How much is the nickel metal hydride market worth, and how is it expected to expand?
The nickel metal hydride market size has grown strongly in recent years. It will grow from $3.44 billion in 2024 to $3.63 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to consumer electronics, hybrid electric vehicles (hevs), rechargeable battery market, low cost and wide availability, environmental concerns.
The nickel metal hydride market size is expected to see strong growth in the next few years. It will grow to $4.44 billion in 2029 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to electric bicycles (e-bikes), emerging markets, grid energy storage, portable power tools, transition period. Major trends in the forecast period include improvements in energy density, recycling and sustainability, advanced battery management, specialized applications, hydrogen storage.
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Which industry factors have accelerated the nickel metal hydride market’s expansion?
Nickel metal hydride batteries are increasingly being used in hybrid vehicles. The wide temperature range between -30 °C to + 75 °C and rapid charging capacity made these batteries ideal for the automotive sector. NiMH batteries can handle the high-power levels which are essential for electric vehicles. According to Bloomberg New Energy Finance (BNEF) report, electric vehicle sales are expected to reach 540 million by 2040, which is around 32% of the world’s passenger vehicles. The increasing demand for electric vehicles will positively impact the NiMH battery market.
What are the primary segments of the nickel metal hydride market?
The nickel metal hydride market covered in this report is segmented –
1) By Type: Small-Sized Ni-MH Battery for Consumer Electronics, Large-Sized Ni-MH Battery for HEV
2) By Application: Automotive, Cordless Phone, Dust Collector, Personal Care, Lighting Tools, Electric Tool
3) By Sales Channel: OEM, After market
Subsegments:
1) By Small-Sized Ni-MH Battery For Consumer Electronics: Mobile Phones, Laptops, Digital Cameras, Other Consumer Electronics
2) By Large-Sized Ni-MH Battery For HEV (Hybrid Electric Vehicles): Automotive, Other HEV Applications
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Which firms are leading the nickel metal hydride market?
Major companies operating in the nickel metal hydride market include Duracell, Energizer Holdings Inc., Panasonic Corporation, Primearth EV Energy Co. Ltd., Spectrum Brands Holdings Inc., GP Batteries International Limited, Aeg Powertools, Cell-Con, Harding Energy Inc., Johnson Controls International plc, Badische Anilin und Soda Fabrik (BASF), Power-Sonic Corporation, Supreme Batteries Pvt. Ltd., Rayovac, Shenzhen Nova Technology Co. Ltd., Taurac, Uniross Batteries Corporation, Tianjin Peace Bay Company, The Shenyang Sanpu Company, VARTA AG, Fujitsu Component Limited, Build Your Dreams Company Limited, Saft Group SAS, NEXcell Battery Co Ltd, Dantona Industries Inc., Tenergy Corporation, EnerSys, Ultralife Corporation, EVE Energy Co. Ltd., Hunan Soundon New Energy Co. Ltd., Highpower International Inc., GS Yuasa Corporation, Toshiba Corporation, Hitachi Maxell Ltd., Sanyo Electric Co. Ltd., Mitsubishi Electric Corporation, Nippon Electric Co. Ltd., Samsung SDI Co. Ltd., Lucky Goldstar Chem Ltd., Beijing Easpring Material Technology Co. Ltd., Hunan Corun New Energy Co. Ltd.
Which market trends are set to define the future of the nickel metal hydride market?
Recent developments in NiMH battery manufacturing have improved the lifespan of nickel-metal hydride batteries. The electro-positivity of the A-elements makes them easy to corrode in the alkaline electrolyte used in NiMH batteries. A thin protective layer is used on alloy particles to improve the reaction kinetics and corrosion stability of conventional NiMH batteries. For instance, Researchers at Stockholm University, a Swedish public university, have developed metal hydride surface structures for NiMH batteries to extend cycle life.
Which geographic trends are shaping the nickel metal hydride market, and which region has the highest market share?
Asia-Pacific was the largest region in the nickel metal hydride batteries market in 2023. North America is the second-largest region in the nickel metal hydride batteries market. The regions covered in the nickel metal hydride market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does The Nickel Metal Hydride Market Report 2025 Offer?
The nickel metal hydride market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A nickel metal hydride refers to an energy storage battery or rechargeable battery. These batteries are composed of electrochemical charge/discharge reactions that occur between a positive electrode and a negative electrode. They are known for their high energy density, longer lifespan, and lower environmental impact. They can store more energy per unit volume.
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