More Electric Aircraft Market By Type (Fixed-Wing Aircraft, Rotary-Wing Aircraft, Hybrid-Wing Aircraft), Application (Power Generation, Power Distribution & Conversion, Power Conversion, Energy Storage), System (Propulsion Systems, Airframe Systems), End-User (Airlines, Military Organizations, Private Owners, Cargo Operators), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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More Electric Aircraft Market Valuation – 2024-2031

The more electric aircraft market size was estimated at USD 4.58 Billion in 2024, with a projected growth to USD 11.17 Billion by 2031, reflecting a growth rate (CAGR) of 11.78% from 2024 to 2031. This estimation encompasses a significant expansion trajectory driven by increasing adoption of electric propulsion systems, advancements in power generation and distribution technologies, and rising demand for energy-efficient aircraft solutions. The projected growth underscores the industry’s continual evolution toward electrification, aligning with the broader aviation sector’s pursuit of sustainability and enhanced operational efficiency through the integration of innovative electrical systems.

More Electric Aircraft MarketDefinition/Overview

More electric aircraft (MEA) is a revolutionary development in aviation that utilizes electrical power for various functions traditionally powered by hydraulic or pneumatic systems. This includes operating flight controls, landing gear, and environmental systems. By electrifying these systems, MEAs achieve greater efficiency, reduce reliance on fossil fuels, and minimize noise pollution. The technology offers numerous advantages, including improved fuel economy, reduced operating costs, and a lighter overall aircraft weight. This translates to benefits like increased range, lower emissions, and potentially quieter flights. MEAs represent a significant step towards a more sustainable and environmentally friendly future for air travel.

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What Significant Role Have Advancements in Technology Played in Driving the Growth of the More Electric Aircraft Market?

The electric airplane market is taking off, and it's all thanks to some cool new technology. We're talking better electric motors, smarter power systems, and energy storage that actually works. Because of this, airplane makers can build aircraft that sip fuel and create way less pollution. Plus, with everyone worried about the environment (and regulations getting tougher!), there's a big push for greener ways to fly. Airlines are increasingly looking at "more electric" airplanes to hit those tough emission goals and shrink their carbon footprint. All this focus on being green is fueling investments in researching and building even better electric propulsion systems. And here's the kickerelectric stuff is often easier to maintain, lighter, and more dependable than traditional mechanical systems. That means less downtime and lower costs for airlines, making these MEA airplanes a pretty sweet deal for upgrading their fleets.

Hey, things are really taking off in the more electric aircraft world! The push for urban air mobility and those cool eVTOL vehicles is opening up brand new possibilities. Think about it – cities are getting packed, traffic is a nightmare, and everyone's looking for faster ways to get around. That's why we're seeing so much development in electric air transport. Companies are pouring money into eVTOL tech and the necessary infrastructure, which is only going to make the market for more electric aircraft even bigger. What's making all this possible? Well, we're getting better at building batteries that pack a lot of energy, and we're finding smarter ways to manage that energy. This means we can electrify systems that used to rely on fuel, not just for propulsion, but also for things like cabin pressure, air conditioning, and even the lights. Basically, better tech, regulations pushing for change, worries about the environment, and people wanting more efficient transport are all coming together. It's making the more electric aircraft market a crucial part of making the aviation industry more sustainable and efficient.

What Factors are Plummeting Sales of the More Electric Aircraft Market?

Switching to electric planes and their fancy parts? It's expensive! That initial price tag – all the research, building, and getting it running – can scare off aircraft companies. Sure, electric planes promise cleaner air and cheaper flights, but people are still wondering if they'll really last and handle the pressure of everyday flying in commercial and military settings. Because of that, some buyers are holding back, waiting to see if these issues get sorted out before going all-in on electrification.

Okay, so the electric aircraft market isn't exactly taking off like a rocket just yet. One big reason? We just don't have the ground support. Think about ityou need charging stations everywhere, places to fix these new planes, and people who know how to fix them! Without that infrastructure, airlines are hesitant to switch to electric, which makes total sense. Getting these electric planes certified is another hurdle. It's a long, careful process – as it should be! – but the rules are still being written, which creates confusion and delays. And that uncertainty makes manufacturers and operators nervous about jumping in. Finally, the economy isn't helping. When things are shaky, like fuel prices going up and down or global events causing instability, airlines tend to play it safe. They might put off investing in something new and untested, like electric aircraft, and stick with what they know.

Category-Wise Acumens

Which Type Category Holds the Dominant Market Share in the More Electric Aircraft Market?

When it comes to electric aircraft, helicopters are really leading the way. These rotary-wing wonders, you know, the ones we call helicopters, are super important in places like the military, in business, and when you need emergency help. They're just so useful! They can move people and things, find lost folks, rush someone to the hospital, and even help the police. Because of all that, we're seeing more and more demand for electric helicopters. Think about itelectric engines, better ways to send power around, and electric actuators – all that stuff keeps getting better. Plus, electric power means less pollution, saves money on fuel, and is often more dependable than regular engines. That’s why everyone from the military to civilian companies, and even those using unmanned aerial vehicles (UAVs), are starting to use MEA helicopters.

Let's face it, everyone's going green these days! This big push for sustainability and protecting our planet is why we're seeing more interest in electric helicopters and similar aircraft. Governments are cracking down on pollution with tougher rules aimed at cutting carbon emissions and fighting climate change. This puts pressure on companies that make airplanes and helicopters to come up with cleaner options. Electric engines let these rotary-wing aircraft operate with a smaller footprint, which is a big plus for eco-minded companies and government groups. New tech and investments in electric vertical take-off and landing (eVTOL) aircraft are really helping rotary-wing aircraft dominate the "more electric aircraft" market. Think of eVTOLs as electric helicopters that can take off and land straight up and down; they're ready to change how we get around cities and even fly in remote areas. The fact that big aerospace names and startups are both working on these eVTOLs shows how important electric-powered rotary-wing aircraft are becoming for meeting the changing transportation needs of people living in cities and isolated communities. Basically, rotary-wing aircraft are on top in the electric aircraft world because they're super useful in many different industries, electric engines are getting better, everyone cares more about the environment, and we're seeing cool new eVTOL designs.

Will the Airframe Systems Segment Turn into an Epicenter of Growth in the More Electric Aircraft Market?

Hey, electric planes are really taking off! All these new electric propulsion systems are changing how we build planes. Think lighter designs, better fuel efficiency, and planes that can turn on a dime – that's what electric propulsion brings to the table. We're ditching old-school mechanical stuff for electric power, making for cleaner and simpler designs. This isn't just about the engines, though; it's impacting everything from the flight controls and landing gear to even keeping the cabin comfy. And get thisgoing electric means way less pollution and burning less fuel. Airlines are all about being green these days, so expect to see a whole lot more electric planes in the skies!

Things are really taking off in the world of airframe systems, thanks to some amazing new tech and lots of smart investment in research! Aerospace manufacturers are using seriously cool stuff like super-light materials, 3D printing (additive manufacturing), and super-smart designs (advanced aerodynamics) to make electric airframe systems that are better, stronger, and safer than ever before. All this innovation is leading to the creation of next-gen aircraft that can carry more, fly farther, and work more efficiently. It's opening up a ton of new possibilities and growth in the market. Basically, the airframe systems area is shaping up to be a major hotspot for growth in the more electric aircraft market. With technology getting better, everyone wanting to be greener, and the demand for better performance going up, electric airframe systems are set to completely change the aerospace industry, leading to big growth and cool new ideas for years to come!

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Country/Region Wise Acumens

Could North America Drive an Increase in Sales within the More Electric Aircraft Market?

North America's aerospace scene is buzzing! We've got major aircraft manufacturers, tech wizards, and smart folks in research all working together. The big push is for innovation, especially in more electric aircraft. Think cool stuff like electric engines, smarter power systems, and next-gen avionics. Luckily, the government's on board too. Agencies like NASA and the FAA are teaming up with companies to fund research, make certification easier, and set the rules for electric planes and electrified airframes. It’s all about making it easier for manufacturers to get these more electric aircraft off the ground and into the market!

North America is a great place to sell new aerospace tech, thanks to its wide variety of customers and their hunger for innovative solutions. Airlines, the military, and all sorts of commercial operators are really looking for aircraft that are more efficient and kinder to the environment – basically, anything that boosts performance while cutting costs. And as people learn more about how awesome electric propulsion is, expect the demand for "more electric" aircraft to skyrocket, which means more sales! Investment in things like charging stations and support is only going to help. Plus, the region's making big strides in electric vehicle charging, battery tech, and even sustainable aviation fuel, all of which are crucial for making electric aircraft a mainstream reality. So, with its history of aerospace innovation, helpful regulations, strong demand, and infrastructure investments, North America is poised to really drive sales of these more electric aircraft.

Will the Sales of the More Electric Aircraft Market fare well in the Asia Pacific?

Hey, looks like the more electric aircraft market is really set to take off in Asia Pacific! The region's booming, with GDP climbing and cities expanding like crazy, so naturally, everyone's flying more. Countries are pouring money into new airports and planes, which is creating a sweet spot for more electric aircraft to swoop in and grab a piece of the action. Think about itAsia Pacific has some of the biggest and fastest-growing aviation markets on the planet. Places like China, India, and Indonesia are seeing a surge in folks flying – more money in people's pockets, bigger middle classes, and cities getting bigger all contribute. Airlines? They're all about cutting costs, going green, and following those tough environmental rules, which makes more electric aircraft a pretty attractive answer.

The region's aerospace scene is really taking off! We've got a skilled workforce, top-notch research places, and the government's pushing for new tech. This all means we're in a great spot to make some serious progress with electric aircraft. Local companies and startups are putting money into things like electric engines, power systems, and making aircraft bodies electric-ready, which is opening doors for growth and partnerships. Asia Pacific is shaping up to be a huge market for electric vertical take-off and landing (eVTOL) aircraft and urban air mobility solutions. Think about itcities are getting bigger, traffic's a nightmare, and we need better ways to get around. That's where eVTOLs come in! As governments and businesses put money into the infrastructure and rules to make eVTOLs a reality, the Asia Pacific market for more electric aircraft is looking really bright.

Competitive Landscape

Examining the competitive landscape of the more electric aircraft market is essential for understanding the industry’s dynamics. This research analyses the competitive landscape, highlighting key players, market trends, innovations, and strategies. This analysis will provide valuable insights to industry stakeholders, enabling them to navigate the competitive landscape and capitalize on emerging opportunities effectively. Understanding the competitive landscape will empower stakeholders to make informed decisions, adapt to market trends, and develop strategies to enhance their market position and competitiveness in the more electric aircraft market.

Some of the prominent players operating in the more electric aircraft market include

  • Airbus SE
  • Boeing Company
  • Siemens AG
  • Rolls-Royce Holdings plc
  • Safran S.A.
  • Honeywell International, Inc.
  • GE Aviation
  • Embraer S.A.
  • Bombardier, Inc.
  • Zunum Aero
  • Magnix
  • Ampaire, Inc.
  • Wright Electric
  • Joby Aviation
  • Lilium GmbH

Latest Developments

  • In July 2023, the flight tests supported by GE Aerospace for NASA’s Electrified Powertrain Flight Demonstration (EPFD) project were conducted, utilizing a modified Saab 340B aircraft, in partnership with Boeing and its subsidiary Aurora Flight Sciences.
  • In March 2024, the full electric CityAirbus NextGen prototype was unveiled by Airbus at the inauguration of the new CityAirbus test center in Donauwörth, Germany, marking a significant step in Airbus’ ongoing and long-term investment in Advanced Air Mobility (AAM).

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~11.78% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Type
  • Application
  • System
  • End-Users
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Airbus SE, Boeing Company, Siemens AG, Rolls-Royce Holdings plc, Safran S.A., Honeywell International, Inc., GE Aviation, Embraer S.A., Bombardier, Inc., Zunum Aero, Magnix, Ampaire, Inc., Wright Electric, Joby Aviation, Lilium GmbH

Customization

Report customization along with purchase available upon request

More Electric Aircraft Market, By Category

Type

  • Fixed-Wing Aircraft
  • Rotary-Wing Aircraft
  • Hybrid-Wing Aircraft

Application

  • Power Generation
  • Power Distribution & Conversion
  • Power Conversion
  • Energy Storage

System

  • Propulsion Systems
  • Airframe Systems

End-Users

  • Airlines
  • Military Organizations
  • Private Owners
  • Cargo Operators

Region

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

Research Methodology of Market Research

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Reasons to Purchase this Report

We'll take a good hard look at the market, breaking it down into different groups based on things like money and even stuff that's not about money. Then, we'll give you the market value in good ol' USD Billion for each of those groups, and even smaller subgroups. We'll point out which region and group we think will grow the fastest and be the biggest. You'll also get a geographical breakdown, showing where the product or service is being used and what's influencing the market in each area. We'll map out the competition, ranking the major players and highlighting new stuff they've launched, partnerships they've made, how they've grown, and any mergers or acquisitions in the last five years. Plus, we'll give you detailed company profiles with overviews, insights, product comparisons, and even a SWOT analysis for the big guys. Finally, we'll wrap it all up with a look at where the market is now and where it's headed, focusing on recent developments and growth opportunities.

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