Nickel Metal Hydride (NiMH) Battery Market

Nickel Metal Hydride (NiMH) Battery Market Size, Share, Growth Analysis, By Component(Electrode, Cathode), By Battery Type(A, AA), By Size(Small, Large), By Sales Channel(OEM, Aftermarket), By Vertical(Automotive, Consumer Electronics), By Region(North America, US), By D Company Limited(Primearth EV Energy Co., Ltd.) - Industry Forecast 2024-2031

Report ID: UCMIG10B2024 | Region: Global | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Nickel Metal Hydride (NiMH) Battery Market Insights

Market Overview:

At a CAGR of 3.1% from 2023 to 2028, the nickel metal hydride (NiMH) battery market is anticipated to rise from USD 2.4 billion in 2023 to USD 2.7 billion by 2028. the main forces are increasing acceptance of emergency power backup applications in crucial industries, increasing demand for portable consumer electronics, and expanding automobile industry

Nickel Metal Hydride (NiMH) Battery Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Oil & Gas Equipment & Services by segment aggregation, the contribution of the Oil & Gas Equipment & Services in Energy Service and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

Segmentation Analysis:

The Nickel Metal Hydride (NiMH) Battery Market is segmented by Component, Battery Type, Size, Sales Channel, Vertical, Region, D Company Limited. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

Nickel Metal Hydride (NiMH) Battery Market Basis Point Share Analysis, 2021 Vs. 2028
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  • Based on Component the market is segmented as, Electrode, Cathode, Anode, Electrolyte
  • Based on Battery Type the market is segmented as, A, AA, AAA, C, D, 9V, Others
  • Based on Size the market is segmented as, Small, Large
  • Based on Sales Channel the market is segmented as, OEM, Aftermarket
  • Based on Vertical the market is segmented as, Automotive, Consumer Electronics, Healthcare, Industrial, Residential, Commercial
  • Based on Region the market is segmented as, North America, US, Canada, Mexico, Europe, Germany, UK, France, Rest of Europe, Asia Pacific, China, Japan, India, Rest of Asia Pacific, Rest of the World, Middle East & Africa, South America, KEY MARKET PLAYERS, Energizer Holdings, Inc., Panasonic Holdings Corporation, Duracell, VARTA AG, FDK Corporation
  • Based on D Company Limited the market is segmented as, Primearth EV Energy Co., Ltd., GP Batteries International Limited

Regional Analysis:

Nickel Metal Hydride (NiMH) Battery Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.

Nickel Metal Hydride (NiMH) Battery Market Attractiveness Analysis, By Region 2020-2028
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Nickel Metal Hydride (NiMH) Battery Market : Risk Analysis

SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Nickel Metal Hydride (NiMH) Battery Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Nickel Metal Hydride (NiMH) Battery Market's supply chain, distribution, and total revenue growth.

Competitive landscaping:

To understand the competitive landscape, we are analyzing key Nickel Metal Hydride (NiMH) Battery Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Nickel Metal Hydride (NiMH) Battery Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

  • metal hydride (NiMH) battery market size is expected to grow from USD 2.4 billion in 2023 to USD 2.7 billion by 2028, at a CAGR of 3.1% from 2023 to 2028. The market for NiMH batteries in the automotive industry is fueled by the constant growth of the automotive industry and the rising adoption of hybrid electric vehicles. As urbanization and income levels across the world are increasing, it is leading to increased demand for vehicles. Further, governments around the world are implementing policies to promote the use of hybrid and electric vehicles, which is expected to boost the growth of the NiMH battery market.
  • DRIVERS: Growing adoption in critical industries for emergency power backup applications
  • NiMH batteries can be used for emergency power backup for various industrial, commercial, and residential applications. They offer advantages such as long life and high energy density over other types of batteries, such as alkaline and NiCd batteries, making them ideal for many applications. NiMH batteries are used in critical power, utility, and telecom industries. For instance, NiMH batteries are being used in various utility equipment, such as smart meters. These devices require a reliable power source that can be charged quickly and easily, and NiMH batteries are well-suited for such applications. Hence, these factors will help to drive the market for NiMH batteries.
  • RESTRAINTS: High cost of NiMH batteries
  • For some applications, NiMH batteries become more expensive than other types, such as alkaline or NiCd batteries. This is due to the cost of the materials used to make them, such as nickel and hydrogen. Further, NiMH batteries have a high self-discharge rate, which means that they lose power even when they are not in use, and this can be a problem if a user wants to store their batteries for a long time. Moreover, these batteries have a limited service life, which means they will eventually wear out and need replacing. The service life of a NiMH battery can vary depending on how it is used, but it is typically around five years or less. Hence, these factors could act as a restraint to the nickel metal hydride (NiMH) battery market.
  • OPPORTUNITIES: Growing adoption of NiMH batteries in HEVs
  • NiMH batteries are used in many hybrid electric vehicles (HEVs) applications owing to their favorable characteristics such as high energy density, safety, and high-power delivery. The rising adoption of hybrid electric vehicles among consumers has helped boost the market for these batteries. The number of automobile companies involved in the development of new and improved electric and hybrid electric vehicles has also increased. All these developments are expected to offer ample growth opportunities for the NiMH market.
  • CHALLENGES: Availability of other alternative battery technologies
  • The nickel metal hydride (NiMH) battery market faces increasing competition from other technologies, such as lithium-ion batteries, lead acid batteries, and emerging battery technologies. Lithium-ion batteries offer several advantages over NiMH batteries, including a higher energy density, longer lifespan, and faster charging time. This competition is limiting the growth of the NiMH battery market.
  • Small size segment is expected to hold a substantial market share during the forecast period.
  • As the name entails, small NiMH batteries are compact in size and majorly used in small portable devices. Typically, NiMH batteries have the ability that they can be recharged hundreds of times, and that makes them potentially equivalent to hundreds of alkaline batteries in total service over their lifetime. The battery life of NiMH battery is quite reasonable, and it is a cost-effective power source for many frequently used battery-operated devices found in the home and industries. These batteries are mainly used in consumer electronic devices such as digital cameras, wireless speakers, toys, cordless phones, flashlights, remote control devices, and personal care products. In addition, these batteries are also being used in many portable medical devices, such as pulse oximeters and defibrillators. Thus, the multi-applicability of these batteries is expected to drive their market in the near future.
  • The market for an industrial segment is projected to grow at a steady CAGR during the forecast period.
  • NiMH batteries are widely used in oil & gas, mining, and manufacturing industries, mainly in small tools and equipment. These batteries also provide emergency backup power in critical equipment used in various process and manufacturing industries. NiMH batteries are used in several industrial applications, such as robotics, IoT devices, emergency lights, electric tools, memory backup, elevator landing devices, scanners, electricity meters, wireless communication devices, smart security equipment, and professional tools. The growing industrial sector in developing countries such as India and China is expected to drive the growth of the NiMH battery market during the forecast period.
  • The market in Asia Pacific is projected to grow at the highest CAGR from 2023 to 2028.
  • The Asia Pacific region mainly consists of countries such as China, Japan, India, and the rest of the Asia Pacific. The region is a major manufacturing hub of batteries as well as consumer electronics. The key players in the NiMH battery market establish their manufacturing plants here due to the region's easy availability of raw materials. China is a global manufacturing hub for batteries, consumer electronics, automotive, and electronic components. Growing industrial manufacturing activities and the increasing demand for consumer electronics are creating an opportunity for the players in the NiMH battery market. Moreover, the country also has a strong medical device and pharmaceutical manufacturing industry, which creates a significant potential market for NiMH batteries. Nickel metal hydride batteries are widely used in medical equipment as they provide better energy density than other batteries, such as alkaline and nickel-cadmium (NiCd).
  • Recent Developments
  • In March 2022, FDK Corporation launched the new NiMH battery HR-AAUTEWM for a variety of applications such as security, medical and in-vehicle applications, which includes tracking devices, e-call, dashboard cameras, car alarms, and other in-vehicle applications.
  • In June 2021, FDK Corporation launched the new NiMH battery HR-AAUTEW for applications such as tracking devices, e-call, dashboard cameras, car alarms, and other in-vehicle applications.
  • In January 2020, VARTA AG completed the acquisition of Europe-based VARTA consumer batteries business from US-based Energizer Holdings, Inc. to strengthen its position in global battery industry.
  • KEY MARKET SEGMENTS
  • By Component
  • Electrode
  • Cathode
  • Anode
  • Electrolyte
  • By Battery Type
  • A
  • AA
  • AAA
  • C
  • D
  • 9V
  • Others
  • By Size
  • Small
  • Large
  • By Sales Channel
  • By Sales Channel
  • OEM
  • Aftermarket
  • By Vertical
  • Automotive
  • Consumer Electronics
  • Healthcare
  • Industrial
  • Residential
  • Commercial
  • By Region
  • North America
  • US
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
  • Rest of the World
  • Middle East & Africa
  • South America
  • KEY MARKET PLAYERS
  • Energizer Holdings, Inc.
  • Panasonic Holdings Corporation
  • Duracell
  • VARTA AG
  • FDK Corporation
  • BYD Company Limited
  • Primearth EV Energy Co., Ltd.
  • GP Batteries International Limited

SkyQuest's Expertise:

The Nickel Metal Hydride (NiMH) Battery Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.

Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.

Scope Of Report

Report Attribute Details
The base year for estimation 2021
Historical data 2016 – 2022
Forecast period 2022 – 2028
Report coverage Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
  • By Component - Electrode, Cathode, Anode, Electrolyte
  • By Battery Type - A, AA, AAA, C, D, 9V, Others
  • By Size - Small, Large
  • By Sales Channel - OEM, Aftermarket
  • By Vertical - Automotive, Consumer Electronics, Healthcare, Industrial, Residential, Commercial
  • By Region - North America, US, Canada, Mexico, Europe, Germany, UK, France, Rest of Europe, Asia Pacific, China, Japan, India, Rest of Asia Pacific, Rest of the World, Middle East & Africa, South America, KEY MARKET PLAYERS, Energizer Holdings, Inc., Panasonic Holdings Corporation, Duracell, VARTA AG, FDK Corporation
  • By D Company Limited - Primearth EV Energy Co., Ltd., GP Batteries International Limited
Regional scope North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Country scope U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa
Key companies profiled
  • metal hydride (NiMH) battery market size is expected to grow from USD 2.4 billion in 2023 to USD 2.7 billion by 2028, at a CAGR of 3.1% from 2023 to 2028. The market for NiMH batteries in the automotive industry is fueled by the constant growth of the automotive industry and the rising adoption of hybrid electric vehicles. As urbanization and income levels across the world are increasing, it is leading to increased demand for vehicles. Further, governments around the world are implementing policies to promote the use of hybrid and electric vehicles, which is expected to boost the growth of the NiMH battery market.
  • DRIVERS: Growing adoption in critical industries for emergency power backup applications
  • NiMH batteries can be used for emergency power backup for various industrial, commercial, and residential applications. They offer advantages such as long life and high energy density over other types of batteries, such as alkaline and NiCd batteries, making them ideal for many applications. NiMH batteries are used in critical power, utility, and telecom industries. For instance, NiMH batteries are being used in various utility equipment, such as smart meters. These devices require a reliable power source that can be charged quickly and easily, and NiMH batteries are well-suited for such applications. Hence, these factors will help to drive the market for NiMH batteries.
  • RESTRAINTS: High cost of NiMH batteries
  • For some applications, NiMH batteries become more expensive than other types, such as alkaline or NiCd batteries. This is due to the cost of the materials used to make them, such as nickel and hydrogen. Further, NiMH batteries have a high self-discharge rate, which means that they lose power even when they are not in use, and this can be a problem if a user wants to store their batteries for a long time. Moreover, these batteries have a limited service life, which means they will eventually wear out and need replacing. The service life of a NiMH battery can vary depending on how it is used, but it is typically around five years or less. Hence, these factors could act as a restraint to the nickel metal hydride (NiMH) battery market.
  • OPPORTUNITIES: Growing adoption of NiMH batteries in HEVs
  • NiMH batteries are used in many hybrid electric vehicles (HEVs) applications owing to their favorable characteristics such as high energy density, safety, and high-power delivery. The rising adoption of hybrid electric vehicles among consumers has helped boost the market for these batteries. The number of automobile companies involved in the development of new and improved electric and hybrid electric vehicles has also increased. All these developments are expected to offer ample growth opportunities for the NiMH market.
  • CHALLENGES: Availability of other alternative battery technologies
  • The nickel metal hydride (NiMH) battery market faces increasing competition from other technologies, such as lithium-ion batteries, lead acid batteries, and emerging battery technologies. Lithium-ion batteries offer several advantages over NiMH batteries, including a higher energy density, longer lifespan, and faster charging time. This competition is limiting the growth of the NiMH battery market.
  • Small size segment is expected to hold a substantial market share during the forecast period.
  • As the name entails, small NiMH batteries are compact in size and majorly used in small portable devices. Typically, NiMH batteries have the ability that they can be recharged hundreds of times, and that makes them potentially equivalent to hundreds of alkaline batteries in total service over their lifetime. The battery life of NiMH battery is quite reasonable, and it is a cost-effective power source for many frequently used battery-operated devices found in the home and industries. These batteries are mainly used in consumer electronic devices such as digital cameras, wireless speakers, toys, cordless phones, flashlights, remote control devices, and personal care products. In addition, these batteries are also being used in many portable medical devices, such as pulse oximeters and defibrillators. Thus, the multi-applicability of these batteries is expected to drive their market in the near future.
  • The market for an industrial segment is projected to grow at a steady CAGR during the forecast period.
  • NiMH batteries are widely used in oil & gas, mining, and manufacturing industries, mainly in small tools and equipment. These batteries also provide emergency backup power in critical equipment used in various process and manufacturing industries. NiMH batteries are used in several industrial applications, such as robotics, IoT devices, emergency lights, electric tools, memory backup, elevator landing devices, scanners, electricity meters, wireless communication devices, smart security equipment, and professional tools. The growing industrial sector in developing countries such as India and China is expected to drive the growth of the NiMH battery market during the forecast period.
  • The market in Asia Pacific is projected to grow at the highest CAGR from 2023 to 2028.
  • The Asia Pacific region mainly consists of countries such as China, Japan, India, and the rest of the Asia Pacific. The region is a major manufacturing hub of batteries as well as consumer electronics. The key players in the NiMH battery market establish their manufacturing plants here due to the region's easy availability of raw materials. China is a global manufacturing hub for batteries, consumer electronics, automotive, and electronic components. Growing industrial manufacturing activities and the increasing demand for consumer electronics are creating an opportunity for the players in the NiMH battery market. Moreover, the country also has a strong medical device and pharmaceutical manufacturing industry, which creates a significant potential market for NiMH batteries. Nickel metal hydride batteries are widely used in medical equipment as they provide better energy density than other batteries, such as alkaline and nickel-cadmium (NiCd).
  • Recent Developments
  • In March 2022, FDK Corporation launched the new NiMH battery HR-AAUTEWM for a variety of applications such as security, medical and in-vehicle applications, which includes tracking devices, e-call, dashboard cameras, car alarms, and other in-vehicle applications.
  • In June 2021, FDK Corporation launched the new NiMH battery HR-AAUTEW for applications such as tracking devices, e-call, dashboard cameras, car alarms, and other in-vehicle applications.
  • In January 2020, VARTA AG completed the acquisition of Europe-based VARTA consumer batteries business from US-based Energizer Holdings, Inc. to strengthen its position in global battery industry.
  • KEY MARKET SEGMENTS
  • By Component
  • Electrode
  • Cathode
  • Anode
  • Electrolyte
  • By Battery Type
  • A
  • AA
  • AAA
  • C
  • D
  • 9V
  • Others
  • By Size
  • Small
  • Large
  • By Sales Channel
  • By Sales Channel
  • OEM
  • Aftermarket
  • By Vertical
  • Automotive
  • Consumer Electronics
  • Healthcare
  • Industrial
  • Residential
  • Commercial
  • By Region
  • North America
  • US
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
  • Rest of the World
  • Middle East & Africa
  • South America
  • KEY MARKET PLAYERS
  • Energizer Holdings, Inc.
  • Panasonic Holdings Corporation
  • Duracell
  • VARTA AG
  • FDK Corporation
  • BYD Company Limited
  • Primearth EV Energy Co., Ltd.
  • GP Batteries International Limited
Customization scope Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Reap the benefits of customized purchase options to fit your specific research requirements.

Objectives of the Study

  • To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
  • To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
  • To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
  • To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

What does this Report Deliver?

  • Market Estimation for 20+ Countries
  • Historical data coverage: 2016 to 2022
  • Growth projections: 2022 to 2028
  • SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
  • Customization on Segments, Regions, and Company Profiles
  • 100+ tables, 150+ Figures, 10+ matrix
  • Global and Country Market Trends
  • Comprehensive Mapping of Industry Parameters
  • Attractive Investment Proposition
  • Competitive Strategies Adopted by Leading Market Participants
  • Market drivers, restraints, opportunities, and its impact on the market
  • Regulatory scenario, regional dynamics, and insights of leading countries in each region
  • Segment trends analysis, opportunity, and growth
  • Opportunity analysis by region and country
  • Porter's five force analysis to know the market's condition
  • Pricing analysis
  • Parent market analysis
  • Product portfolio benchmarking

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Nickel Metal Hydride (NiMH) Battery Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Nickel Metal Hydride (NiMH) Battery Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)
  • metal hydride (NiMH) battery market size is expected to grow from USD 2.4 billion in 2023 to USD 2.7 billion by 2028, at a CAGR of 3.1% from 2023 to 2028. The market for NiMH batteries in the automotive industry is fueled by the constant growth of the automotive industry and the rising adoption of hybrid electric vehicles. As urbanization and income levels across the world are increasing, it is leading to increased demand for vehicles. Further, governments around the world are implementing policies to promote the use of hybrid and electric vehicles, which is expected to boost the growth of the NiMH battery market.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • DRIVERS: Growing adoption in critical industries for emergency power backup applications
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • NiMH batteries can be used for emergency power backup for various industrial, commercial, and residential applications. They offer advantages such as long life and high energy density over other types of batteries, such as alkaline and NiCd batteries, making them ideal for many applications. NiMH batteries are used in critical power, utility, and telecom industries. For instance, NiMH batteries are being used in various utility equipment, such as smart meters. These devices require a reliable power source that can be charged quickly and easily, and NiMH batteries are well-suited for such applications. Hence, these factors will help to drive the market for NiMH batteries.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • RESTRAINTS: High cost of NiMH batteries
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • For some applications, NiMH batteries become more expensive than other types, such as alkaline or NiCd batteries. This is due to the cost of the materials used to make them, such as nickel and hydrogen. Further, NiMH batteries have a high self-discharge rate, which means that they lose power even when they are not in use, and this can be a problem if a user wants to store their batteries for a long time. Moreover, these batteries have a limited service life, which means they will eventually wear out and need replacing. The service life of a NiMH battery can vary depending on how it is used, but it is typically around five years or less. Hence, these factors could act as a restraint to the nickel metal hydride (NiMH) battery market.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • OPPORTUNITIES: Growing adoption of NiMH batteries in HEVs
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • NiMH batteries are used in many hybrid electric vehicles (HEVs) applications owing to their favorable characteristics such as high energy density, safety, and high-power delivery. The rising adoption of hybrid electric vehicles among consumers has helped boost the market for these batteries. The number of automobile companies involved in the development of new and improved electric and hybrid electric vehicles has also increased. All these developments are expected to offer ample growth opportunities for the NiMH market.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • CHALLENGES: Availability of other alternative battery technologies
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The nickel metal hydride (NiMH) battery market faces increasing competition from other technologies, such as lithium-ion batteries, lead acid batteries, and emerging battery technologies. Lithium-ion batteries offer several advantages over NiMH batteries, including a higher energy density, longer lifespan, and faster charging time. This competition is limiting the growth of the NiMH battery market.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Small size segment is expected to hold a substantial market share during the forecast period.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • As the name entails, small NiMH batteries are compact in size and majorly used in small portable devices. Typically, NiMH batteries have the ability that they can be recharged hundreds of times, and that makes them potentially equivalent to hundreds of alkaline batteries in total service over their lifetime. The battery life of NiMH battery is quite reasonable, and it is a cost-effective power source for many frequently used battery-operated devices found in the home and industries. These batteries are mainly used in consumer electronic devices such as digital cameras, wireless speakers, toys, cordless phones, flashlights, remote control devices, and personal care products. In addition, these batteries are also being used in many portable medical devices, such as pulse oximeters and defibrillators. Thus, the multi-applicability of these batteries is expected to drive their market in the near future.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The market for an industrial segment is projected to grow at a steady CAGR during the forecast period.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • NiMH batteries are widely used in oil & gas, mining, and manufacturing industries, mainly in small tools and equipment. These batteries also provide emergency backup power in critical equipment used in various process and manufacturing industries. NiMH batteries are used in several industrial applications, such as robotics, IoT devices, emergency lights, electric tools, memory backup, elevator landing devices, scanners, electricity meters, wireless communication devices, smart security equipment, and professional tools. The growing industrial sector in developing countries such as India and China is expected to drive the growth of the NiMH battery market during the forecast period.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The market in Asia Pacific is projected to grow at the highest CAGR from 2023 to 2028.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The Asia Pacific region mainly consists of countries such as China, Japan, India, and the rest of the Asia Pacific. The region is a major manufacturing hub of batteries as well as consumer electronics. The key players in the NiMH battery market establish their manufacturing plants here due to the region's easy availability of raw materials. China is a global manufacturing hub for batteries, consumer electronics, automotive, and electronic components. Growing industrial manufacturing activities and the increasing demand for consumer electronics are creating an opportunity for the players in the NiMH battery market. Moreover, the country also has a strong medical device and pharmaceutical manufacturing industry, which creates a significant potential market for NiMH batteries. Nickel metal hydride batteries are widely used in medical equipment as they provide better energy density than other batteries, such as alkaline and nickel-cadmium (NiCd).
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Recent Developments
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In March 2022, FDK Corporation launched the new NiMH battery HR-AAUTEWM for a variety of applications such as security, medical and in-vehicle applications, which includes tracking devices, e-call, dashboard cameras, car alarms, and other in-vehicle applications.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In June 2021, FDK Corporation launched the new NiMH battery HR-AAUTEW for applications such as tracking devices, e-call, dashboard cameras, car alarms, and other in-vehicle applications.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In January 2020, VARTA AG completed the acquisition of Europe-based VARTA consumer batteries business from US-based Energizer Holdings, Inc. to strengthen its position in global battery industry.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET SEGMENTS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Component
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Electrode
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cathode
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Anode
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Electrolyte
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Battery Type
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • A
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • AA
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • AAA
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • C
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • D
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 9V
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Others
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Size
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Small
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Large
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Sales Channel
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Sales Channel
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • OEM
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Aftermarket
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Vertical
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Automotive
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Consumer Electronics
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Healthcare
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Industrial
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Residential
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Commercial
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Region
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • North America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • US
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Canada
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Mexico
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Europe
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Germany
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • UK
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • France
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rest of Europe
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Asia Pacific
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • China
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Japan
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • India
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rest of Asia Pacific
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rest of the World
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Middle East & Africa
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • South America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET PLAYERS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Energizer Holdings, Inc.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Panasonic Holdings Corporation
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Duracell
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • VARTA AG
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • FDK Corporation
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • BYD Company Limited
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Primearth EV Energy Co., Ltd.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • GP Batteries International Limited
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments

Methodology

For the Nickel Metal Hydride (NiMH) Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Nickel Metal Hydride (NiMH) Battery Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Nickel Metal Hydride (NiMH) Battery Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Nickel Metal Hydride (NiMH) Battery Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

The global market for Nickel Metal Hydride (NiMH) Battery was estimated to be valued at US$ XX Mn in 2021.

The global Nickel Metal Hydride (NiMH) Battery Market is estimated to grow at a CAGR of XX% by 2028.

The global Nickel Metal Hydride (NiMH) Battery Market is segmented on the basis of Component, Battery Type, Size, Sales Channel, Sales Channel, Vertical, Region, D Company Limited.

Based on region, the global Nickel Metal Hydride (NiMH) Battery Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the global Nickel Metal Hydride (NiMH) Battery Market are metal hydride (NiMH) battery market size is expected to grow from USD 2.4 billion in 2023 to USD 2.7 billion by 2028, at a CAGR of 3.1% from 2023 to 2028. The market for NiMH batteries in the automotive industry is fueled by the constant growth of the automotive industry and the rising adoption of hybrid electric vehicles. As urbanization and income levels across the world are increasing, it is leading to increased demand for vehicles. Further, governments around the world are implementing policies to promote the use of hybrid and electric vehicles, which is expected to boost the growth of the NiMH battery market. , DRIVERS: Growing adoption in critical industries for emergency power backup applications , NiMH batteries can be used for emergency power backup for various industrial, commercial, and residential applications. They offer advantages such as long life and high energy density over other types of batteries, such as alkaline and NiCd batteries, making them ideal for many applications. NiMH batteries are used in critical power, utility, and telecom industries. For instance, NiMH batteries are being used in various utility equipment, such as smart meters. These devices require a reliable power source that can be charged quickly and easily, and NiMH batteries are well-suited for such applications. Hence, these factors will help to drive the market for NiMH batteries. , RESTRAINTS: High cost of NiMH batteries , For some applications, NiMH batteries become more expensive than other types, such as alkaline or NiCd batteries. This is due to the cost of the materials used to make them, such as nickel and hydrogen. Further, NiMH batteries have a high self-discharge rate, which means that they lose power even when they are not in use, and this can be a problem if a user wants to store their batteries for a long time. Moreover, these batteries have a limited service life, which means they will eventually wear out and need replacing. The service life of a NiMH battery can vary depending on how it is used, but it is typically around five years or less. Hence, these factors could act as a restraint to the nickel metal hydride (NiMH) battery market. , OPPORTUNITIES: Growing adoption of NiMH batteries in HEVs , NiMH batteries are used in many hybrid electric vehicles (HEVs) applications owing to their favorable characteristics such as high energy density, safety, and high-power delivery. The rising adoption of hybrid electric vehicles among consumers has helped boost the market for these batteries. The number of automobile companies involved in the development of new and improved electric and hybrid electric vehicles has also increased. All these developments are expected to offer ample growth opportunities for the NiMH market. , CHALLENGES: Availability of other alternative battery technologies , The nickel metal hydride (NiMH) battery market faces increasing competition from other technologies, such as lithium-ion batteries, lead acid batteries, and emerging battery technologies. Lithium-ion batteries offer several advantages over NiMH batteries, including a higher energy density, longer lifespan, and faster charging time. This competition is limiting the growth of the NiMH battery market. , Small size segment is expected to hold a substantial market share during the forecast period. , As the name entails, small NiMH batteries are compact in size and majorly used in small portable devices. Typically, NiMH batteries have the ability that they can be recharged hundreds of times, and that makes them potentially equivalent to hundreds of alkaline batteries in total service over their lifetime. The battery life of NiMH battery is quite reasonable, and it is a cost-effective power source for many frequently used battery-operated devices found in the home and industries. These batteries are mainly used in consumer electronic devices such as digital cameras, wireless speakers, toys, cordless phones, flashlights, remote control devices, and personal care products. In addition, these batteries are also being used in many portable medical devices, such as pulse oximeters and defibrillators. Thus, the multi-applicability of these batteries is expected to drive their market in the near future. , The market for an industrial segment is projected to grow at a steady CAGR during the forecast period. , NiMH batteries are widely used in oil & gas, mining, and manufacturing industries, mainly in small tools and equipment. These batteries also provide emergency backup power in critical equipment used in various process and manufacturing industries. NiMH batteries are used in several industrial applications, such as robotics, IoT devices, emergency lights, electric tools, memory backup, elevator landing devices, scanners, electricity meters, wireless communication devices, smart security equipment, and professional tools. The growing industrial sector in developing countries such as India and China is expected to drive the growth of the NiMH battery market during the forecast period. , The market in Asia Pacific is projected to grow at the highest CAGR from 2023 to 2028. , The Asia Pacific region mainly consists of countries such as China, Japan, India, and the rest of the Asia Pacific. The region is a major manufacturing hub of batteries as well as consumer electronics. The key players in the NiMH battery market establish their manufacturing plants here due to the region's easy availability of raw materials. China is a global manufacturing hub for batteries, consumer electronics, automotive, and electronic components. Growing industrial manufacturing activities and the increasing demand for consumer electronics are creating an opportunity for the players in the NiMH battery market. Moreover, the country also has a strong medical device and pharmaceutical manufacturing industry, which creates a significant potential market for NiMH batteries. Nickel metal hydride batteries are widely used in medical equipment as they provide better energy density than other batteries, such as alkaline and nickel-cadmium (NiCd). , Recent Developments , In March 2022, FDK Corporation launched the new NiMH battery HR-AAUTEWM for a variety of applications such as security, medical and in-vehicle applications, which includes tracking devices, e-call, dashboard cameras, car alarms, and other in-vehicle applications. , In June 2021, FDK Corporation launched the new NiMH battery HR-AAUTEW for applications such as tracking devices, e-call, dashboard cameras, car alarms, and other in-vehicle applications. , In January 2020, VARTA AG completed the acquisition of Europe-based VARTA consumer batteries business from US-based Energizer Holdings, Inc. to strengthen its position in global battery industry. , KEY MARKET SEGMENTS , By Component , Electrode , Cathode , Anode , Electrolyte , By Battery Type , A , AA , AAA , C , D , 9V , Others , By Size , Small , Large , By Sales Channel , By Sales Channel , OEM , Aftermarket , By Vertical , Automotive , Consumer Electronics , Healthcare , Industrial , Residential , Commercial , By Region , North America , US , Canada , Mexico , Europe , Germany , UK , France , Rest of Europe , Asia Pacific , China , Japan , India , Rest of Asia Pacific , Rest of the World , Middle East & Africa , South America , KEY MARKET PLAYERS , Energizer Holdings, Inc. , Panasonic Holdings Corporation , Duracell , VARTA AG , FDK Corporation , BYD Company Limited , Primearth EV Energy Co., Ltd. , GP Batteries International Limited.

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