Nickel Metal Hydride (NiMH) Battery Market by Battery Type (A, AA, AAA, C, D, 9V), Size, Sales Channel (OEM, Aftermarket), Vertical (Automotive, Consumer Electronics, Healthcare, Industrial, Residential) and Region - Global Forecast to 2028
[184 Pages Report] The nickel 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.
Nickel Metal Hydride (NiMH) Battery Market Forecast to 2028
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Market Dynamics
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.
Nimh Battery Market Ecosystem
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.
Nickel Metal Hydride (NiMH) Battery Market by Region
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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).
Key Market Players
Energizer Holdings, Inc. (US), Panasonic Holdings Corporation (Japan), Duracell (US), VARTA AG (Germany), FDK Corporation (Japan), BYD Company Limited (China), Primearth EV Energy Co., Ltd. (Japan), and GP Batteries International Limited (China) are among a few top players in the NiMH battery companies.
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Report Metric |
Details |
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Estimated Value |
USD 2.4 billion |
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Expected Value |
USD 2.7 billion |
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Growth Rate |
CAGR of 3.1% |
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Market Size Available for Years |
2019–2028 |
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Base Year |
2022 |
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Forecast Period |
2023–2028 |
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Units |
Value (USD Billion/Million) |
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Segments Covered |
Battery Type, Size, Component, Sales Channel, and Vertical |
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Geographic Regions Covered |
North America, Asia Pacific, Europe, and RoW |
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Companies Covered |
Major Players: Energizer Holdings, Inc. (US), Panasonic Holdings Corporation (Japan), Duracell (US), VARTA AG (Germany), FDK Corporation (Japan), BYD Company Limited (China), Primearth EV Energy Co., Ltd. (Japan), GP Batteries International Limited (China) and others- (Total 20 players have been covered) |
Nickel Metal Hydride (NiMH) Battery Market Highlights
This research report categorizes the NiMH battery market report by component, battery type, size, sales channel, vertical, and region.
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Segment |
Subsegment |
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By Component |
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By Battery Type |
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By Size |
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By Sales Channel |
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By Vertical |
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By Region |
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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.
Frequently Asked Questions (FAQ):
What is the total CAGR expected to be recorded for the NiMH battery market during 2023-2028?
The global NiMH battery market is expected to record a CAGR of 3.1% from 2023–2028.
What are the driving factors for the NiMH battery market?
Growing adoption in critical industries for emergency power backup applications and rising demand for portable consumer electronics are the key driving factors for the NiMH battery market.
Which application will grow at a fast rate in the future?
The industrial application is expected to grow at a significant CAGR during the forecast period. The ability of NiMH batteries to perform safely in harsh environments is driving the demand in industrial applications.
Which are the significant players operating in the NiMH battery market?
Energizer Holdings, Inc. (US), Panasonic Holdings Corporation (Japan), FDK Corporation (Japan), and VARTA AG (Germany) are among the top players in the NiMH battery market.
Which region will grow at a fast rate in the future?
The NiMH battery market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
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The study involved four major activities in estimating the current size of the NiMH battery market. Exhaustive secondary research has been done to collect information on the market, peer market, and parent market. The next step has been to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the total market size. After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments. Secondary and primary sources have been used to identify and collect information for an extensive technical and commercial study of the NiMH battery market.
Secondary Research
Secondary sources include company websites, magazines, industry news, associations, and databases (Factiva and Bloomberg). These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases. Secondary research helps in identifying the key players, their product offerings, and recent developments. It also assists in identifying the key drivers, restraints, opportunities, and challenges that are influencing market growth.
Primary Research
Primary sources mainly consist of several experts from the core and related industries, along with preferred NiMH battery providers, distributors, alliances, standards, and certification organizations related to various segments of this industry’s value chain.
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts such as Chief Experience Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, product development/innovation teams, and related key executives from NiMH battery providers, such as Energizer Holdings, Inc. (US), Panasonic Holdings Corporation (Japan), FDK Corporation (Japan), and VARTA AG (Germany); research organizations, distributors, industry associations, and key opinion leaders. Following is the breakdown of primary respondents.
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Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the total size of the NiMH battery market. These methods have also been used extensively to estimate the size of various subsegments in the market. The following research methodology has been used to estimate the market size:
- Major players in the industry and markets have been identified through extensive secondary research.
- The industry’s value chain and market size (in terms of value) have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
NiMH Battery Market : Top-Down Approach
In the top-down approach, the overall market size has been used to estimate the size of the individual market (mentioned in market segmentation) through percentage splits from secondary and primary research. For specific market segments, the size of the most appropriate immediate parent market has been used to implement the top-down approach. The bottom-up approach has also been implemented for data obtained from secondary research to validate the market size of various segments.
NiMH Battery Market: Bottom-up Approach
The bottom-up approach has been used to arrive at the overall size of the NiMH battery market from the revenues of the key players and their market shares. Calculations based on revenues of key companies identified in the market led to the estimation of their overall market size.
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Market Definition
The nickel-metal hydride (NiMH) batteries are a type of rechargeable battery that is similar to nickel-cadmium batteries, but they use a hydrogen-absorbing negative electrode instead of a cadmium-based electrode. This makes them less toxic, safer, and more environmentally friendly. NiMH batteries work best at room temperature. However, they can still work in a wider range of temperatures if they are designed carefully. This is because the design of the battery can be optimized to work in different temperature ranges. In addition, these batteries are being used in various applications such as consumer electronics, industrial, automotive, residential, commercial, and healthcare.
Key Stakeholders
- NiMH battery manufacturers
- Government bodies, such as regulatory authorities and policymakers
- Organizations, forums, alliances, and associations
- Market research and consulting firms
- Raw material suppliers and distributors
- Research institutes and organizations
- Battery cell and battery pack manufacturers
- Testing, inspection, and certification providers
- Distributors and resellers
- End-users
Report Objectives
- To define and forecast the NiMH battery market in terms of battery type, size, sales channel, and vertical.
- To describe and forecast the NiMH battery market and its segments for four regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW), along with their respective countries.
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze micro-markets with respect to individual growth trends, prospects, and contributions to the overall market
- To study the complete value chain and allied industry segments of the NiMH battery market.
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with a detailed market competitive landscape.
- To analyze strategic approaches such as agreements, collaborations, and partnerships in the NiMH battery market
- To provide an analysis of the recession impact on the growth of the market and its segments
Available Customizations:
Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Nickel Metal Hydride (NiMH) Battery Market