Nickel metal hydride batteries are rechargeable batteries commonly used in consumer electronics and electric vehicles. They provide relatively high energy densities and long shelf lives when compared to traditional alkaline and lead-acid batteries. Some key uses of nickel metal hydride batteries include power tools, cordless phones, laptops, HEVs, PHEVs and electric bikes. The global Nickel Metal Hydride Battery market relies heavily on consumer electronics and automotive industries for growth.

The global Nickel Metal Hydride Battery market is estimated to be valued at US$ 3.38 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing demand for electric vehicles is a major driver propelling the Nickel Metal Hydride Battery Market Growth. Nickel metal hydride batteries offer better performance than lead-acid batteries and are being widely adopted in mild hybrid and full hybrid electric vehicles. Government support in the form of subsidies and campaigns to promote sales of electric vehicles is positively impacting the battery market. Moreover, strong growth in sales of consumer electronics such as cordless power tools and laptops continues to boost the battery replacement market. However, declining nickel and cobalt resources and rising raw material costs pose challenges for market players. Additionally, growing popularity of lithium-ion batteries in high-performance applications is hindering the Nickel Metal Hydride Battery market expansion.

SWOT Analysis

Strength: Nickel metal hydride batteries have high energy density and are more eco-friendly as compared to other battery technologies like nickel cadmium batteries. They provide long battery life and have low maintenance needs. Nickel metal hydride batteries are more lightweight and compact in size.

Weakness: Nickel metal hydride batteries have relatively low energy density as compared to lithium-ion batteries. Memory effect is also an issue with these batteries which reduces charge capacity over time. Production cost of nickel metal hydride batteries is higher than other battery technologies.

Opportunity: Growing demand for electric vehicles presents a major opportunity for nickel metal hydride batteries as they are suitable for powering hybrid electric vehicles. Increasing focus on renewable energy also opens up opportunities due to ability of these batteries to store energy from solar and wind power plants.

Threats: Strong competition from lithium-ion batteries poses a major threat as they have higher energy density and no memory effect issue. Shift towards more advanced battery technologies can reduce demand for nickel metal hydride batteries over the forecast period. Reliance on imported raw materials also poses threat in terms of uncertainty in supplies.

Key Takeaways

The global Nickel Metal Hydride Battery market is expected to witness high growth over the forecast period. The global Nickel Metal Hydride Battery market is estimated to be valued at US$ 3.38 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

Asia Pacific dominates the market and is projected to maintain its lead position during the period of 2024 to 2031. Rising sales of hybrid electric vehicles in countries such as China, Japan and India will drive the demand for nickel metal hydride batteries in the region. Europe and North America are other major markets driven by growing focus on renewable energy storage.

Key players operating in the Nickel Metal Hydride Battery market include Stempeutics Research Pvt. Ltd., Medipost Co. Ltd., Nipro Corporation, Dendreon Pharmaceuticals LLC, Organogenesis Inc., Novartis AG, Vericel Corporation, Allogene Therapeutics Inc., Gilead Sciences Inc. (Kite Pharma Inc.), and Takeda Pharmaceutical Company Limited (TiGenix), among others.

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