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What Is the Forecasted Market Size of the Nickel Metal Hydride Market by 2029?
The nickel metal hydride market size has grown steadily in recent years. It will grow from $3.39 billion in 2024 to $3.52 billion in 2025 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to consumer electronics, hybrid electric vehicles (hevs), rechargeable battery market, low cost and wide availability, environmental concerns.
The nickel metal hydride market size is expected to see steady growth in the next few years. It will grow to $4.27 billion in 2029 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to electric bicycles (e-bikes), emerging markets, grid energy storage, portable power tools, transition period. Major trends in the forecast period include improvements in energy density, recycling and sustainability, advanced battery management, specialized applications, hydrogen storage.
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What Are the Major Drivers Propelling the Growth of the Nickel Metal Hydride Market?
Nickel metal hydride batteries are increasingly being used in hybrid vehicles. The wide temperature range between -30 °C to + 75 °C and rapid charging capacity made these batteries ideal for the automotive sector. NiMH batteries can handle the high-power levels which are essential for electric vehicles. According to Bloomberg New Energy Finance (BNEF) report, electric vehicle sales are expected to reach 540 million by 2040, which is around 32% of the world’s passenger vehicles. The increasing demand for electric vehicles will positively impact the NiMH battery market.
How Is the Nickel Metal Hydride Market Structured Across Its Key Segment Categories?
The nickel metal hydride market covered in this report is segmented –
1) By Type: Small-Sized Ni-MH Battery for Consumer Electronics, Large-Sized Ni-MH Battery for HEV
2) By Application: Automotive, Cordless Phone, Dust Collector, Personal Care, Lighting Tools, Electric Tool
3) By Sales Channel: OEM, Aftermarket
Subsegments:
1) By Small-Sized Ni-MH Battery For Consumer Electronics: Mobile Phones, Laptops, Digital Cameras, Other Consumer Electronics
2) By Large-Sized Ni-MH Battery For HEV (Hybrid Electric Vehicles): Automotive, Other HEV Applications
What New Market Trends Are Emerging in the Nickel Metal Hydride Market?
Recent developments in NiMH battery manufacturing have improved the lifespan of nickel-metal hydride batteries. The electro-positivity of the A-elements makes them easy to corrode in the alkaline electrolyte used in NiMH batteries. A thin protective layer is used on alloy particles to improve the reaction kinetics and corrosion stability of conventional NiMH batteries. For instance, Researchers at Stockholm University, a Swedish public university, have developed metal hydride surface structures for NiMH batteries to extend cycle life.
Which Companies Are Recognized as Major Innovators in the Nickel Metal Hydride Market?
Major companies operating in the nickel metal hydride market include Duracell, Energizer Holdings Inc., Panasonic Corporation, Primearth EV Energy Co. Ltd., Spectrum Brands Holdings Inc., GP Batteries International Limited, Aeg Powertools, Cell-Con, Harding Energy Inc., Johnson Controls International plc, Badische Anilin und Soda Fabrik (BASF), Power-Sonic Corporation, Supreme Batteries Pvt. Ltd., Rayovac, Shenzhen Nova Technology Co. Ltd., Taurac, Uniross Batteries Corporation, Tianjin Peace Bay Company, The Shenyang Sanpu Company, VARTA AG, Fujitsu Component Limited, Build Your Dreams Company Limited, Saft Group SAS, NEXcell Battery Co Ltd, Dantona Industries Inc., Tenergy Corporation, EnerSys, Ultralife Corporation, EVE Energy Co. Ltd., Hunan Soundon New Energy Co. Ltd., Highpower International Inc., GS Yuasa Corporation, Toshiba Corporation, Hitachi Maxell Ltd., Sanyo Electric Co. Ltd., Mitsubishi Electric Corporation, Nippon Electric Co. Ltd., Samsung SDI Co. Ltd., Lucky Goldstar Chem Ltd., Beijing Easpring Material Technology Co. Ltd., Hunan Corun New Energy Co. Ltd.
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Which Regional Markets Are Likely to See the Most Significant Expansion in the Coming Years?
Asia-Pacific was the largest region in the nickel metal hydride batteries market in 2024. North America is the second-largest region in the nickel metal hydride batteries market. The regions covered in the nickel metal hydride market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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