Nickel Metal Hydride Battery Market Remarking Enormous Growth with Current Trends & Demands Through 2023 - 2030

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Nickel Metal Hydride Battery Market
Nickel Metal Hydride Battery Market

The global Nickel Metal Hydride Battery Market is estimated to be valued at US$ 2.93 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Nickel metal hydride (NiMH) batteries are rechargeable batteries commonly used in hybrid electric vehicles, power tools and consumer electronics. The battery provides higher energy density compared to other rechargeable battery technologies along with zero maintenance and memory effect. Its applications include power tools, medical equipment, industrial and emergency lighting due to its advantages over lead-acid and lithium-ion batteries.

Market key trends:

One of the key trends driving the growth of the nickel metal hydride battery market is increasing demand for power tools. The discharge capacity and maintenance-free operations of NiMH batteries make them suitable for power tools. The rising construction activities across both residential and non-residential sectors are augmenting the demand for power tools, thereby fueling the sales of NiMH batteries. Moreover, growth in infrastructure development projects is also boosting the power tool market.

Segment Analysis:

The global nickel metal hydride battery market is segmented by type, application, and region. By type, the market is bifurcated into small-sized nickel-metal hydride batteries and large-sized nickel-metal hydride batteries. The small-sized nickel-metal hydride batteries segment currently dominates the market as they are widely used in consumer electronics such as cameras, toys, remote controls, and other small devices due to their compact size and high energy density.

Key Takeaways:

The global Nickel Metal Hydride Battery Market Size is expected to witness high growth, exhibiting a CAGR of 4.6% over the forecast period from 2023 to 2030, due to increasing demand for cordless power tools and other industrial applications.

Regional Analysis:

The North America region currently dominates the nickel metal hydride battery market and is expected to continue its dominance over the forecast period. This can be attributed to the rising demand for cordless power tools and appliances in the industrial and residential sectors in the region. The Asia Pacific region is expected to be the fastest growing market owing to growth in industries and infrastructure development activities in developing economies such as China and India.

Key Players:

Key players operating in the nickel metal hydride battery market are Panasonic, Primearth EV Energy, FDK, GP Batteries, Corun, Huanyu battery, GS Yuasa, Spectrum Brands (Rayovac), Lexel Battery (Coslight), EPT Battery, Energizer Holdings, Great Power Energy, Suppo, Duracell, Cell-Con, Highpower International, Maxell, Nanfu, PKCELL, EVE Energy. Panasonic currently dominates the market owing to its robust supply chain and technical expertise in battery manufacturing.

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