The aircraft battery market was valued at USD 445.4 Million in 2016 and projected to reach USD 667.8 Million by 2022, at a CAGR of 7.05% during the forecast period. The base year considered for the study is 2016 and the forecast period is 2017 to 2022.
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This report provides an analysis of the aircraft battery market during the forecast period 2017 to 2022. It discusses industry and technology trends that are currently prevailing in the aircraft battery market. It analyzes the factors that drive and restrain the growth of the aircraft battery market as well as the challenges faced by it. The aircraft battery market is projected to grow from an estimated USD 475.0 million in 2017 to USD 667.8 million by 2022, at a CAGR of 7.05% from 2017 to 2022. Increasing adoption of more electric aircraft technology in commercial aircraft, increasing number of aircraft deliveries, and increasing demand for UAVs are some of the drivers for the aircraft battery market.
By aircraft technology, the hybrid aircraft segment of the aircraft battery market is projected to grow at the highest CAGR during the forecast period. Hybrid aircraft have a hybrid propulsion system which can improve the fuel efficiency and reduce emissions as well as noise levels in commercial transport aircraft. The hybrid electric technology uses both airplane fuel as well as electricity to drive the propulsion system with a lithium-ion battery.
Among applications, the propulsion segment of the aircraft battery market is expected to grow at the highest CAGR during the forecast period. The high growth of the propulsion segment is driven by the increasing demand for unmanned aerial vehicles globally.
The North America region is projected to lead the aircraft battery market during the forecast period. The aviation & aerospace sector in the North American region is growing steadily, hence driving the aircraft battery market in this region.
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The Asia Pacific aircraft battery market is projected to grow at the highest CAGR from 2017 to 2022. This region includes countries such as, Japan, China, India, Russia, and Rest of APAC. The rise in disposable incomes has led to an increase in air travel. The growth of the middle-class population in Asia Pacific is leading to the growth of the aircraft battery market.