Nickel Metal Hydride Global Market Report 2024

The nickel metal hydride market size has grown rapidly in recent years. It will grow from $3.54 billion in 2023 to $3.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The expansion observed during the historical period can be ascribed to factors such as consumer electronics, the market for hybrid electric vehicles (HEVs), the rechargeable battery market, the widespread availability at a low cost, and growing environmental concerns.

The nickel metal hydride market size is expected to see rapid growth in the next few years. It will grow to $5.89 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be linked to electric bicycles (e-bikes), emerging markets, grid energy storage, portable power tools, and the transitional phase. Key trends projected for this period encompass enhancements in energy density, recycling and sustainability, advanced battery management, specialized applications, and hydrogen storage.

Nickel metal hydride (NiMH) batteries are gaining popularity in the hybrid vehicle industry due to their ability to operate within a wide temperature range of -30°C to +75°C and their fast charging capabilities, making them well-suited for automotive applications. NiMH batteries can efficiently handle the high-power requirements of electric vehicles. According to a report from Bloomberg New Energy Finance (BNEF), it is anticipated that electric vehicle sales will reach 540 million by 2040, comprising approximately 32% of the world's passenger vehicles. This growing demand for electric vehicles is expected to have a positive impact on the NiMH battery market.

Ni-MH batteries come in two main types: small-sized Ni-MH batteries for consumer electronics and large-sized Ni-MH batteries for hybrid electric vehicles (HEVs). Small-sized Ni-MH batteries are rechargeable and are commonly used in various consumer electronics such as laptops, computers, cameras, and mobile phones. On the other hand, large-sized Ni-MH batteries are employed in automotive applications, cordless phones, dust collectors, personal care devices, lighting tools, and electric tools. These batteries are typically distributed through original equipment manufacturer (OEM) and aftermarket sales channels.

The nickel metal hydride batteries market research report is one of a series of new reports that provides nickel metal hydride batteries market statistics, including nickel metal hydride batteries industry global market size, regional shares, competitors with a nickel metal hydride batteries market share, detailed nickel metal hydride batteries market segments, market trends and opportunities, and any further data you may need to thrive in the nickel metal hydride batteries industry. This nickel metal hydride batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing energy sector, encompassing the production, distribution, and consumption of energy, is poised to drive the growth of the nickel metal hydride market. The energy sector, with a focus on cleaner and more sustainable energy sources, is fueling the demand for electric vehicles (EVs). NiMH batteries are commonly used in hybrid electric vehicles (HEVs) and some plug-in hybrid electric vehicles (PHEVs). For instance, a UK-based government body, the Government Digital Service, reported a 4.6% increase in total energy usage from 2020 to 2021. As a result, the rising demand in the energy sector is contributing to the growth of the nickel metal hydride market.

The government regulations introduced to govern the manufacturing of rechargeable batteries have posed challenges to market growth. The battery manufacturing process produces wastewater and emits pollutants such as cadmium, cobalt, copper, cyanide, iron, lead, manganese, mercury, nickel, and zinc. Manufacturers are generally encouraged, if not legally required, to reduce the release of hazardous substances into the environment. For instance, the United States Environmental Protection Agency (EPA) has established Battery Manufacturing Effluent Guidelines and Standards to address such pollutants.

Recent advancements in NiMH battery manufacturing have extended the lifespan of these batteries. The alkaline electrolyte used in NiMH batteries can corrode the A-elements due to their electro-positivity. To address this, a thin protective layer is applied to alloy particles to enhance the reaction kinetics and corrosion resistance of conventional NiMH batteries. For instance, researchers at Stockholm University, a public university in Sweden, have developed surface structures for metal hydrides in NiMH batteries to improve their cycle life.

Leading companies in the nickel metal hydride market are expanding their operations to boost profitability. In August 2022, Toyota Industries Corporation, a Japanese machinery manufacturer, inaugurated a new facility known as the Ishihama Plant, dedicated to the production of bipolar nickel-metal hydride batteries for hybrid vehicles. When combined with the existing Kyowa Plant, which began battery production in May 2021, the new plant is expected to increase the manufacturing capacity to 40,000 units per month.

In September 2022, the French electrical equipment company Zeplug acquired Bornes Solutions SAS for an undisclosed sum. Zeplug anticipates that this acquisition will yield substantial synergies, enhancing its presence in the French market and solidifying its position in the EV charging sector. This strategic move will enable Zeplug to fund its expansion and accelerate its growth in Europe and the United States. Bornes Solutions SAS is a French company specializing in charging solutions.

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.

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

The countries covered in the nickel metal hydride market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The nickel metal hydride batteries market consists of sales of small-sized Ni-MH batteries for consumer electronics and large-sized Ni-MH batteries for HEV. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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