The 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 battery (NiMH battery) is a type of rechargeable battery commonly used in consumer electronics such as laptops, mobile phones, video cameras, PDAs and hybrid electric vehicles. NiMH batteries have better self-discharge properties, higher energy density and longer cycle life as compared to nickel-cadmium batteries. Major advantages of NiMH batteries include their high energy density, environmental friendliness and no memory effect.

Market Dynamics:
Increased adoption of electric vehicles such as hybrid electric vehicles (HEVs) is expected to drive growth of the global nickel metal hydride battery market over the forecast period. According to IEA, sales of EVs have grown from under 2 million in 2015 to over 6 million in 2020. As NiMH battery technology is used extensively in second-generation HEVs such as Toyota Prius, increasing demand for HEVs will directly augment growth of the market. Furthermore, advancements in portable consumer electronics such as smartphones, power tools, remote controls toys etc. have resulted in high demand for rechargeable batteries. NiMH batteries are widely used as power sources for consumer devices owing to their cost-effectiveness. Thus, growing usage of portable electronic devices during the forecast period will supplement growth of the global nickel metal hydride battery market.

SWOT Analysis
Strength: Nickel Metal Hydride batteries have high energy density, high power density and long shelf life. They provide predictable performance and can withstand repeated charge/discharge cycles. They are cheaper than other rechargeable batteries like Lithium-ion.
Weakness: Nickel Metal Hydride batteries have lower energy density than Lithium-ion batteries. They have memory effect and self-discharge more quickly than other chemistries. Resistances increase with rising temperature which could lead to overheating.
Opportunity: Growing demand for environmental friendly batteries from industries like consumer electronics and electric vehicles offers major growth opportunities. Increasing R&D towards developing lower cost NiMH batteries with better performance also opens up new avenues.
Threats: Growing popularity of Lithium-ion batteries poses a major threat owing to their higher energy densities. Stringent environmental regulations around disposal of nickel batteries also act as a challenge.

Key Takeaways
The global Nickel Metal Hydride Battery Market Size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period of 2023 - 2030, due to increasing penetration of electric vehicles. The global market size was valued at US$ 2.93 Bn in 2023 and is projected to reach US$ 4.32 Bn by 2030.

Regional analysis: Asia Pacific dominated the global nickel metal hydride battery market in 2023 and is expected to maintain its dominance during the forecast period. This can be attributed to presence of leading battery manufacturers in countries like China, Japan and South Korea. Rapid adoption of EVs in China is also driving the regional market. North America and Europe are other major markets owing to stringent emission norms favoring use of alternative fuel vehicles.

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.

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