The Nickel Metal Hydride Battery Market is estimated to be valued at US$ 2.93 Bn or Mn 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 batteries are rechargeable batteries used in a variety of devices from portable electronics to electric vehicles due to their advantages over other battery technologies including high energy density, long shelf life, low maintenance and non-toxicity. Nickel metal hydride batteries provide power back up in situations where power failures are common.
Market key trends:
The growing electric vehicles industry is expected to drive the growth of the nickel metal hydride battery market over the forecast period. Nickel metal hydride batteries are commonly used in hybrid electric vehicles due to their high energy density and cycling abilities. Several automakers are focusing on developing efficient and affordable electric vehicles which is resulting in increased demand for nickel metal hydride batteries. According to some estimates, electric vehicles sales are projected to exhibit a CAGR of over 25% during the forecast period, thereby boosting the consumption of nickel metal hydride batteries.
Porter's Analysis
Threat of new entrants: Low barriers of entry as technology for nickel hydride batteries is well established. However, presence of key global players with strong R&D capabilities makes it difficult for new players to capture significant market share.
Bargaining power of buyers: Moderate as buyers have various options ranging from alkaline, lithium-ion batteries. However, nickel metal hydride batteries continue to remain popular for applications requiring consistent power backup.
Bargaining power of suppliers: Low due to availability of raw materials like nickel, hydride alloys from multiple global suppliers. Switching costs are also relatively low.
Threat of new substitutes: High threat from lithium-ion batteries gaining popularity for applications like power tools, consumer electronics due to higher energy density.
Competitive rivalry: Intense due to presence of global players continuously investing in R&D and product innovations to gain market share.
SWOT Analysis
Strengths: Well established technology. Provide consistent power backup. Environment friendly with no risk of leakage.
Weaknesses: Lower energy density compared to lithium-ion. Higher self-discharge rate requiring constant charging.
Opportunities: Growing demand for power backups in IoT devices, industrial equipment. Increasing sales of electrical vehicles to boost battery demand.
Threats: Rapid adoption of lithium-ion batteries diminishing market. Stringent environmental regulations hampering disposal of nickel batteries.
Key Takeaways
The global Nickel Metal Hydride Battery Market Size is expected to witness high growth at a CAGR of 4.6% over the forecast period due to growing sales of electrical hand tools and outdoor power equipment. Advancements in NiMH battery technology have enhanced energy density at par with alkaline batteries, thereby augmenting their adoption.
The Asia Pacific region currently dominates the global nickel metal hydride battery market, with a share of over 40% in 2023. China is the largest producer as well as consumer of nickel metal hydride batteries due to presence of domestic battery manufacturers as well as raw material suppliers. Adoption of electric vehicles is also contributing to the growth of the battery market in the region.
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. These players are focused on new product launches, partnerships and joint ventures to gain higher market share.
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The very recent Global Nickel- Metal Hydride Battery market research report published by Introspective Market Research is in favor of representing the upcoming trends and valuation of Nickel- Metal Hydride Battery market.
The Market report data has been collected and structured by the team of industry specialists/experts who have studied and predicted the market environment from 2020 to 2027, researchers have used primary and secondary research methodologies to determine the path of the market throughout the forecast years.
The information concentrated by the specialists is upheld by noteworthy and conjecture esteems seeing all the significant perspectives.This Press Release will help you to understand the Volume, growth with COVID19 Impact Analysis.
Click HERE To get SAMPLE PDF (Including TOC, Table & Figures) at: https://introspectivemarketresearch.com/request/10756Key Player Mentioned: Primearth EV Energy, FDK CORPORATION, Hunan Corun New Energy, Union Suppo Battery (Liaoning), BYD, SAFT, GS Yuasa, Varta, Rodac, Highpower International, J & A Electronics, Zeus Battery Products.Product Segment Analysis: By Size: AAA, AA, C, or D, By Usage Patterns: fit for a high-drain device, fit for a device with very low drain, By Capacity: 2000 mAh and othersApplication Segment Analysis: Consumer electronics, Electric vehicles, Remote control, Other.Regional Segment Analysis: North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain etc.
The report gives an away from of different drivers, fragments, government approaches, mechanical developments, openings, challenges, market chances, market hindrances, forthcoming patterns and serious scene.Experts have additionally featured the likely driving variables and different examinations, for example, investigation of deals, income, development rate, Value chain examination, gracefully chain examination, and whatnot.
: https://introspectivemarketresearch.com/discount/10756 Key Benefits of the report: The report on global Nickel- Metal Hydride Battery market offers the reader an extensive analysis of the current and upcoming market trends and dynamics.
The Nickel Metal Hydride Global Market Report 2020-30 by The Business Research Company describes and explains the global nickel metal hydride market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030.
The report evaluates the market across each region and for the major economies within each region.The Nickel Metal Hydride Global Market Report 2021 covers nickel metal hydride market drivers, nickel metal hydride market trends, nickel metal hydride market segments, nickel metal hydride market growth rate, nickel metal hydride market major players, and nickel metal hydride market size.View Complete Report: https://www.thebusinessresearchcompany.com/report/nickel-metal-hydride-batteries-global-market-reportThe nickel metal hydride market report provides an in-depth analysis of the impact of COVID-19 on the global nickel metal hydride industry, along with revised market numbers due to the effects of the coronavirus and the expected nickel metal hydride market growth numbers 2021-2030.Nickel Metal Hydride Global Market Report 2021 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.Request For The Sample Now:https://www.thebusinessresearchcompany.com/sample.aspx?id=2677=smpThe global nickel metal hydrides market is expected to decline from $1.86 in billion 2020 to $1.85 billion in 2021 at a compound annual growth rate (CAGR) of -0.5%.
The decline in the market is mainly due to a halt in the production of nickel metal hydride batteries, supply chain disruptions, and labor shortages caused during the COVID-19 outbreak.
The nickel metal hydride batteries market is expected to reach $1.95 billion in 2025 at a CAGR of 1%.The report covers the nickel metal hydride market segments-1) By Type: Small-Sized Ni-MH Battery for Consumer Electronics, Large-Sized Ni-MH Battery for HEV2) By Application: Automotive, Cordless Phone, Dust Collector, Personal Care, Lighting Tools, Electric Tool3) By Sales Channel: OEM, AftermarketAbout The Business Research Company: The Business Research Company is a market research and intelligence firm that excels in company, market, and consumer research.
Power and electricity have revolutionized human living standards exponentially in the recent past. The contribution of power cannot be compared to any other when it comes down to making a simple comparison. Power has revolutionized our industries, agriculture, space technology, communication, automobile industry, and the list can just go on and on in this regard. Scientists, engineers, and inventors have also worked immensely in the field of power to make it more accessible and especially in recent times, portable.
Batteries are basically nothing but portable packs of power. They function on the chemical reaction between the cells and the electrolyte solution to react an electric current which in turn provides power to our portable battery-operated devices through the electric circuit built in the battery to transmit stored power in form of electric current. In simplest terms, batteries are composed of chemicals which react to give electric current.
There are different compositions used for creating batteries such as Nickel Cadmium (Ni-Cd), Nickel Metal Hydride (Ni-Mh), Lead Acid, Lithium-Ion (Li-ion), Lithium Polymer (Li-Po). These acronyms have become synonyms with the names for batteries commonly used in our homes, offices, transport and communication devices.
Batteries are everywhere around us today. They are in our smartphones, laptops, clocks, cars, security cameras and so on so forth. It is very easy to sometimes forget that they are in operation around us. But, rest assured they are providing the power to the devices, gadgets and equipment’s which dictate our lives today.
In the information below we shall provide information towards the basic security precautions related to LiPo batteries:
Authentic Charger:
There are many third-party chargers available in the market which claim ability recharge any type of batteries. But this should be avoided. You should use a compatible charger to recharge your LiPo batteries especially in the case of RC LiPo batteries.
Errors in Human Handling:
The most safety-related errors occur due to lack of knowledge and poor human handling. Batteries need to be handled with care with precautions. They need to store in an appropriate climate and temperature as prescribed by the manufacturer. They should be dropped, deformed, scratched. During traveling, make sure they are not stored in one place for too long. Be aware regarding charging them properly, not overcharging and not undercharging.
Storage
Storing is often a big question mark when it comes to understanding LiPo batteries especially 2s, 3s, and 4s LiPo battery. If you are someone who owns a lot of battery-related gadgets, buy an appropriate storage box for the batteries. While buying the storage box give preference to features like fireproof. It is also wise to keep a fire extinguisher handy in case of any fire incidents.
Most importantly store the batteries properly. Choose a special location on your premises where there is not too much heat and not too much cold including any temperature fluctuations. Remember! Batteries are constantly churning a chemical reaction. Safety of the battery is eventually your safety.
Discarding old batteries
Discarding or disposing of old batteries is another important safety issue. Recycling them or dropping them at government-sanctioned hazardous waste centers is the best option. It is very unsafe to just let them go in your regular garbage.
