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Nickel Metal Hydride Battery Comprehensive Market: Segmented: By Type (small-sized Ni-MH battery and large-sized Ni-MH battery); By Application (automotive, cordless Phone, dust collector, personal care, lighting tools, electric tool and others) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Nickel Metal Hydride Battery Comprehensive Market grew at USD 1.5 billion in 2019 and is expected to grow at a CAGR of 6.10% in the forecasted period.
Nickel-metal hydride batteries are a type of rechargeable battery used in laptops, computers, cameras, and mobile phones. It is an important source of power in applications, thus it has a huge demand in the electronics sector. They contain two electrodes, positive and negative; the positive one is made of nickel-oxide hydroxide while the negative electrode is made of s hydrogen-absorbing alloy. They are inexpensive, durable, and have a usage in various applications, which boosts their market demand.
Nickel Metal Hydride Battery Comprehensive Market is expected to project a CAGR of 6.10% during the forecast period, 2019-2030
The rising number of research and development activities and advancements in the digitalization of the economy and the shift of focus to consumer electronics have increased the growth in the market. The demand for hybrid electric vehicles all over the world is also driving the market growth.
Digital advancements and demand for hybrid electric vehicles will increase growth
Advancements in the digitalization of the economy and the shift of focus to consumer electronics have increased the growth in the market. The demand for hybrid electric vehicles all over the world is also driving the market growth. Its usage in automotive applications such as telematics, mobile phones, laptops, computers, and camcorders also uplifts the market.
High prices and low energy density will decline the Nickel Metal Hydride Battery Comprehensive, Market
High costs of lead and nickel acid batteries and low energy density than lithium-ion in the Nickel Metal Hydride Battery market are restraints of the market. Meeting the growing electric vehicle demand worldwide is a challenge in the market. Government restrictions due to the harmful wastewater and pollutants released in the environment are also a hindrance to the market. Competition from alternatives like lithium-ion batteries restrains the market growth.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA. North America is to show significant growth in the sector due to the increased demand for electric cars and hybrid vehicles. Countries in Europe are also investing in nickel-metal hydride batteries for electric vehicles increasing the demand for the same. Increased consumption of electrical appliances and usage in infrastructure is also increasing the growth in the region. Developing economies such as India and China in the APAC region is also likely to show significant growth in the forecasted period due to the increased awareness about the usage of hybrid electric cars which is safer for the environment.
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