LONDON--(BUSINESS WIRE)--Technavio research analysts have forecasted the global nickel-metal hydride(Ni-MH) battery market to decline at a CAGR of approximately 3% during the period 2018-2022, according to their latest report.
One of the prominent trends being witnessed in the market is the improvements to nickel-based materials used in automotive Ni-MH batteries. Ni-MH batteries have been used in hybrid vehicles for decades because of their various advantages in cars, which includes durability and safety over Li-ion batteries. Ni-MH batteries do not use flammable liquids, as Li-ion batteries, and thus they are inherently safer.
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In this report, Technavio analysts highlight the growing demand for Ni-MH batteries in the automotive sector as a key factor contributing to the growth of the global nickel-metal hydride battery market:
Growing demand for Ni-MH batteries in the automotive sector
Ni-MH batteries are increasingly being used in hybrid vehicles such as HEVs and PHEVs. Hybrid vehicles represent a small share of the passenger vehicle market, but the sector is growing rapidly. At present, most of the hybrid vehicles in the market use Ni-MH batteries. Ni-MH batteries are also used in other automotive applications such as emergency call/telematics system
According to a senior analyst at Technavio for energy storage, “The automotive industry is one of the leading users of power tools. The rise in global automotive sales presents an important source of growth for the power tools market. The increase in automotive sales is being driven by several factors such as increasing vehicle demand in developing countries, increased demand for cross-overs and trucks, and increasing demand for hybrid vehicles and EVs.”
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Global nickel-metal hydride battery market segmentation
This market research report segments the global nickel-metal hydride battery market into the following applications (automotive and industrial) and key regions (the Americas, APAC, and EMEA). It offers an analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
By application, the automotive segment held the largest market share in 2017, accounting for more than 70% of the market. The market share for this application is expected to increase by nearly 2% by 2022.
The Americas dominated the global nickel-metal hydride battery market in 2017. It accounted for a market share of over 43%. This region is anticipated to post significant growth during the forecast period.
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