Press release
Major Market Shift in Nickel Metal Hydride Industry: Innovations In Nimh Battery Manufacturing For Enhanced Lifespan
Nickel Metal Hydride Market Size
In recent times, the nickel metal hydride market has seen a significant upswing in its size. It is projected to increase from a market worth of $3.44 billion in 2024 to a value of $3.63 billion in 2025, recording a compound annual growth rate (CAGR) of 5.4%. Factors such as the rise in consumer electronics, the popularity of hybrid electric vehicles (HEVs), the growing market for rechargeable batteries, their low cost and wide availability, and environmental concerns have contributed to this growth in the historical period.
In the coming years, the market size for nickel metal hydride is projected to experience significant growth. With a compound annual growth rate (CAGR) of 5.2%, the market is expected to rise to $4.44 billion by 2029. Factors such as electric bicycles (e-bikes), emerging markets, grid energy storage, and portable power tools, and transition periods contribute to the growth during the forecast period. Furthermore, increased energy density, recycling and sustainability, superior battery management, specialized applications, and hydrogen storage are anticipated to be the primary trends during the forecast period.
What Factors Are Propelling the Expansion of the Nickel Metal Hydride Market?
There's an escalating usage of nickel metal hydride batteries in hybrid automobiles due to their wide temperature range of -30°C to +75°C and remarkable rapid charging capabilities, rendering them ideal for the car industry. These NiMH batteries, with their aptitude to endure high-power echelons, have become indispensable for electric automobiles. As per the report by Bloomberg New Energy Finance (BNEF), it's projected that by 2040, electric vehicle (EV) sales will escalate to 540 million, comprising about 32% of global passenger vehicles. This surge in the demand for EVs is set to create a positive influence on the NiMH battery market.
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Which Businesses Are at the Forefront of Nickel Metal Hydride Market Development?
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.
What Are the Latest Innovations in the Nickel Metal Hydride Market?
Recent advancements in the production of NiMH batteries have significantly enhanced their durability. The high electro-positivity of A-elements causes them to corrode easily in the alkaline electrolyte featured in NiMH batteries. A slim protective coating is employed on alloy particles to enhance the conventional NiMH batteries' reaction speed and resistance to corrosion. For example, scientists at Stockholm University, a renowned Swedish state university, have created metal hydride surface structures for NiMH batteries to prolong their life cycle.
How Is the Nickel Metal Hydride Market Segmented?
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, After market
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
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Where Is the Nickel Metal Hydride Market Growth Most Prominent?
Asia-Pacific was the largest region in the nickel metal hydride batteries market in 2023. 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
What Is Covered In The Nickel Metal Hydride Global Market Report?
- Market Size Analysis: Analyze the Nickel Metal Hydride Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Nickel Metal Hydride Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Nickel Metal Hydride Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Nickel Metal Hydride Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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