NICKEL METAL HYDRIDE BATTERY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Nickel Metal Hydride Battery Market, By Product Type (Small-Sized Ni-MH Battery, Large-Sized Ni-MH Battery, Other), By Application (HEV, Retail market, Cordless phone, Dust collector, Personal care, Lighting tools, Others), By End user Industry (Automotive Industry, Consumer Electronics, Industrial, Others Sales Channel: OEM, Aftermarket), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Nickel Metal Hydride Battery Market Regional Insights

Asia Pacific is expected to be the largest market for nickel metal hydride battery market during the forecast period, accounting for over 25% of the market share in 2023. The growth of the market in North America is attributed to the high adoption of electric vehicles and hybrid electric vehicles.
The North America market is expected to be the second-largest market for nickel metal hydride battery market, accounting for over 45% of the market share in 2023. The growth of the market in is attributed to increasing production of electric vehicles and consumer electronics in countries like China, Japan and South Korea.
The Europe market is expected to be the fastest-growing market for nickel metal hydride battery market, with a CAGR of over 15% during the forecast period. The growth of the market in Europe is attributed to government initiatives to the increasing adoption of electric vehicles.