Aircraft Batteries Global Market Report 2024

The aircraft batteries market size has grown strongly in recent years. It will grow from $0.7 billion in 2023 to $0.76 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed during the historic period can be attributed to several factors, including the upsurge in air travel, rising demand for hybrid and electric propulsion aircraft, increased military expenditure, and the escalating emissions from aviation.

The aircraft batteries market size is expected to see strong growth in the next few years. It will grow to $1.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. Forecasted growth in the upcoming period is likely due to increased passenger air traffic, a heightened demand for new fighter jets in developing nations, and a growing emphasis on emission reduction within the aviation sector. Anticipated trends in this period encompass the utilization of high-voltage batteries, ultra-low maintenance battery solutions, technological advancements and the creation of new products, partnerships and collaborations, and utilization of lithium-ion batteries.

The expansion of air travel globally has been a key driver propelling the growth of the aircraft batteries market. Air travel, encompassing the movement of passengers and cargo through controlled flight, has witnessed significant growth, contributing to the increasing demand for aircraft batteries. Notably, in May 2022, the International Civil Aviation Organization reported a substantial surge in air travelers, with a 65% increase between January and April 2022 compared to the previous year. Additionally, there was a 30% rise in aircraft departures during the same period. This surge in air travel activities globally serves as a catalyst for the aircraft batteries market, reflecting the need for reliable and efficient power sources in the aviation industry.

The aircraft batteries market is expected to experience growth driven by the escalating focus on addressing carbon emissions in the forecast period. Carbon dioxide (CO2) constitutes a significant portion of aircraft emissions, and the electrification of aircraft plays a crucial role in reducing these emissions. Governments and stakeholders worldwide are actively adopting policies and making amendments to combat climate change, with a specific emphasis on reducing greenhouse gases and environmental emissions. For instance, the German government, in May 2021, set ambitious targets to achieve carbon neutrality by 2045, including a 65% reduction in carbon emissions by 2030 and an 88% reduction by 2040. Similarly, the Indian government strengthened its 2030 targets and pledged to achieve net-zero emissions by 2070. The United Nations Climate Change Conference (COP26) is anticipated to further drive the market, generating demand for cleaner and low-emission air transport vehicles. The global commitment to removing 5 billion tons of carbon dioxide from the atmosphere by 2050, as outlined in the World Energy Outlook-2021, and the announcement of new emission reduction targets by over 120 countries are indicative of a concerted effort to achieve net-zero emissions by 2050. Initiatives such as the Acorn Project in Scotland, aimed at substantial CO2 emissions reduction, underscore the achievable goals in line with COP26. The increasing initiatives across industries, including aviation, to curb carbon emissions and pollution are expected to spur demand for electrification systems, driving the aircraft batteries market in the forecast period.

Technological advancements represent a pivotal trend gaining momentum in the aircraft batteries market, with major companies focusing on innovation to strengthen their market positions. Notably, in September 2022, Ampaire, a US-based hybrid-electric aircraft conversion firm, partnered with Electric Power (EP) Systems, a US-based provider of energy storage systems. The collaboration aimed at advancing the propulsion battery packs for the Eco Caravan aircraft, an upgraded nine-passenger Cessna Grand Caravan transformed into the hybrid-electric Eco Caravan. EP Systems provided the EPiC energy storage system for the Eco Caravan, which is also employed in various manned and unmanned aircraft, including Embraer Ipanema, Boeing CAV, NASA X-57, Diamond eDA-40, and Aurora Flight Sciences Pegasus. This collaboration highlights the industry's commitment to leveraging technological advancements to enhance the efficiency and capabilities of aircraft batteries.

Companies in the aircraft batteries market are placing a strategic emphasis on high-voltage batteries as part of their technological advancements. High-power density batteries enable faster energy transfer rates during both charging and discharging processes. In March 2022, Airbus, a Netherlands-based aerospace company, unveiled a high-voltage battery technology developed for an EcoPulse flight test. This technological innovation is crucial for the EcoPulse electrification system, pushing the boundaries of high-voltage battery utilization in airplanes. The development of high-voltage battery technology is a significant advancement that contributes to the broader goal of supporting decarbonization in future aircraft. This focus on high-voltage solutions underscores the industry's commitment to pushing the boundaries of battery technology to meet the evolving demands of aviation and environmental sustainability.

In July 2022, Evolito, a UK-based company specializing in automotive electric motor technology, acquired Electroflight for an undisclosed sum. This acquisition is intended to expedite Evolito's advancements in electric propulsion applications and concentrate on providing cutting-edge battery technology, complementing Evolito's distinctive motors and controllers. The objective is to contribute to the industry's transition towards achieving net-zero emissions. Electroflight, based in the UK, specializes in crafting lightweight customized battery systems tailored for the aviation sector.

Major companies operating in the aircraft batteries market report are TotalEnergies SE, Eaglepicher, Teledyne Technologies Inc., HBL Power Systems Ltd., GS Yuasa,Enersys, Concorde Battery Corporation, Sion Power Corp, Mid-Continent Instruments and Avionics, Sichuan Changhong Battery Co. Ltd., High Energy Batteries Limited, Leoch International Technology Limited, Altech Batteries, China Aviation Lithium Battery Co. Ltd., Shenzhen Battery Building Industry Co. ltd., Shenzhen Resky Electronics Co. Ltd., Shenzhen Youliyuan Battery Technology Co. Ltd., Electroflight, Powervamp Ltd., Transair Flight Equipment, Custom Cells Itzehoe GmbH, Saft Company, Zavod AIT LLC, Wamtechnik Sp. z o.o, Industrias Tudor Sp De Bateriais Ltda, Acumuladores Moura S.A, Middle East Battery Company, Exide Industries Ltd., First National Battery, Monbat Batteries Plc, Öhlins, Fras-le S.A.

North America was the largest region in the aircraft batteries market in 2023. The regions covered in the aircraft batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aircraft batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of aircraft batteries include NiMH (Nickel Metal Hydride), NiCd (Nickel Cadmium), Lithium-Ion, and others. NiMH batteries feature a metal alloy anode that absorbs and releases hydrogen, along with a nickel hydroxide cathode submerged in an electrolyte solution containing potassium, sodium, and lithium hydroxides. Sealed NiMH cells with small capacities are maintenance-free and boast a high energy density, making them well-suited for high-capacity requirements. These batteries are utilized in various aircraft technologies, such as traditional, more electric, hybrid, and fully electric aircraft. They find applications in fixed-wing aircraft, rotary-wing aircraft, unmanned aerial vehicles (UAVs), and advanced air mobility platforms.

The aircraft batteries market research report is one of a series of new reports that provides aircraft batteries market statistics, including aircraft batteries industry global market size, regional shares, competitors with an aircraft batteries market share, detailed aircraft batteries market segments, market trends, and opportunities, and any further data you may need to thrive in the aircraft batteries industry. This aircraft batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aircraft batteries market consists of sales of nickel-metal hydride and lithium metal. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.