Allied Market Research (AMR) estimates that the aircraft battery market will reach USD 2012.3 million by 2033. This is up from USD 531.9 million in 2023, according to AMR’s report Aircraft Battery Market by Battery Type (Lead Acid Battery, Nickel Cadmium Battery, Lithium-ion Battery, and Solid-State Battery), Aircraft Type (Fixed-Wing, Rotary-Wing, Unmanned Aerial Vehicles, and Advanced Air Mobility), Sales Channel (OEM and Aftermarket), and Application (Auxiliary Power Unit, Emergency Power, Propulsion, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033.
The report notes that the expansion of uncrewed aerial systems and modern avionics systems plays a crucial role in market growth as the adoption of electric and hybrid-electric aircraft increases.
“The advanced air mobility segment is projected to manifest the fastest CAGR of 18.1% from 2023 to 2033, due to rising investments in electric vertical takeoff and landing (eVTOL) aircraft, increasing urban air mobility demand, and the need for high-performance, lightweight, and energy-efficient battery systems,” the report states.
“On the basis of battery type, the lithium-ion battery vehicles segment held the highest market share in 2023, accounting for more than one-third of the global aircraft battery market revenue,” the report continues. “However, the solid-state battery segment is projected to manifest the fastest CAGR of 18.2% from 2023 to 2033, due to its higher energy density, improved safety, longer lifespan, and growing adoption in electric aircraft, enhancing efficiency and reducing maintenance costs in aviation applications.”
AMR found that North America held the highest market share in terms of revenue in 2023, accounting for more than one-third of the global aircraft battery market revenue. Looking ahead, Asia-Pacific is expected to witness the fastest CAGR of 16.9% from 2023 to 2033. “Growth in investments in electric aircraft, advancements in battery technology, and strong manufacturing capabilities have contributed to the region’s rapid market expansion.”
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Image: Battery manufacturer Contemporary Amperex Technology Co., Limited (CATL) invested a substantial amount in China’s eVTOL manufacturer Autoflight in 2024. (Autoflight photo)