United Kingdom Nickel Metal Hydride Battery Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 95.18 Million |
| Market Size (2029) | USD 143.85 Million |
| CAGR (2024 - 2029) | 8.61 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
United Kingdom Nickel Metal Hydride Battery Market Analysis
The United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry is expected to grow from USD 95.18 million in 2024 to USD 143.85 million by 2029, at a CAGR of 8.61% during the forecast period (2024-2029).
- Over the medium term, the surge in electric vehicles and supportive government policies and incentives are expected to drive the market during the forecast period.
- On the other hand, competition from alternative technologies like lithium-ion batteries is expected to hinder the market during the forecast period.
- Nevertheless, the resurgence of Hybrid Electric Vehicles (HEVs) is boosting the demand for NiMH batteries due to their durability and cost-effectiveness. NiMH batteries are a preferred choice in HEVs, providing a reliable and economical solution. This trend is expected to continue driving market growth.
United Kingdom Nickel Metal Hydride Battery Market Trends
Hybrid Electric Vehicles are Expected to Witness Significant Growth
- Hybrid electric vehicles (HEVs) are powered by an internal combustion engine and an electric motor. The electric motor is operated by energy stored in a battery, which is charged through regenerative braking and the internal combustion engine.
- NiMH batteries have been favored for numerous electric vehicle applications due to their commendable energy density, durability, and versatility across temperature ranges. Their prominence endures in hybrid vehicles and selected battery electric vehicles (BEVs).
- For instance, the significant growth in electric car sales in Europe, from 2.7 million units in 2022 to 3.2 million in 2023, reflects an 18.5 percent increase in adoption. This rising popularity of electric vehicles is closely tied to advancements in battery technology, including nickel-metal hydride (NiMH) batteries, which are predominantly used in hybrid electric vehicles (HEVs).
- In the United Kingdom, the uptake of hybrid electric vehicles (HEVs) saw a slight decline in October 2024, with registrations falling by 1.6 percent compared to the previous year. Despite this drop, HEVs remain a significant part of the market as consumers seek more environmentally friendly alternatives to traditional petrol and diesel vehicles.
- Furthermore, HEV registrations grew by 11.1 percent from 201,879 in 2023 to 224,339 in 2024, indicating rising consumer interest in hybrid technology. With a market share increase from 12.6 percent to 13.5 percent, these growth trends suggest a positive outlook for HEVs in the forecast period.
- Given the dynamics, the hybrid electric vehicle (HEV) segment is expected to show significant growth in the United Kingdom market.
Impact of Lithium-Ion Battery Advancements on the Market
- In the United Kingdom (UK), the market for nickel metal hydride (NiMH) batteries in electric vehicles (EVs) grapples with mounting challenges, primarily from the surging competition posed by lithium-ion batteries, renowned for their superior performance and efficiency.
- Traditionally, NiMH batteries found favor in hybrid electric vehicles (HEVs) owing to their durability and cost-effectiveness. Yet, NiMH's market share has seen a downward trajectory as lithium-ion technology has progressed.
- For instance, data from the UK government reveals a notable surge in the nation's electric vehicle fleet, escalating from 628,984 units in 2022 to 930,649 units in 2023. This roughly 48 percent uptick underscores the burgeoning adoption of EVs, with a clear preference for lithium-ion batteries over their NiMH counterparts.
- The UK government's 2035 ban on new hybrid vehicle sales is poised to cast a long shadow over the NiMH battery market. This policy pivot is set to hasten the shift towards fully electric and plug-in vehicles, which predominantly lean on lithium-ion technology.
- The future of the NiMH battery market in the UK looks challenging. Due to their superior performance, lithium-ion batteries are expected to dominate. Continued support for lithium-ion technology through government policies and industry investments will likely further hinder the growth of NiMH batteries.
- Due to the above points, the transition from lithium-ion batteries is expected to significantly hinder the nickel metal hydride battery (NiMH) market in the United Kingdom.
United Kingdom Nickel Metal Hydride Battery Industry Overview
The United Kingdom nickel metal hydride battery market for electric vehicles is moderate. Some of the key players in the market (in no particular order) include Panasonic Holdings Corporation, Samsung SDI Co. Ltd., BYD Ord Shs A, FDK Corp, and Toyota Motor Corp.
United Kingdom Nickel Metal Hydride Battery Market Leaders
-
Panasonic Holdings Corporation
-
Samsung SDI Co. Ltd.
-
BYD Ord Shs A
-
FDK Corp
-
Toyota Motor Corp.
*Disclaimer: Major Players sorted in no particular order
United Kingdom Nickel Metal Hydride Battery Market News
- September 2024: The Advanced Propulsion Centre UK (APC) unveiled seven new Feasibility Studies aimed at bolstering the UK's EV supply chain capabilities, backed by a total investment of EUR 4.6 million (approximately USD 4.9 million). This investment strategy is poised to bolster the LiMH battery industry within the nation.
- September 2023: Toyota has unveiled plans for a new battery electric vehicle factory in the United Kingdom, set to commence production of its latest models in 2026. The facility is expected to manufacture both nickel metal-hydride (NiMH) and lithium iron phosphate (LiFePo) batteries.
United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Rising in demand for Electric Vehicles (EVs)
4.5.1.2 Government Incentives and Regulations
4.5.2 Restraints
4.5.2.1 Competition from Alternative Technologies
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 Propulsion Type
5.1.1 Battery Electric Vehicles
5.1.2 Hybrid Electric Vehicles
5.1.3 Plug-in Hybrid Electric Vehicles
5.1.4 Fuel Cell Electric Vehicles
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Panasonic Holdings Corporation
6.3.2 Samsung SDI Co. Ltd.
6.3.3 BYD Company
6.3.4 Toyota Motor Corp
6.3.5 FDK Corporation
6.3.6 Gotion High Tech Co Ltd,
6.3.7 Contemporary Amperex Technology Co Ltd.
6.3.8 Energiner Holding, Inc.
- *List Not Exhaustive
6.4 List of Other Prominent Companies
6.5 Market Ranking Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The Resurgence of Hybrid Electric Vehicles (HEVs) Boosts Demand for NiMH Batteries
United Kingdom Nickel Metal Hydride Battery Industry Segmentation
A nickel metal hydride (NiMH) battery is a rechargeable battery. It uses nickel oxide hydroxide as the positive electrode and a hydrogen-absorbing alloy as the negative electrode. Nickel metal hydride batteries are known for their higher energy density compared to nickel-cadmium (NiCd) batteries, making them suitable for various applications such as electric vehicles(EVs), hybrid electric vehicles (HEVs), consumer electronics, and power tools.
The United Kingdom nickel metal hydride battery market for electric vehicle applications is segmented by propulsion type (hybrid electric vehicles, battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles) and vehicle type (Passenger Cars and commercial vehicles). The report offers market sizes and forecasts in terms of revenue (USD) for all the above segments.
| Propulsion Type | |
| Battery Electric Vehicles | |
| Hybrid Electric Vehicles | |
| Plug-in Hybrid Electric Vehicles | |
| Fuel Cell Electric Vehicles |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Market Research Faqs
How big is the United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry?
The United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry size is expected to reach USD 95.18 million in 2024 and grow at a CAGR of 8.61% to reach USD 143.85 million by 2029.
What is the current United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry size?
In 2024, the United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry size is expected to reach USD 95.18 million.
Who are the key players in United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry?
Panasonic Holdings Corporation, Samsung SDI Co. Ltd., BYD Ord Shs A, FDK Corp and Toyota Motor Corp. are the major companies operating in the United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry.
What years does this United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry cover, and what was the market size in 2023?
In 2023, the United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry size was estimated at USD 86.99 million. The report covers the United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
United Kingdom Nickel Metal Hydride Battery Market For Electric Vehicle Application Industry Report
Statistics for the 2024 United Kingdom Nickel Metal Hydride Battery For Electric Vehicle Application market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United Kingdom Nickel Metal Hydride Battery For Electric Vehicle Application analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
