LONDON--(BUSINESS WIRE)--The global aviation battery market 2019-2023 is expected to post a CAGR of over 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The demand for air transportation has significantly increased in the past few years owing to the growth in air traffic across the world. Owing to rapid globalization, air freight transportation has significantly increased across the globe. The rising purchasing power of people across the world is also expected to increase the demand for aircraft. For instance, Airbus secured an order from China during the forecast period. Therefore, due to such factors, the increase in the number of aircraft will spur the demand for aviation batteries, thereby driving the growth of the global aviation battery market during the forecast period.
Looking for more information on this market? Request a free sample report
As per Technavio, the increasing emergence of electric aircraft, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Aviation Battery Market: Increasing Emergence of Electric Aircraft
The concept of electric-powered aircraft has been around for decades, but major developments on this technology have taken off in the recent past. Several companies are currently working on prototypes of electric aircraft and hybrid aircraft. Also, several companies have been developing technologies to deploy battery-electric aircraft. For instance, in March 2019, magniX and Harbour Air Ltd. teamed up to manufacture the first electric commercial aircraft fleet. magniX will be swapping the Pratt & Whitney engines and fuel tanks on a six-passenger Havilland Beaver aircraft and employ a 560-kilowatt electric motor Li-ion batteries that provide sufficient energy to fly about 100 miles on a single charge. Moreover, an electric aircraft uses a greater number of batteries than a traditional aircraft that run on engines. Therefore, the successful deployment of electric aircraft will significantly drive the consumption of aviation batteries, thereby supporting the growth of the global aviation battery market during the forecast period.
“Apart from increasing emergence of electric aircraft, the declining price of Li-ion batteries and the development of drone swarm technology are some other major factors that will boost the market growth during the forecast period,” says a senior analyst at Technavio.
Global Aviation Battery Market: Segmentation Analysis
This market research report segments the global aviation battery market by type (nickel-based batteries, lithium-based batteries, and lead-based batteries) and geographical regions (Americas, APAC, Europe, and MEA).
The Americas led the market in 2018, followed by APAC, Europe, and MEA, respectively. During the forecast period, the Americas is expected to maintain its dominance over the global market and register the highest incremental growth due to the huge aircraft fleet existing in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.