USD 7345.58 million
Report ID: SQMIG20A2049 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 172 | Figures: 79
Global Electric Aircraft Market size was valued at USD 7345.58 million in 2021 and is poised to grow from USD 8800 million in 2022 to USD 37336.83 million by 2030, growing at a CAGR of 19.8% in the forecast period (2023-2030).
Electric aircraft are propelled by electric motors, with power supplied by a variety of means, which include batteries, solar cells, fuel cells, power beaming, and ground power cables, so this power has increased the growth of the powered electric aircraft market. Furthermore, electric aircraft promise significant benefits in terms of reducing air and noise pollution, as well as harmful emissions. Furthermore, electric motors have low operating and maintenance costs. These potential advantages of electric aircraft make them more appealing than fuel-powered aircraft. This aircraft is also considered to be good for the environment.
Governments in both developed and emerging economies are addressing carbon emissions and greenhouse gas emissions. This factor is predicted to accelerate the electric aircraft market growth and development of the global electric aircraft market during the forecast period. However, there is a significant challenge that needs to be overcome by deploying electric batteries that weigh 30 times more than their existing fuel intake for achieving the range of distances covered by fossil fuels. The introduction of a more electric aircraft market (MEA), as well as enormous advances in technology in this sector, are assisting in the transition to all-electric air travel and ensuring an electric flight future.
Moreover, the electric aircraft market (MEA) is expanding as aircraft OEMs recognise the potential benefits of technology such as improved fuel efficiency, lower maintenance costs, and increased reliability through the use of modern power electronics and fewer hydraulic and pneumatic components in engine installation. Furthermore, according to the electric aircraft overview, the commercial more electric aircraft held the largest market share in the more electric aircraft market in 2021.
Global Market Size
USD 7345.58 million
Light & ultralight aircraft
Light & ultralight aircraft
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Global electric aircraft market is segmented based on the platform, system, type, technology, application, range, and region. Based on platform, the market is segmented into regional transport aircraft, business jets, light & ultralight aircraft. Based on system, the market is segmented into electric motors, batteries, avionics, aerostructures, and others. Based on type, the market is segmented into fixed wing, rotary wing, and hybrid wing. Based on technology, the market is segmented into CTOL, STOL, VTOL. On the basis of application, the market is segmented into Civil, military, and others. On the basis of range, the market is segmented into Less than 500 km, more than 500km. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Platform
Based on platform, the global electric aircraft market is segmented into regional transport aircraft, business jets, light & ultralight aircraft. In 2021, the segment of light & ultralight aircraft dominated the electric aircraft market. Light and ultralight aircraft are in high demand. This is due to aircraft advancement, new technologies, and continuous innovation in the electric aircraft market. Furthermore, the light and ultralight aircraft are simple to fly. Additionally, the growing popularity of recreational activities is propelling the expansion of the light and ultralight aircraft segment.
During the forecast period, the fastest growing segment of the electric aircraft market will be business jets. The expanding tourism industry is helping to propel the segment forward. This is due to an increase in the number of wealthy individuals and the launch of business jet programs.
Analysis by System
Based on the system, the global electric aircraft market is segmented into electric motors, batteries, avionics, aerostructures, and others. Electric motors had the highest revenue share in 2021. The segment's growth is due to the numerous advantages offered by electric motors. These advantages include high performance and low operational and maintenance costs. In addition, these motors are more effective and efficient than traditional motors.
During the forecast period, the fastest growing segment is batteries. Nickel-cadmium and lead acid batteries are used in aircraft batteries. These are advanced batteries with a variety of features such as large energy storage capacity and covers a broad range of sizes.
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North America is expected to have the largest market share during the forecast period and to grow at a steady rate due to rising environmental concerns and increased government initiatives. Furthermore, in the North American region, individuals and business owners use business aircraft for large-scale travel. This is also driving the growth of the electric aircraft market in the United States and Canada. The United States has the most UAVs in use for military and commercial purposes. The country is also seeing the adoption rate of electric aircraft for urban air mobility. These factors are anticipated to accelerate the North American market during the forecasting years.
During the anticipated period, Europe will be the fastest growing region, followed by the Asia Pacific region. The presence of key stakeholders is propelling the European electric aircraft market. In addition, residents in this region can afford to travel by business jet, which is influencing production of electric aircraft in Europe. Furthermore, supportive government regulations are assisting in the growth of the industry.
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Environmental Concerns to Boost Demand for Electric Aircrafts
Lack of Resources to Hinder Market Growth
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Global electric aircraft market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our global electric aircraft market analysis, North America is predicted to significantly grow during the analysis period due to the strong research & developments by major market players in the region. The aircraft requires a substantial amount of fuel and gasoline. As a result, the aviation industry faces high manufacturing costs. This factor is influencing widespread adoption and acceptance of electric aircrafts. However, batteries are frequently too heavy, which is an essential factor to be addressed by aircraft manufacturers because every kilogram less means more fuel efficiency, slowing the development of the electric aircraft market.
|Market size value in 2021||USD 7345.58 million|
|Market size value in 2030||USD 8800 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Electric Aircraft Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Aircraft Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electric Aircraft Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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