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Growth In Nimh Battery Usage Driven By Electric Vehicle Demand: Key Factor Driving The Growth In The Nickel Metal Hydride Market
Nickel Metal Hydride
What Is the Expected Nickel Metal Hydride Market Size During the Forecast Period?
The nickel metal hydride market has grown strongly in recent years. It will increase from $3.44 billion in 2024 to $3.63 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. Growth has been driven by the demand for consumer electronics, hybrid electric vehicles (HEVs), the rechargeable battery market, the availability of low-cost options, and growing environmental concerns.
The nickel metal hydride market is projected to grow steadily, reaching $4.44 billion by 2029 at a CAGR of 5.2%. Growth factors include demand from electric bicycles, storage for grids, portable tools, and transition technology needs. Key trends include advancements in energy density, battery recycling, improved battery management systems, and hydrogen storage applications.
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What Are the High-Growth Segments in the Nickel Metal Hydride Market?
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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What Key Drivers Are Expected to Influence Future Nickel Metal Hydride Market Growth?
The nickel metal hydride (NiMH) battery market is growing due to their adoption in hybrid vehicles. NiMH batteries offer advantages like wide temperature tolerance and rapid charging, making them suitable for electric transport. According to Bloomberg New Energy Finance, EV sales are projected to reach 540 million by 2040, accounting for 32% of global passenger vehicles, thus driving NiMH battery demand.
Which Companies Hold the Largest Share Across Different Nickel Metal Hydride Market Segments?
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 Developing Trends in the Nickel Metal Hydride Market?
Recent advancements in NiMH battery manufacturing have enhanced their lifespan by addressing corrosion issues caused by the electro-positivity of A-elements in the alkaline electrolyte. A thin protective coating is now applied to alloy particles to boost reaction efficiency and corrosion resistance. For instance, researchers at Stockholm University in Sweden have developed metal hydride surface structures to extend the cycle life of NiMH batteries.
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What Are the Emerging Geographies for The Nickel Metal Hydride Market Growth?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Nickel Metal Hydride Market?
2. What is the CAGR expected in the Nickel Metal Hydride Market?
3. What Are the Key Innovations Transforming the Nickel Metal Hydride Industry?
4. Which Region Is Leading the Nickel Metal Hydride Market?
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