New York, July 12, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Nickel-Metal Hydride Battery Market” published by Reports Insights, the market was worth USD 3,071.09 Million in 2022 and is anticipated to reach over USD 4,369.72 Million by the year 2030, growing at a CAGR of 4.7%.
Nickel-metal hydride battery is a type of rechargeable battery that operates through a chemical reaction from nickel-oxide hydroxide and hydrogen-absorbing alloy. Nickel-metal hydride batteries are utilized in consumer electronics, automotive, medical, and other industries. The benefits of nickel-metal hydride batteries including high reliability, superior current discharge rate, higher battery capacity, and wide operating temperature are key determinants for increasing its adoption in the aforementioned end users. The market for nickel-metal hydride batteries is highly competitive, with a large number of players offering a wide range of solutions. The market is projected to continue to grow in the coming years, driven by the increasing demand for nickel-metal hydride batteries in the consumer electronics, automotive, and medical industries among others.
Get Sample Report@ https://www.reportsinsights.com/sample/673903
The increasing utilization of nickel-metal hydride batteries in automotive industry is one of the key factors driving the market growth. Nickel-metal hydride battery is used in the automotive industry as backup battery for automobile electric components including e-Call, drive recorders, and telematics control unit. Moreover, nickel-metal hydride batteries are often used as a power source in hybrid electric vehicles. According to the China Association of Automobile Manufacturers, the overall passenger car production in China reached 14.8 million units in January-August 2022, representing an increase of 14.7% as compared to 2021. The rising production of automobiles is driving the adoption of nickel-metal hydride batteries for application in automobile electric components including e-Call, drive recorders, and telematics control unit. Thus, the growing automotive industry is among the prime factor driving the adoption of nickel-metal hydride batteries, in turn proliferating the market growth.
Furthermore, the rising application of nickel-metal hydride batteries in medical sector is a vital factor fostering the growth of the market. Nickel-metal hydride batteries are used in medical devices that require high reliability and safety. The features of nickel-metal hydride batteries including high discharge rate, long life span, wide operating temperature, and lower risk of leakage make it ideal for application in the medical sector. Moreover, factors including the increasing number of surgical or diagnostic procedures, rising investments in the development of advanced medical devices, and growing demand for reliable batteries for powering medical devices are among the key prospects fostering the application of nickel-metal hydride batteries.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 4,369.72 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 4.7% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Panasonic, Primearth EV Energy Co. Ltd, GP Batteries International Limited, HARDING ENERGY INC., Duracell Inc., Energizer Holdings Inc., Cell-Con, Johnson Controls, Taurac, Uniross |
| By Sales Channel | Online and Offline |
| By End User | Consumer Electronics, Automotive, Medical, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
Browse Full Report & TOC @ https://www.reportsinsights.com/industry-forecast/global-nickel-metal-hydride-battery-market-statistical-analysis-673903
Nickel-Metal Hydride Battery Market Growth Drivers:
- Rising utilization of nickel-metal hydride batteries in consumer electronics sector is driving the market growth
- Increasing adoption of nickel-metal hydride batteries in medical sector is spurring the market growth
Restraints
- Availability of substitutes is restraining the market growth
Global Nickel-Metal Hydride Battery Market Segmentation Details:
Based on sales channel, the online segment contributed the largest share to the market growth in 2022. Online sales channel utilizes a mode of distribution in which the manufacturers sell the products directly through the company websites or third-party e-commerce websites that are available on the internet. Moreover, factors including the ease of utilization, competitive pricing, availability of targeted advertising, and reliable shipping and return policies are primary prospects driving the growth of the online sales channel segment.
Based on end user, the consumer electronics segment is anticipated to offer substantial shares to the global nickel-metal hydride battery market growth during the forecast period. Nickel-metal hydride batteries are used in the consumer electronics sector for application in laptops, camcorders, smartphones, digital cameras, cordless phones, and other consumer devices. Moreover, factors including increasing investments in the consumer electronics sector and rising adoption of consumer devices are expected to fuel the market growth during the forecast period.
Get Sample Report@ https://www.reportsinsights.com/sample/673903
Based on region, North America accounted for the largest share contribution to the market growth in 2022. The prevalence of significant nickel-metal hydride batteries providers in North America such as Duracell Inc., Energizer Holdings Inc., Cell-Con, Johnson Controls, and others lead to significant innovations in nickel-metal hydride batteries in the region. In addition, factors including growing automotive and medical industries and rising investments in development of electric vehicles in North America are expected to drive market demand in the region during the forecast period.
Key Market Highlights
- The Global Nickel-Metal Hydride Battery Market size is estimated to exceed USD 4,369.72 million by 2030 and grow at a CAGR of 4.7% during the forecast period (2023-2030).
- Globally, nickel-metal hydride batteries are divided based on the sales channel into online and offline.
- On the basis of end user, the market is classified into consumer electronics, automotive, medical, and others.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in nickel-metal hydride batteries.
Request for Inquiry or Customization Request @ https://www.reportsinsights.com/enquiry/673903
List of Major Global Nickel-Metal Hydride Battery Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
-
- Panasonic
- Primearth EV Energy Co. Ltd
- GP Batteries International Limited
- HARDING ENERGY INC.
- Duracell Inc.
- Energizer Holdings Inc.
- Cell-Con
- Johnson Controls
- Taurac
- Uniross
Global Nickel-Metal Hydride Battery Market Segmentation:
- By Sales Channel
- Online
- Offline
- By End User
- Consumer Electronics
- Automotive
- Medical
- Others
Our Related Research Reports here:-
Lead-Acid Battery Market Size. Share, Growth | Forecast 2023 - 2030
Sulfuric Acid Market Size. Share, Growth | Forecast 2023 - 2030
Battery Management Market Size. Share, Growth | Forecast 2023 - 2030
Copper Coil for Battery Market Size. Share, Growth | Forecast 2023 - 2030
Electric Commercial Vehicles Market Size. Share, Growth | Forecast 2023 - 2030
About Reports Insights Consulting Pvt Ltd
ReportsInsights Consulting Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domains. The industry provides consulting services, syndicated research reports, and customized research reports.
Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by ReportsInsights Consulting Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in the foremost countries around the globe.
Contact:
Email: sales@reportsinsights.com
USA: +1-214-272-0393
Europe: +44-20-8133-9198
Website:- https://www.reportsinsights.com
