Aircraft Electrification Market - By Product Type (Electric Motors, Batteries, Power Electronics, Sensors, Wiring & Distribution, Environmental Control Systems), By Technology (Fully Electric, Hybrid Electric, More Electric), By Application & Forecast, 2023 - 2032

Aircraft Electrification Market Size

Aircraft Electrification Market was valued at USD 6.5 billion in 2022 and is estimated to register a CAGR of over 13% between 2023 and 2032. With increasing awareness of climate change and the need to reduce greenhouse gas emissions, the aviation industry is under pressure to adopt more sustainable practices.

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Aircraft electrification can significantly reduce carbon emissions, making it an attractive option for environmentally conscious customers and regulators. Advancements in battery technology such as lithium-ion batteries have made electric aviation more practical and reliable. Improved energy density, reduced weight, and increased safety are making electric aircraft a more viable option. Electric propulsion systems are generally quieter than traditional jet engines, reducing noise pollution around airports and making them suitable for Urban Air Mobility (UAM) & regions where noise concerns are prominent. Ongoing research & development efforts in electric aviation are driving technological innovation and expanding the range of available electric aircraft options. This includes improvements in electric motors, power management systems, and materials.

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The high thermal issues associated with aircraft electric systems are significant concerns that need to be addressed in the development and operation of electric aircraft. Electric systems, especially high-powered electric motors & power electronics, generate significant amounts of heat during operation. This heat must be managed effectively to prevent components from overheating and potentially failing. Current battery technology limits the range and endurance of electric aircraft. Overcoming these limitations to provide long-haul capabilities is a significant challenge. The energy density of batteries is lower than that of aviation fuels, making it challenging to store sufficient energy for long-haul flights without significant weight penalties.
COVID-19 Impact

The COVID-19 pandemic had significant impacts on the aviation industry including the field of aircraft electrification. Several electric aircraft projects faced delays due to reduced funding and resource allocation. Research & development efforts were slowed down as companies redirected their focus toward addressing immediate financial concerns and maintaining the existing fleet.

Aircraft Electrification Market Trends

Electric propulsion systems including electric motors and batteries are being increasingly used in various types of aircraft, from small electric drones to urban air mobility vehicles. These systems are more energy-efficient and produce fewer emissions compared to traditional combustion engines. Hybrid-electric aircraft combine traditional gas turbine engines with electric propulsion systems. This approach reduces fuel consumption and emissions while maintaining the range & performance required for larger commercial aircraft. All-electric aircraft, such as small electric trainers and regional aircraft, use electric propulsion for all phases of flight. These aircraft are well-suited for short-haul routes and urban air mobility applications.

Aircraft Electrification Market Analysis

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Based on component, the market is divided into electric motors, batteries, power electronics, sensors, wiring & distribution, environmental control systems, and others. The electric motors segment dominated the market with a share of over 20% in 2022 and is estimated to reach over USD 4 billion in revenue by 2032. Electric motors play a pivotal role in aircraft electrification, serving as the heart of the propulsion system in electric and hybrid-electric aircraft. These motors are responsible for converting electrical energy into mechanical thrust, driving the aircraft forward. They offer numerous advantages, including high efficiency, lower maintenance requirements, reduced noise levels, and environmental benefits due to their lower emissions. The development of lightweight, high-performance electric motors is a critical component of the aircraft electrification process, enabling a shift away from traditional internal combustion engines.

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Based on application, the market is divided into electric propulsion, power distribution and conversion, energy storage, electric actuators, fuel cell, generators, and others. The electric propulsion segment dominated the global market with a share of over 25% in 2022 and is estimated to reach over USD 6 billion in revenue by 2032. Electric propulsion systems are used to generate thrust and power the aircraft. Electric propulsion systems are more efficient and have lower operating costs than traditional aircraft engines. In addition, electric propulsion systems do not produce emissions, thus reducing the environmental impact of the aviation sector. The electric propulsion market is expected to grow significantly in the coming years. This growth is attributed to several factors including environmental regulations, technological advancements, and increased demand for electric aircraft. The growing government concerns around the world will drive the electric propulsion segment demand over the forecast period.

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North America dominated the global aircraft electrification market with a share of over 35% in 2022 and is expected to grow significantly in the coming years. Governments in North America are supporting the development and adoption of electric aircraft through various initiatives such as tax breaks and grants. For example, the U.S. government provided funding for the development of electric aircraft through the National Aeronautics and Space Administration (NASA) and the Federal Aviation Administration (FAA). Many companies in North America are setting ambitious sustainability goals including reducing their carbon emissions. Electric aircraft can help companies to achieve their sustainability goals. For instance, in November 2022, Amazon announced that it will purchase 1,000 electric delivery drones from Rivian Automotive.

Aircraft Electrification Market Share

MagniX is a leading manufacturer of electric propulsion systems for aircraft. The company offers a range of products, including the magni500, magni650, and magni750 electric propulsion units (EPUs). These EPUs are designed to power a variety of aircraft, including small Cessnas, regional airliners, and even cargo planes. MagniX is a major player in the aircraft electrification industry, and its products are being used by several companies to develop electric aircraft. For instance, in September 2022, Eviation's all-electric aircraft, the Alice, successfully completed its first test flight, powered by 2 magni650 electric propulsion units. The Alice is expected to enter service in 2025, and it will be the world's first all-electric commuter plane. Major players operating in the global aircraft electrification industry are

• Honeywell (U.S.)
• General Electric (U.S.)
• Collins Aerospace (U.S.)
• Safran (France)
• MagniX (U.S.)
• Eviation (Isreal)
• Joby Aviation (U.S.)

Aircraft Electrification Industry News

• In July 2022, Safran S.A. developed a pioneering electric nose wheel steering and extension/retraction system for narrowbody & widebody commercial jets. The company also unveiled an electric nose landing gear actuator.
• In August 2021, Astronics Corporation signed an agreement with Aerotec Concept of Toulouse, France. This agreement provided both companies the opportunity to offer a greater breadth of new technologies, applications, and/or modifications requiring the European Union Aviation Safety Agency (EASA) & the U.S. Federal Aviation Administration (FAA) certifications.

The aircraft electrification market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments

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Market, By Component

• Electric Motors
• Batteries
• Power Electronics
• Sensors
• Wiring & Distribution
• Sensors
• Environmental Control Systems
• Others

Market, By Technology

• More Electric
• Hybrid Electric
• Fully Electric

Market, By Application

• Electric Propulsion
• Cabin Systems
• Thermal Management
• Power Distribution & Conversion
• Energy Storage
• Regenerative Systems
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Taiwan
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America  
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA