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Aircraft Battery Market size was over USD 737.84 million in 2023 and is poised to cross USD 1.71 billion by the end of 2036, growing at more than 6.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of aircraft battery is estimated at USD 777.39 million.
Moreover, in the year 2020, the aircraft battery market attained a revenue of USD 539.2 Million. The growth of the market can be attributed to growing demand for aircrafts, backed by the rising urbanization, and for the transitional shift towards electric aircrafts worldwide. According to the statistics by the World Bank, urban population as a share of global population increased from 43.029% in the year 1990 to 56.15% in the year 2020. On the other hand, according to the statistics by the General Aviation Manufacturers Association, the total number of aviation airplane shipments globally increased from 1132 units in the year 1994 to 2399 units in the year 2020. Batteries are a vital part of any modern aircraft as it is used in various applications, such as cranking of engine, starting standby power unit, canopy opening, and others. Over the last decade, the growth in passenger air travel has witnessed a massive growth, and is driving the need for advanced aircrafts. The surge in the adoption of aircrafts is therefore projected to drive the demand for aircraft batteries, and in turn drive the market growth. Moreover, growing adoption of commercial and recreational drones worldwide, along with the increasing effectiveness of aircraft batteries are also expected to create numerous opportunities for aircraft battery market growth.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
6.7% |
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Base Year Market Size (2023) |
USD 737.84 million |
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Forecast Year Market Size (2036) |
USD 1.71 billion |
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Regional Scope |
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The aircraft battery market is segmented by battery type into nickel-based battery, lead acid battery, and lithium-ion battery. Out of these segments, the lead acid battery segment is anticipated to garner the largest revenue of USD 597.6 Million by the end of 2030, up from USD 289.9 Million in the year 2020. On the basis of application, the market is segmented into propulsion, auxiliary power unit (APU), emergency, and others. Amongst these segments, the auxiliary power unit (APU) segment garnered the largest revenue of USD 385.0 Million in the year 2020 and is further expected to touch a revenue of USD 786.0 Million by the end of 2030. By aircraft type, the market is segmented into civil aviation, military aviation, and others, out of which, the civil aviation segment is projected to garner the largest revenue of USD 887.4 Million by the end of 2030. Further, the market is segmented by supplier into original equipment manufacturer and aftermarket, out of which, the aftermarket segment is projected to grow with the highest CAGR of 7.70% during the forecast period. On the basis of aircraft technology, the market is segmented into traditional aircraft, and others. Amongst these, the traditional aircraft segment is projected to grow with a CAGR of 7.24% during the forecast period. Based on power density, the aircraft battery market is segmented into less than 100 Wh/Kg, and more than 100 Wh/Kg, out of which, the more than 100 Wh/Kg segment is projected to grow with the highest CAGR of 8.53% during the forecast period.
Our in-depth analysis of the global aircraft battery market includes the following segments:
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Battery Type |
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Application |
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Aircraft Type |
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Supplier |
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Aircraft Technology |
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Regionally, the aircraft battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific industry is likely to hold 37% revenue share by 2036, attributed to growing demand for air transport, which in turn is driving the need for aircrafts, and in turn the demand for aircraft batteries. In the other statistics by the World Bank, the number of passengers carried through air transport increased from 732006924 numbers in the year 2009 to 1.02 Billion in the year 2019. On the other hand, the market in the Asia Pacific is anticipated to grow with the highest CAGR of 8.35% during the forecast period, and further touch a revenue of USD 260.4 Million by the end of 2030. The market in the region is further segmented by country into India, China, Japan, South Korea, Australia, and the Rest of Asia Pacific. Out of the market in these countries, the market in China is projected to garner the largest revenue of USD 119.9 Million by the end of 2030, up from USD 51.9 Million in the year 2020. Alternatively, the aircraft battery market in India is anticipated to grow with the highest CAGR of 9.87% during the forecast period.
June 24, 2021: Meggit PLC has announced a collaboration with Ansys, Inc. to create next-generation aircraft technologies for meeting stringent greenhouse gas reduction guidelines and for satisfying strict flight certification requirements.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
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