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Soaring Demand Set to Propel Nickel Metal Hydride Market to $4.27 Billion by 2029
Nickel Metal Hydride
What Is the Expected CAGR for the Nickel Metal Hydride Market Through 2025?
The market for nickel metal hydride has witnessed a consistent expansion in the recent past. It is projected to increase from $3.39 billion in 2024 to $3.52 billion in 2025, experiencing a compound annual growth rate (CAGR) of 3.9%. The significant growth in the historic time frame can be associated with factors such as consumer electronics, hybrid electric vehicles (HEVs), the market for rechargeable batteries, its affordability, widespread availability, and environmental concerns.
What's the Projected Size of the Global Nickel Metal Hydride Market by 2029?
In the years to come, the nickel metal hydride market size is anticipated to experience a stable expansion. By 2029, the market size should reach $4.27 billion, with a compound annual growth rate (CAGR) of 5.0%. The upward trend during the forecast period is mainly due to the rise of electric bikes (e-bikes), new markets, grid energy storage, handheld power tools, and the transition phase. Within the same period, major developments are expected regarding energy density enhancement, recycling and sustainability, advanced battery management, niche applications, and hydrogen storage.
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Top Growth Drivers in the Nickel Metal Hydride Industry: What's Accelerating the Market?
Hybrid vehicles are progressively adopting nickel metal hydride batteries thanks to their wide temperature compatibility, from -30 °C to + 75 °C, and expedited charging capacity. These characteristics make NiMH batteries a perfect fit for the automotive industry, primarily because they can handle the high-power levels crucial for electric cars. Predictions from the Bloomberg New Energy Finance (BNEF) report suggest that electric vehicle sales could hit 540 million by 2040, comprising around 32% of global passenger vehicles. This rise in demand for electric vehicles will, in turn, boost the NiMH battery market.
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What Trends Will Shape the Nickel Metal Hydride Market Through 2029 and Beyond?
The durability of nickel-metal hydride batteries has been significantly enhanced due to recent advancements in NiMH battery production. The electro-positivity of A-elements makes them prone to corrosion in the alkaline electrolyte utilized in NiMH batteries. A slim protective layer is used on alloy particulates to improve the reaction rates and corrosion resilience of standard NiMH batteries. For example, scientists at Stockholm University, a public institution in Sweden, have developed surface structures for NiMH batteries designed to prolong their lifespan through numerous charge cycles.
What Are the Main 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, 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
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Which Top Companies are Driving Growth 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.
Which Regions Will Dominate the Nickel Metal Hydride Market Through 2029?
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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