Nickel Metal Hydride Battery Market Estimated to Witness High Growth Owing to Increasing Demand for Electric Vehicles
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.
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