Aircraft Battery Market Size

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.