Nickel Metal Hydride Battery market Growth Accelerated by Rising Demand for Reliable and Safe Rechargeable Batteries

Nickel Metal Hydride Battery Market


Nickel metal hydride (NiMH) batteries are rechargeable batteries commonly used in consumer electronics like toys and cordless power tools. They have advantages like relatively high energy densities, moderate self-discharge rate, and lack of memory effect when compared to other battery technologies.

The global Nickel Metal Hydride Battery market is estimated to be valued at US$ 3.38 Mn 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 key trends:
Rising demand for reliable and safe rechargeable batteries from the consumer electronics industry has been a major factor driving the Nickel Metal Hydride Battery Market Growth. NiMH batteries have emerged as an environment-friendly and cost-effective alternative to nickel-cadmium batteries. Their longer lifespan and high energy capacity make them suitable for powering various portable consumer electronic devices. Growing sales of electronic gadgets such as cameras, toys and power tools across the globe has accelerated the demand for NiMH batteries during the forecast period.

Segment Analysis
The global Nickel Metal Hydride Battery market is dominated by the consumer electronics sub-segment. This is because Ni-MH batteries are widely used in consumer electronics like cameras, cordless phones, laptops, and power tools due to their high energy density, low self-discharge rate, and no memory effect when compared to other battery technologies. They are reasonably priced and their cylindrical shape suits consumer applications effectively.

Key Takeaways
The global Nickel Metal Hydride Battery market is expected to witness high growth over the forecast period owing to factors like growing demand for portable electronics and electric vehicles. The global Nickel Metal Hydride Battery market is estimated to be valued at US$ 3.38 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

Regional analysis: Asia Pacific dominates the global Nickel Metal Hydride Battery market currently due to the presence of various battery and consumer electronics manufacturers in countries like China, Taiwan, Japan and South Korea. The region is expected to continue its dominance owing to growing disposable income, increasing electronic products demand and supportive government policies for electric vehicles adoption.

Key players: Key players operating in the Nickel Metal Hydride Battery market are Stempeutics Research Pvt. Ltd., Medipost Co. Ltd., Nipro Corporation, Organogenesis Inc., Novartis AG, Vericel Corporation, Allogene Therapeutics Inc., Gilead Sciences Inc. (Kite Pharma Inc.), and Takeda Pharmaceutical Company Limited (TiGenix), among others.

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