-performance batteries with improved energy density and cycle life. In recent times, the market has witnessed the advent of advanced technologies, such as quick charging and digital power management systems, which are driving the adoption of NiMH batteries across various sectors.
Nickel Metal Hydride (NiMH) Battery Market Drivers
Growing Demand for Electric Vehicles
An important growth driver for the Nickel Metal Hydride (NiMH) Battery Market Industry is the rising adoption of electric vehicles. EVs are in need of batteries that could warrant a high performance both in power and length, making perfect the use of these NiMH batteries. NiMH batteries come with several advantages compared to other technology batteries: they display a high energy density, a long cycle life, and a low self-discharge rate. As a result, the demand for NiMH batteries will continue to grow as more and more people will adopt the use of EVs.However, it is not purely in the electric field that NiMH batteries are used; they are also adopted for power tools, medical equipment, and portable electric devices. It is for this reason that these batteries will represent a huge opportunity for almost all the different industries. Indeed, the combined annual volume growth rate of EVs is expected to determine the increase in demand for the Nickel Metal Hydride (NiMH) Battery Market Industry, registering a rising estimated at 4% between 2020 and 2025. In addition, it is further expected that this demand will rise even more in emerging industries as EVs will become more and more popular.
Government Regulations and Incentives
Government regulations and incentives are another driver of the demand for the Nickel Metal Hydride (NiMH) Battery Market Industry. In many countries, governments are taking steps to reduce the carbon emissions of products, forcing manufacturers to make more environmentally friendly products. NiMH batteries are considered more efficient and environmentally friendly than older battery technologies, leading to increased demand from manufacturers. In addition, many governments also encourage the use of EVs and other products that use NiMH batteries by offering incentives to consumers who purchase them. These incentives can take the form of tax breaks, rebates, and other financial incentives. As a result, the demand for NiMH batteries is increasing as they become more affordable for the end user. Overall, government regulations and incentives will continue to be an important source of demand for the Nickel Metal Hydride (NiMH) Battery Market Industry over the next five years as governments become increasingly focused on reducing carbon emissions.
Technological Advancements
Technology advancement is also contributing as one of the growth factors for the Nickel Metal Hydride (NiMH) Battery Market Industry. The battery manufacturers are continuously trying to bring better Nickle Metal Hydride batteries with high energy density, long cycle life and low self-discharge rate. Apart from this, the battery manufacturers are also coming up with various industry solutions by which the NiMH batteries can be manufactured more efficiently and cost-effectively. The technology advancements in NiMH batteries are aiding in reducing the prices, which, in turn, results in an increased consumer base driving the Nickel Metal Hydride (NiMH) Battery Market Industry growth. The technology advancements are expected to act as one of the key drivers for the growth of the Nickel Metal Hydride (NiMH) Battery Market Industry over the next five years.
Nickel Metal Hydride (NiMH) Battery Market Segment Insights:
Nickel Metal Hydride (NiMH) Battery Market Application Insights
The Global Nickel Metal Hydride Battery Market is classified into various segments based on applications, namely Power Tools, Consumer Electronics, Medical Devices, Transportation, and Industrial Equipment. Each and every segment has some specific market share based on volume and the nature of growth. The Power Tools segment occupied the major share of the Global NiMH Battery Market in 2013 and the trend will continue in the future up to 2020. The cordless power tools adopted in the construction, automotive, and DIY sectors are the major consumers of NiMH batteries.
Consumer Electronics is another major segment of the NiMH battery application, and factors like the growing usage of portable systems and the necessity of long backup batteries contribute to its significant share. Medical Devices are also one of the major segments in the NiMH battery application and had a significant market share for the year 2013, and it will continue in the future, too, due to the growing usage of NiMH batteries in portable defibrillators, surgical instruments, and patient monitoring systems. The long life of charge and the lower frequency of charging make these NiMH batteries significant among medical device professionals.
The Transportation segment has been one of the rapidly growing segments in the NiMH battery Market for the past year because of the growing market of electric vehicles in which the NiMH batteries’ applications are being explored due to advantages like high power density and fast recharge capabilities. The Industrial Equipment segment accounted for some share of the Global NiMH Battery Market in 2013 and will grow in the future. The NiMH batteries’ applications in material handling, robotics, and other industrial machinery are contributing to this growth.
The Global NiMH Battery Market is growing and will improve in the future. The drivers for this improvement are the growing demand from the end use industries, the growing operations of NiMH battery generation companies, and the several government initiatives to promote environmentally friendly energy resources and solutions. The key factors that will drive the market are the lack of Li-ion and Li-polymer battery market, the growing awareness of environmental and energy-efficient solutions, and the growing demand for portable electronic devices.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Nickel Metal Hydride (NiMH) Battery Market Capacity Range Insights
The capacity range, which is expected to grow the most by type segment of the Nickel Metal Hydride (NiMH) Battery Global market, is 1500-2500 mAh’. The outdoor business, power tool energy storage, electric vehicles, and applications like wearable apparatus require an important place for the discussed capacity range. On the one hand, the 1500-2500 mAh capacity range can store a lot of energy; on the other hand, they are relatively lightweight.
Nickel Metal Hydride (NiMH) Battery Market Chemistry Insights
The Nickel Metal Hydride (NiMH) Battery Market is segmented by chemistry into Nickel-Zinc, Nickel-Cobalt, Nickel-Manganese, and Nickel-Iron. The Nickel-Cobalt chemistry segment held the largest market share in 2023, and it is expected to continue to dominate the market during the forecast period. The Nickel-Cobalt chemistry offers high energy density and long cycle life, making it suitable for use in various applications, including electric vehicles, power tools, and portable electronics. The Nickel-Zinc chemistry segment is expected to witness significant growth during the forecast period due to its high specific energy and low self-discharge rate. The Nickel-Manganese chemistry segment is also expected to grow steadily, driven by its low cost and improved performance characteristics. The Nickel-Iron chemistry segment is expected to remain niche, but it is gaining traction in certain applications, such as backup power systems and renewable energy storage.
Nickel Metal Hydride (NiMH) Battery Market End User Insights
The Nickel Metal Hydride (NiMH) Battery Market is segmented into Commercial, Industrial, Residential, and Transportation based on End User. The Commercial segment held the largest market share in 2023, accounting for over 40% of the Nickel Metal Hydride (NiMH) Battery Market revenue. The Industrial segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing demand for Nickel Metal Hydride Nimh Batteries in electric vehicles and other industrial applications. The Residential segment is expected to witness steady growth, driven by the rising adoption of Nickel Metal Hydride Nimh Batteries in home appliances and power tools. The Transportation segment is anticipated to grow significantly, fueled by the increasing demand for electric vehicles and the need for efficient energy storage solutions.
Nickel Metal Hydride (NiMH) Battery Market Regional Insights
The Nickel Metal Hydride (NiMH) Battery Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to dominate the market during the forecast period due to increasing demand from the automotive and consumer electronics industries. The region is home to major economies such as China, India, and Japan, which are witnessing a surge in the adoption of electric vehicles and portable electronic devices. North America and Europe are also significant markets for nickel metal hydride batteries, with a growing demand from the industrial and aerospace sectors. The MEA region is expected to witness steady growth in the coming years, driven by increasing investments in renewable energy and infrastructure development.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Nickel Metal Hydride (NiMH) Battery Market Key Players And Competitive Insights:
Major companies in the Nickel Metal Hydride (NiMH) Battery Market are mainly focusing on increasing their production capacity to cater to the rise in the demand for batteries. Leading companies in the Nickel Metal Hydride (NiMH) Battery Market are also making investments in research and development to improve their product’s performance and efficiency. The Nickel Metal Hydride (NiMH) Battery Market is anticipated to be fragmented due to the presence of a large number of small and medium-sized companies in the market sharing the market across the globe. However, the entry of large, well-established firms into the market could lead to an increased level of competition and result in further consolidation of the market.
One of the leading manufacturers of Nickel Metal Hydride (NiMH) Battery Market is Panasonic. The company is a leading manufacturer of Nickel Metal Hydride (NiMH) Battery Market on the global level and has a strong presence in the automotive, and consumer electronics markets. The company offers a wide range of Nickel Metal Hydride (NiMH) Battery Market including constitutional, cylindrical, prismatic, and button cells. The company makes significant investments in research and development and continuously looks for new technologies to improve the performance and efficiency of its products. Panasonic has a presence across the globe and is operating with the help of its manufacturing facilities in Japan, China, and the United States. Trendspanen is another leading manufacturer of the Nickel Metal Hydride (NiMH) Battery Market.
Tianjin Lishen Battery Joint-Stock Co., Ltd. is another leading company in the Nickel Metal Hydride (NiMH) Battery Market. The company is a China-based firm that has a strong presence in the automotive and industrial markets. It has a number of Nickel Metal Hydride (NiMH) Battery Market products, including constitutional, cylindrical, prismatic, and button cells. The company has a strong focus on quality and puts an emphasis on the quality assessment of the cells. It has received two certificates in this regard, which include the certification for Quality Management and Environmental Management. The company serves on an international level and has a number of manufacturing facilities in China and the United States.
Key Companies in the Nickel Metal Hydride (NiMH) Battery Market Include:
- Toshiba
- Absolyte
- Power-Sonic
- Enersys
- Valence Technology
- Johnson Controls
- GS Yuasa
- Varta
- Panasonic
- Saft
- Fujitsu
- Crown Battery
- BYD
- Exide Technologies
- EnerSys
Nickel Metal Hydride (NiMH) Battery Market Industry Developments
The Nickel Metal Hydride (NiMH) Battery Market is projected to reach USD 2.7 billion by 2032 from an estimated USD 1.96 billion in 2023, at a CAGR of 3.62%. Increasing adoption of electric vehicles, growing demand for portable electronics, and rising popularity of power tools are key drivers of market growth. Asia-Pacific is the largest regional market, followed by North America and Europe. Key industry participants include Panasonic, Toshiba Battery, and Saft Groupe. Recent developments in the NiMH battery market include the launch of high-capacity batteries with longer life cycles and the development of new manufacturing technologies to reduce production costs. NiMH batteries are also being used in new applications, such as energy storage systems and medical devices.
Nickel Metal Hydride (NiMH) Battery Market Segmentation Insights
-
Nickel Metal Hydride (NiMH) Battery Market Application Outlook
- Power Tools
- Consumer Electronics
- Medical Devices
- Transportation
- Industrial Equipment
-
Nickel Metal Hydride (NiMH) Battery Market Capacity Range Outlook
- 500 mAh
- 500-1500 mAh
- 1500-2500 mAh
- 2500-5000 mAh
- >5000 mAh
-
Nickel Metal Hydride (NiMH) Battery Market Chemistry Outlook
- Nickel-Zinc
- Nickel-Cobalt
- Nickel-Manganese
- Nickel-Iron
-
Nickel Metal Hydride (NiMH) Battery Market End User Outlook
- Commercial
- Industrial
- Residential
- Transportation
-
Nickel Metal Hydride (NiMH) Battery Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.89 (USD Billion) |
| Market Size 2023 |
1.96 (USD Billion) |
| Market Size 2032 |
2.7 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.62% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Toshiba, Absolyte, Power Sonic, Enersys, Valence Technology, Johnson Controls, GS Yuasa, Varta, Panasonic, Saft, Fujitsu, Crown Battery, BYD, Exide Technologies, EnerSys |
| Segments Covered |
Application, Capacity Range, Chemistry, End User, Regional |
| Key Market Opportunities |
1 Increasing adoption of electric vehicles2 Growing demand for storage in grid-connected and off-grid systems3 Rising demand from consumer electronics devices |
| Key Market Dynamics |
1 Increasing demand for electric vehicles2 Rising adoption in consumer electronics3 Government incentives for renewable energy4 Growing popularity of portable power solutions5 Technological advancements in battery performance |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Nickel Metal Hydride (NiMH) Battery Market size was valued at USD 1.96 billion in 2023 and is projected to reach USD 2.7 billion by 2032, growing at a CAGR of 3.62% during the forecast period.
The growth of the NiMH battery market is driven by increasing demand for electric vehicles, power tools, and energy storage systems. NiMH batteries offer advantages such as high energy density, long cycle life, and low self-discharge rate, making them suitable for various applications.
Asia Pacific is expected to dominate the NiMH battery market due to the presence of major battery manufacturers and the increasing adoption of electric vehicles and renewable energy sources in the region.
Major players in the NiMH battery market include Panasonic, Toshiba, Sony, Hitachi, and Saft. These companies are investing in research and development to enhance battery performance and expand their market share.
NiMH batteries are widely used in electric vehicles, power tools, medical devices, energy storage systems, and portable electronics. They offer a combination of high energy density, long cycle life, and low maintenance requirements.
Challenges faced by the NiMH battery market include competition from lithium-ion batteries, raw material price fluctuations, and environmental concerns related to battery disposal.
Opportunities for growth in the NiMH battery market lie in the increasing adoption of electric vehicles, the development of new battery technologies, and the growing demand for energy storage systems.
Key trends in the NiMH battery market include the development of high-capacity batteries, the integration of battery management systems, and the adoption of sustainable manufacturing practices.
The COVID-19 pandemic had a mixed impact on the NiMH battery market. While demand for batteries in electric vehicles declined due to supply chain disruptions, the demand for batteries in energy storage systems increased as people spent more time at home.
The future of the NiMH battery market is expected to be driven by the increasing adoption of electric vehicles and the growing demand for energy storage systems. NiMH batteries are expected to continue to play a significant role in the energy storage landscape due to their cost-effectiveness and long cycle life.
