The global nickel metal hydride (NiMH) battery market size is expected to grow from USD 2.4 billion in 2023 to USD 2.7 billion by 2028, at a CAGR of 3.1% from 2023 to 2028. Consumer electronics devices such as digital cameras, handheld GPS devices, wireless gaming systems, toys, wireless speakers, electric shavers, baby monitors, cordless phones, remote control devices, torches, and Bluetooth headphones are some of the key application areas of NiMH batteries. Rising demand for such electronics is driving the growth of the NiMH battery market.

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By battery type, the AA type batteries segment held a significant share of the NiMH battery market in 2022. AA batteries or double A batteries are the most commonly used in low-drain portable electronic devices such as remote control toys, wireless game controllers, cordless phones, trimmers, digital cameras, flashlights, and small medical devices. The capacity ranges of these batteries are 600 to 2500 mAh and above. These batteries have high demand in consumer, healthcare, and industrial applications, which will drive the demand for these batteries.

By size, the large batteries segment is expected to grow at an impressive CAGR during the forecast period. These batteries are typically made up of a series of cylindrical cells that are arranged in a pack. For instance, large-scale NiMH batteries are mainly used in automotive applications, and as the hybrid electric vehicle (HEV) industry is growing, it will help drive the demand for NiMH batteries in the market. In addition, these batteries are also used in industrial, residential, and commercial applications such as data centers and the telecommunications industry to provide backup power in case of a power outage. Some of the companies which are offering large-scale NiMH batteries include BYD Company Limited (China), VARTA AG (Germany), GP Batteries International Limited (China), and Shenzhen Highpower Technology Co., Ltd. (China).

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Europe is projected to grow at a significant CAGR during the forecast period. Europe is further segmented into the major European countries, which include Germany, France, the UK, and the Rest of Europe. The region constitutes various industrialized and developed economies that use nickel metal hydride batteries in the manufacturing, automotive, and healthcare sectors. The region is also supporting the adoption of HEVs and PHEVs. Hence, the automotive industry is also one of the major contributors to the region's NiMH market growth. The UK is one of the major contributors to the NiMH battery market in Europe. The UK is active in initiatives to promote the growth of electric and hybrid electric vehicles, which will support the growth of the NiMH battery market.