CHICAGO, July 27, 2023 /PRNewswire/ --The global nickel metal hydride (NiMH) battery market size is expected to grow from USD 2.4 billion in 2023 to USD 2.7 billion by 2028, at a CAGR of 3.1% from 2023 to 2028 according to a new report by MarketsandMarkets. The NiMH batteries are the most common type of rechargeable batteries which are being used in small and portable consumer and medical devices. NiMH batteries offer the high performance and long battery life that such devices require. Hence, the demand for NiMH batteries is expected to grow in the consumer electronics and healthcare sectors.
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Nickel Metal Hydride (NiMH) Battery Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $2.4 billion |
Estimated Value by 2028 | $2.7 billion |
Growth Rate | Poised to grow at a CAGR of 3.1% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Battery Type, Size, Sales Channel, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Availability of other alternative battery technologies |
Key Market Opportunities | Growing adoption of NiMH batteries in HEVs |
Key Market Drivers | Growing adoption in critical industries for emergency power backup applications |
The market for the AAA battery segment is expected to grow at a significant CAGR during the forecast period.
The AAA or triple A batteries are more compact and smaller than AA batteries. The NiMH rechargeable AAA batteries have a nominal voltage of 1.2 V and a typical capacity range of 170-4500 mAh and above. These batteries can be used as a single cell or multiple cells, depending on their application. They come in two variants; one is developed for low-drain devices, and the other is designed for powering high-drain devices. They are used in small portable electronics such as flashlights, toys, game consoles, digital cameras, medical equipment, etc. There is an increasing trend of compact and small-sized electronics, due to which the demand for AAA batteries is anticipated to grow in the coming years.
The healthcare application is projected to grow at an impressive CAGR from 2023 to 2028.
Healthcare applications of NiMH batteries include small and portable medical devices and medical systems. Nickel metal hydride batteries are being used in medical equipment as they offer low internal resistance, sustainability to shock and vibration, and operational reliability. These batteries are rechargeable and provide reliable power support to medical devices such as pulse oximeters, ECG machines, patient monitors, defibrillators, syringe pumps, and others. NiMH batteries offer good energy density and high cycle life. Due to these features, these batteries are widely adopted in the healthcare sector worldwide.
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North America is expected to hold a significant share of the NiMH battery market during the forecast period.
The North American nickel metal hydride battery industry is further segmented into the US, Canada, and Mexico. In this region, the US captures the largest market share of the NiMH battery market. These batteries are utilized in various verticals ranging from automotive, consumer electronics, healthcare, and industrial. The region is a major manufacturing hub for various types of electric vehicles, which is a potential market for NiMH batteries. In addition, the developing economy of Mexico is strengthening its manufacturing and healthcare infrastructure, which will further drive the NiMH battery market in the region. Moreover, the region has well-established recycling laws for the proper recycling and reuse of the NiMH battery, which drives the battery market in the region.
The major players in the nickel metal hydride battery companies include Energizer Holdings, Inc. (US), Panasonic Holdings Corporation (Japan), Duracell (US), VARTA AG (Germany), FDK Corporation (Japan), BYD Company Limited (China), Primearth EV Energy Co., Ltd. (Japan), and GP Batteries International Limited (China).
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