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Nickel-based Batteries For Electric Vehicles Market Size (2024 - 2029)

The market size for nickel-based batteries in electric vehicles is projected to experience growth driven by technological advancements and changing consumer preferences within the electric vehicle industry. The expansion is supported by government policies promoting electric vehicle sales, despite challenges such as high vehicle costs, raw material supply issues, and inadequate charging infrastructure. The increasing interest from major automakers in the electric vehicle sector and their collaboration with battery companies further contribute to the market's growth trajectory.

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Market Size of Nickel-based Batteries For Electric Vehicles Industry

Nickel-based Batteries For Electric Vehicles Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 2.25 Billion
Market Size (2029) USD 3.28 Billion
CAGR (2024 - 2029) 3.85 %
Fastest Growing Market Europe
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Nickel-based Batteries For Electric Vehicles Market Major Players

*Disclaimer: Major Players sorted in no particular order

Nickel-based Batteries For Electric Vehicles Market Analysis

The Nickel-based Batteries For Electric Vehicles Market size is estimated at USD 2.25 billion in 2024, and is expected to reach USD 3.28 billion by 2029, growing at a CAGR of 3.85% during the forecast period (2024-2029).

Over the long term, rapid technological developments in the electric vehicle industry are expected to drive nickel-based batteries for the electric vehicle market. Improvements in design and manufacturing, changing consumer preferences, growing concern about sustainability and climate change, and governmental regulatory pressures and measures continue to transform the structures and systems that underpin the automotive industry. An example of such transformation is the rapid rise in the demand for electric vehicles.

The cost advantages of electric vehicles over conventional vehicles and other factors are expected to help the electric vehicle battery market expand. Moreover, supportive government policies to promote electric vehicle sales are expected to increase the demand for nickel-based batteries for electric vehicles over the forecast period.

However, the high cost of electric vehicles, the demand-supply gap of vital raw materials such as cobalt, and the lack of charging infrastructure are expected to restrain the market's growth. Leading automakers are working with battery companies to take advantage of the rapidly expanding electric vehicle industry.

As a result of major automakers showing interest in the electric vehicle sector, there is a rising need for electric vehicle batteries. However, many electric vehicle manufacturers are focusing on developing battery packs themselves. These factors are expected to drive the market during the forecast period.

Nickel-based Batteries For Electric Vehicles Industry Segmentation

Nickel-based batteries for electric vehicles are energy storage devices utilizing nickel compounds, such as nickel-metal hydride (NiMH) or nickel-cadmium (NiCd), to facilitate the electrochemical reactions that drive electric vehicles.

The nickel-based batteries for electric vehicles market is segmented by propulsion type, by type, by vehicle type, and by geography. By propulsion type, the market is segmented into battery electric vehicles, hybrid electric vehicles, and fuel cell electric vehicles. By type, the market is segmented into nickel cadmium, nickel metal hydride, and others (nickel-iron, nickel-zinc, etc.). By vehicle type, the market is segmented into passenger cars and commercial vehicles. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The report offers the market size in value (USD) and forecasts for all the above segments.

By Propulsion Type
Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-in Hybrid Electric Vehicles
Fuel Cell Electric Vehicles
By Type
Nickel Cadmium
Nickel Metal Hydride
Others (Nickel Iron, Nickel Zinc, etc.)
By Vehicle Type
Passenger Cars
Commercial Vehicles
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Nickel-based Batteries For Electric Vehicles Market Size Summary

The nickel-based batteries for electric vehicles market is poised for significant growth over the forecast period, driven by rapid technological advancements in the electric vehicle sector. The shift towards electric vehicles is fueled by improvements in battery design and manufacturing, changing consumer preferences, and increasing concerns about sustainability and climate change. Governmental policies and regulations are also playing a crucial role in this transformation, promoting the adoption of electric vehicles and, consequently, the demand for nickel-based batteries. Despite challenges such as the high cost of electric vehicles, a demand-supply gap for essential raw materials like cobalt, and insufficient charging infrastructure, the market is expected to expand. Leading automakers are collaborating with battery manufacturers to capitalize on the burgeoning electric vehicle industry, further propelling market growth.

The global nickel-based batteries market is expected to benefit from the rising demand for sustainable transportation and cleaner energy solutions. Promotional activities and supportive government legislation are addressing consumer concerns such as vehicle range, upfront costs, and limited model availability. The Asia-Pacific region is anticipated to hold a significant share of the market, driven by increasing disposable incomes, GDP growth, and favorable manufacturing conditions. Countries like China and India are actively promoting electric vehicle adoption through financial incentives and policy measures, which is expected to bolster the market. The market is moderately consolidated, with key players like Panasonic Holdings Corporation, GS Yuasa International Ltd, and LG Energy Solution Ltd focusing on expanding their product offerings and collaborations to enhance their market presence.

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Nickel-based Batteries For Electric Vehicles Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Increasing Demand for Electric Vehicles Drive the Market Growth

    2. 1.2 Market Challenges

      1. 1.2.1 Shortages of Raw Materials May Create Short Term Hurdles

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Intensity of Competitive Rivalry

      5. 1.3.5 Threat of Substitute Products

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Propulsion Type

      1. 2.1.1 Battery Electric Vehicles

      2. 2.1.2 Hybrid Electric Vehicles

      3. 2.1.3 Plug-in Hybrid Electric Vehicles

      4. 2.1.4 Fuel Cell Electric Vehicles

    2. 2.2 By Type

      1. 2.2.1 Nickel Cadmium

      2. 2.2.2 Nickel Metal Hydride

      3. 2.2.3 Others (Nickel Iron, Nickel Zinc, etc.)

    3. 2.3 By Vehicle Type

      1. 2.3.1 Passenger Cars

      2. 2.3.2 Commercial Vehicles

Nickel-based Batteries For Electric Vehicles Market Size FAQs

The Nickel-based Batteries For Electric Vehicles Market size is expected to reach USD 2.25 billion in 2024 and grow at a CAGR of 3.85% to reach USD 3.28 billion by 2029.

In 2024, the Nickel-based Batteries For Electric Vehicles Market size is expected to reach USD 2.25 billion.

Nickel-based Batteries For Electric Vehicles Market Report Snapshots

Nickel-based Batteries for Electric Vehicles Market - Growth, Trends, and Forecasts (2024 - 2029)