Nickel-Metal Hydride Battery Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031

Description

The global nickel-metal hydride (NiMH) battery market is projected to expand at a compound annual growth rate (CAGR) of 3.8%, growing from USD 3.34 billion in 2024 to USD 4.34 billion by the end of 2031. This steady growth underscores the increasing demand for reliable and environmentally sustainable energy storage solutions across industries such as automotive, consumer electronics, and renewable energy systems.

nickel-metal hydride batteries are rechargeable energy storage devices with electrodes composed of a nickel oxide hydroxide and a metal hydride. Compared to traditional nickel-cadmium batteries, nickel-metal hydride batteries offer higher energy density and improved environmental sustainability. Their robust performance and durability make them a preferred choice in portable electronics, hybrid electric vehicles (HEVs), and renewable energy systems.

The rising emphasis on sustainable energy practices and the growing adoption of NiMH batteries in automotive and electronics sectors are key factors driving market expansion. These batteries' recyclable nature and compatibility with eco-conscious initiatives further bolster their adoption.

Market Drivers

1.Shift Towards Sustainable Transportation

Hybrid electric vehicles (HEVs) present a strong market for NiMH batteries due to their superior energy density, durability, and cost-effectiveness.
Global policies encouraging the reduction of vehicle emissions have significantly increased the adoption of HEVs and EVs, further driving demand for NiMH batteries.

2.Growth in Consumer Electronics

The widespread use of wearables, laptops, and smartphones necessitates reliable, long-lasting power sources. NiMH batteries' high energy density and durability cater to this demand.
Growing consumer awareness about eco-friendly products has amplified the use of recyclable NiMH batteries in electronics.

3.Rising Environmental Awareness

The recyclability and reduced ecological footprint of NiMH batteries align with global sustainability initiatives, making them an ideal choice for eco-conscious consumers and industries.

Market Restraints

1.Technological Constraints

nickel-metal hydride batteries exhibit lower energy density compared to advanced lithium-ion technologies, limiting their suitability for high-performance applications such as electric vehicles.
The memory effect, a phenomenon that impacts battery performance over time, remains a challenge for nickel-metal hydride technology.

2.Environmental and Supply Chain Challenges

The use of rare earth metals in nickel-metal hydride battery production poses environmental concerns and supply chain vulnerabilities.
These issues, coupled with competition from lithium-ion technologies, constrain the widespread adoption of nickel-metal hydride batteries.

Business Opportunities

1.Renewable Energy Integration

nickel-metal hydride batteries are poised to play a pivotal role in renewable energy storage systems, offering cost-effective solutions for storing surplus energy from sources such as wind and solar.
Their durability and longevity make them ideal for stationary energy storage applications, contributing to grid stability and energy independence.

2.Emerging Markets for Affordable Electric Vehicles

nickel-metal hydride batteries provide a cost-effective alternative for entry-level electric vehicles in developing economies, facilitating the broader adoption of electric mobility.
By focusing on this segment, manufacturers can accelerate the transition to sustainable transportation in cost-sensitive markets.

Regional Analysis

1.North America

The region leads the nickel-metal hydride battery market, driven by widespread adoption in hybrid vehicles and portable electronics.
Rigorous environmental regulations and advanced energy storage technologies further bolster market growth in North America.

2.East Asia

East Asia is expected to witness explosive growth due to the expansion of consumer electronics and the rising demand for electric vehicles.
Government initiatives promoting electric mobility and the region's strong electronics manufacturing base contribute to market expansion.

3.Europe

The region's focus on sustainability and stringent environmental policies support steady growth in the nickel-metal hydride battery market.

4.Latin America and Middle East & Africa

These regions present emerging opportunities as industries grow and consumer preferences shift towards renewable energy and sustainable products.

Competitive Analysis

Leading companies driving innovation and competition in the global nickel-metal hydride battery market include:

Panasonic Corporation
Duracell (a subsidiary of Procter & Gamble)
Energizer Holdings, Inc.
GP Batteries International Limited
Spectrum Brands Holdings, Inc.
FDK Corporation
Highpower International, Inc.
Huanyu Battery Co., Ltd.
Primearth EV Energy Co., Ltd. (PEVE, a joint venture between Toyota and Panasonic)
Ansmann AG

These companies employ strategies such as mergers, acquisitions, and product innovations to strengthen their market position. For instance, Primearth EV Energy Co., Ltd. focuses on producing high-quality NiMH batteries for automotive applications, reinforcing its competitive edge.

Nickel-Metal Hydride Battery Market Segmentation

The NiMH battery market is segmented as follows:

1.By Capacity:

Small-Sized
Medium-Sized
Large-Sized

2.By Application:

Electrical & Electronics
Automobile
Consumer Goods

3.By Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

1. Executive Summary

1.1. Global Nickel-Metal Hydride Battery Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2024
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Nickel-Metal Hydride Battery Market Outlook, 2019 - 2031

3.1. Global Nickel-Metal Hydride Battery Market Outlook, by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 3.1.1. Key Highlights
  - 3.1.1.1. Small Sized
  - 3.1.1.2. Medium Sized
  - 3.1.1.3. Large Sized
3.2. Global Nickel-Metal Hydride Battery Market Outlook, by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 3.2.1. Key Highlights
  - 3.2.1.1. Electrical & Electronics
  - 3.2.1.2. Automobile
  - 3.2.1.3. Consumer Goods
3.3. Global Nickel-Metal Hydride Battery Market Outlook, by Region, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa

4. North America Nickel-Metal Hydride Battery Market Outlook, 2019 - 2031

4.1. North America Nickel-Metal Hydride Battery Market Outlook, by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Small Sized
  - 4.1.1.2. Medium Sized
  - 4.1.1.3. Large Sized
4.2. North America Nickel-Metal Hydride Battery Market Outlook, by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Electrical & Electronics
  - 4.2.1.2. Automobile
  - 4.2.1.3. Consumer Goods
- 4.2.2. BPS Analysis/Market Attractiveness Analysis
4.3. North America Nickel-Metal Hydride Battery Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S. Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 4.3.1.2. U.S. Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 4.3.1.3. Canada Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 4.3.1.4. Canada Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Nickel-Metal Hydride Battery Market Outlook, 2019 - 2031

5.1. Europe Nickel-Metal Hydride Battery Market Outlook, by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Small Sized
  - 5.1.1.2. Medium Sized
  - 5.1.1.3. Large Sized
5.2. Europe Nickel-Metal Hydride Battery Market Outlook, by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Electrical & Electronics
  - 5.2.1.2. Automobile
  - 5.2.1.3. Consumer Goods
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Nickel-Metal Hydride Battery Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.2. Germany Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.3. U.K. Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.4. U.K. Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.5. France Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.6. France Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.7. Italy Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.8. Italy Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.9. Turkey Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.10. Turkey Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.11. Russia Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.12. Russia Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.13. Rest of Europe Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 5.3.1.14. Rest of Europe Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Nickel-Metal Hydride Battery Market Outlook, 2019 - 2031

6.1. Asia Pacific Nickel-Metal Hydride Battery Market Outlook, by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Small Sized
  - 6.1.1.2. Medium Sized
  - 6.1.1.3. Large Sized
6.2. Asia Pacific Nickel-Metal Hydride Battery Market Outlook, by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Electrical & Electronics
  - 6.2.1.2. Automobile
  - 6.2.1.3. Consumer Goods
- 6.2.2. Others BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Nickel-Metal Hydride Battery Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. China Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.2. China Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.3. Japan Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.4. Japan Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.5. South Korea Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.6. South Korea Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.7. India Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.8. India Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.9. Southeast Asia Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.10. Southeast Asia Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.11. Rest of Asia Pacific Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 6.3.1.12. Rest of Asia Pacific Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Nickel-Metal Hydride Battery Market Outlook, 2019 - 2031

7.1. Latin America Nickel-Metal Hydride Battery Market Outlook, by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Small Sized
  - 7.1.1.2. Medium Sized
  - 7.1.1.3. Large Sized
7.2. Latin America Nickel-Metal Hydride Battery Market Outlook, by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Nickel-Metal Hydride Battery Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 7.3.1.2. Brazil Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 7.3.1.3. Mexico Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 7.3.1.4. Mexico Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 7.3.1.5. Argentina Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 7.3.1.6. Argentina Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 7.3.1.7. Rest of Latin America Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 7.3.1.8. Rest of Latin America Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Nickel-Metal Hydride Battery Market Outlook, 2019 - 2031

8.1. Middle East & Africa Nickel-Metal Hydride Battery Market Outlook, by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Small Sized
  - 8.1.1.2. Medium Sized
  - 8.1.1.3. Large Sized
8.2. Middle East & Africa Nickel-Metal Hydride Battery Market Outlook, by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Electrical & Electronics
  - 8.2.1.2. Automobile
  - 8.2.1.3. Consumer Goods
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Nickel-Metal Hydride Battery Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 8.3.1.2. GCC Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 8.3.1.3. South Africa Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 8.3.1.4. South Africa Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 8.3.1.5. Egypt Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 8.3.1.6. Egypt Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 8.3.1.7. Nigeria Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 8.3.1.8. Nigeria Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 8.3.1.9. Rest of Middle East & Africa Nickel-Metal Hydride Battery Market by Capacity, Value (US$ Bn) and Volume (Units), 2019 - 2031
  - 8.3.1.10. Rest of Middle East & Africa Nickel-Metal Hydride Battery Market by Application, Value (US$ Bn) and Volume (Units), 2019 - 2031
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Manufacturer vs by Application Heatmap
9.2. Company Market Share Analysis, 2023
9.3. Competitive Dashboard
9.4. Company Profiles
- 9.4.1. Panasonic Corporation
  - 9.4.1.1. Company Overview
  - 9.4.1.2. Product Portfolio
  - 9.4.1.3. Financial Overview
  - 9.4.1.4. Business Strategies and Development
- 9.4.2. Duracell
- 9.4.3. Energizer Holdings, Inc.
- 9.4.4. GP Batteries International Limited
- 9.4.5. Spectrum Brands Holdings, Inc.
- 9.4.6. FDK Corporation
- 9.4.7. Highpower International, Inc.
- 9.4.8. Huanyu Battery Co., Ltd.
- 9.4.9. Primearth EV Energy Co., Ltd.
- 9.4.10. Ansmann AG

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations