Nickel Cadmium Battery Market size was valued at USD 1.04 Billion in 2023 and is expected to cross USD 1.62 Billion by the end of 2036, expanding at more than 3.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of nickel cadmium battery is estimated at USD 1.07 Billion. The growth of the market can be attributed to the increasing demand for electric vehicles. Nickel-cadmium (NiCd) batteries are widely used in electric vehicles owing to their high discharge rates, long cycle, and reliability. The usage of EV batteries in India is expected to reach over 15 GWh by 2025 and nearly 60 GWh by 2030. Investments in the cell manufacturing business of India are expected to exceed USD 9 billion by 2030.
In addition to these, factors that are believed to fuel the market growth of nickel-cadmium batteries include the rising sales of portable electronics, such as smartphones, laptops, wearables, tablets, and others. Moreover, nickel-cadmium batteries are frequently used in industrial and commercial applications such as power tools, and emergency lighting.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
3.5% |
|
Base Year Market Size (2023) |
USD 1.04 Billion |
|
Forecast Year Market Size (2036) |
USD 1.62 Billion |
|
Regional Scope |
|
End User (Aerospace & Defense, Consumer Electronics, Healthcare, Automotive, Industrial, Marine)
The automotive segment in the nickel cadmium battery market is estimated to gain the largest revenue share of about 30% in the year 2036. The growth of the segment can be attributed to the rising transition to electric vehicle. Passenger electric vehicles are becoming increasingly popular in the world. Around 13% of new vehicles delivered in 2022 were electric. Global sales nearly doubled to 6.6 million in comparison to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Electric vehicle sales climbed by 4 percentage points in 2021. According to the Net Zero Emissions by 2050 Scenario, there are likely to be over 300 million electric automobiles on the road by 2030, with electric cars accounting for 60% of new car sales.
Block Battery Construction (L-Range, M-Range, L-Range)
The L-range segment is expected to hold 46% share of the global nickel cadmium battery market in the year 2036. The growth of the segment is primarily attributed to the higher reliability on the L-range nickel-cadmium batteries. These batteries are specially designed for the application, where a power supply is required for a longer period. Owing to the supply of low currents, the discharge period of these batteries is long. Hence the reliability of these batteries for longer supply is high. There are various applications of L-range batteries, such as railway signaling, emergency braking g system, emergency lighting, PV systems, fire alarms, DC instrumentation, telecoms, and others. The capacity of L-range nickel-cadmium batteries depend on the manufacturer, and the common range resides between 8 Ah 101,680 Ah.
Our in-depth analysis of the global nickel cadmium battery market includes the following segments:
|
Block Battery Construction |
|
|
Cell Type |
|
|
End User |
|
The market share of nickel cadmium battery in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 35% by the end of 2036. The growth of the market can be attributed majorly to the rising investment in boosting the production of batteries. The Japanese commission suggested USD 24 billion in public and private sector initiatives. The government intends to use this money to expand the supply chain and manufacture of batteries by hiring 30,000 suitable individuals. On the other hand, the rising demand for electric vehicle is expected to drive the market growth in the region. EV sales have increased by more than 2,200 percent in India in the last three years, with over 4,42,901 electric vehicles sold in fiscal year 2023, as opposed to around 19,100 in fiscal year 2020. Moreover, with 100% FDI allowed, new production centers, and an enhanced push to improve charging infrastructure, India's electric car industry is picking up speed.
The North America nickel cadmium battery market is estimated to be the second largest, registering a share of about 26% by the end of 2036. The growth of the market can be attributed majorly to the rising instances of power outages. According to the researchers, outages have increased by 64% in the last decade compared to the preceding decade in the United States. From 2000 to 2021, weather-related events caused 83% of all reported power outages, ranging from drought-fueled wildfires to severe storms like tornadoes and hurricanes, many of which will only exacerbate as the earth's temperature increases. Moreover, several devastating storms in 2021 strained the electricity grids in the United States. Households lost electricity for an average of seven hours and twenty minutes, with severe weather events such as hurricanes, wildfires, and snowstorms accounting for more than five of those hours, or almost seventy-two percent.
Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the rising demand for consumer electronics. Technological breakthroughs, altering customer preferences, and an increased need for cost-effective, simple-to-use, high-performance devices are driving up demand for consumer electronics. Besides this, surging production of batteries is also expected to augment the market growth in the region. By 2030, Europe's battery cell production capacity will have increased to 1.5 TWh. By 2022, Europe is predicted to have a battery cell production capacity of 124 GWh.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?