Global Electric Aircraft Market Size By Aircraft Type (Ultralight Aircraft, Light Jet, Regional Jet), By Component (Battery, Electric Motor), By Technology (Hybrid Electric, All Electric) By Geographic Scope And Forecast

Electric Aircraft Market Size And Forecast

Electric Aircraft Market size was valued at USD 1.50 Billion in 2022 and is projected to reach USD 11.94 Billion by 2030, Growing at a CAGR of 20% from 2023 to 2030.

Due to reasons including the rising demand for ecologically friendly aircraft and the expansion of government initiatives to assist electric aviation, the market is growing. Due to the growing demand for electric commercial aircraft and the creation of novel electric fixed-wing aircraft types, the electric fixed-wing aircraft segment is anticipated to dominate the market. The adoption of electric aircraft in China and Japan is anticipated to drive the Asia-Pacific region’s highest market growth rate.

Global Electric Aircraft Market Definition

The design, production, and sale of aeroplanes that primarily rely on electric power for propulsion and other onboard systems are the focus of the Electric Aircraft Market, a part of the wider aerospace and defence sector. Compared to traditional aeroplanes that use fossil fuels, electric aircraft are made to be more environmentally friendly and energy-efficient. On the market for electric aircraft, there are many different types of fixed-wing, rotorcraft, unmanned aerial vehicles (UAVs), and air taxis. These aircraft can be used for a range of tasks, including freight transport, surveillance, commercial and passenger transport, and military operations.

Global Electric Aircraft Market Overview

One of the key factors influencing the market for electric aircraft is the growing emphasis on lowering greenhouse gas emissions and the impact the aviation industry has on the environment. Electric aircraft have the potential to significantly cut carbon emissions and noise pollution when compared to traditional aeroplanes. Additionally, electric aircraft have lower running expenses and are more energy-efficient, making them a desirable option for commercial operators looking to cut costs.

The market for electric aircraft is also being driven by technological breakthroughs, particularly in the fields of batteries and electric motors. Advances in battery technology have led to the creation of high-capacity, lightweight batteries that can fly electric aircraft for longer distances and periods of time. In the interim, improvements in electric motor technology have produced more effective and powerful electric motors that can deliver the required thrust and speed to aircraft.

Global Electric Aircraft Market Segmentation Analysis

The Global Electric Aircraft Market is Segmented on the basis of Aircraft Type, Component, Technology, and Geography.

Electric Aircraft Market, By Aircraft Type

• Ultralight Aircraft
• Light Jet
• Regional Jet
• Others

Based on Aircraft Type, the market is segmented into Ultralight Aircraft, Light Jets, Regional Jets, and Others. The Ultralight Aircraft segment is expected to dominate the market due to its low cost, easy maintenance, and increasing demand for recreational purposes. The Light Jet segment is also expected to grow at a significant rate due to the rising demand for electric aircraft in business and personal travel.

Electric Aircraft Market, By Component

• Battery
• Electric Motor
• Others

Based on the component, the market is segmented into Batteries, Electric Motors, and Others. The battery segment is expected to hold the largest market share due to the increasing demand for high-energy-density batteries that can provide sufficient power to aircraft. The electric motor segment is also expected to grow at a significant rate due to the rising demand for lightweight and efficient motors.

Electric Aircraft Market, By Technology

• Hybrid Electric
• All Electric

Based on Technology, the Electric Aircraft Market is segmented into Hybrid Electric and All Electric. The Hybrid Electric segment is expected to dominate the market due to the limitations in current battery technology and the need for a hybrid solution to provide sufficient power and range. The All-Electric segment is also expected to grow at a significant rate due to the increasing development of high-energy-density batteries and the focus on reducing emissions in the aviation industry.

Electric Aircraft Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Based on regional analysis, the Global Electric Aircraft Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North American and European markets are expected to dominate the market due to the presence of major players in the aviation industry and the increasing government initiatives to promote electric aircraft. The Asia Pacific region is also expected to grow at a significant rate due to the increasing demand for electric aircraft in the rapidly growing aviation industry in countries like China and India.

Key Players

The “Global Electric Aircraft Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Airbus SE, Boeing, Zunum Aero, Lilium, Pipistrel Group, Eviation Aircraft, Bye Aerospace, Safran, Rolls-Royce plc, and Honeywell International Inc. 

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

Key Developments

• In January 2021 – Airbus unveiled its concept for a commercial aircraft with zero emissions, the “ZEROe,” which could enter service by 2035.
• In October – 2020, Zunum Aero and Safran announced a partnership to develop an electric propulsion system for its 12-seat regional aircraft.
• In 2020 – Rolls-Royce will unveil its “Spirit of Innovation” electric aircraft in September 2020, with the goal of breaking the electric aircraft speed record by flying at over 300 mph in 2021.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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