Global Electric Aircraft Market

Global Electric Aircraft Market Size, Share, Growth Analysis, By Platform(Regional transport aircraft, business jets), By System(Electric motors, batteries), By Type(Fixed wing, rotary wing), By Technology(CTOL, STOL), By Application(Civil, military), By Range(Less than 500 km, more than 500km) - Industry Forecast 2024-2031


Report ID: SQMIG20A2049 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 172 | Figures: 79

Global Electric Aircraft Market Insights

Electric Aircraft Market size was valued at USD 7345.58 million in 2019 and is poised to grow from USD 8800 million in 2023 to USD 37336.83 million by 2031, growing at a CAGR of 19.8% in the forecast period (2024-2031).

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 2019.

US Electric Aircraft Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 7345.58 million

Largest Segment

Regional transport aircraft

Fastest Growth

Regional transport aircraft

Growth Rate

19.8% CAGR

Global Electric Aircraft Market by Platform ($ Bn)
Country Share for North America Region (%)
Global Electric Aircraft Market by Platform ($ Bn)
Global Electric Aircraft Market by Platform (%)

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Global Electric Aircraft Market Segmental Analysis

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.

Electric Aircraft Market 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.

Electric Aircraft Market 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.

Global Electric Aircraft Market by Platform, 2023 (%)

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Global Electric Aircraft Market Regional Insights

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.

Global Electric Aircraft Market By Region, 2024-2031
  • Largest
  • Fastest

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Global Electric Aircraft Market Dynamics

Electric Aircraft Market Drivers

Environmental Concerns to Boost Demand for Electric Aircrafts

  • Due to environmental concerns, the logistics industry is shifting toward zero or low emission transport solutions. The logistics industry is heavily investing in transportation modes that use electric vehicles. Electric aircraft are extremely cost effective. As a consequence, the utilization of electric aircraft for logistics will drive electric aircraft market growth over the forecast period.

Electric Aircraft Market Restraints

Lack of Resources to Hinder Market Growth

  • Due to a shortage of resources, original equipment manufacturers (OEMs) are unable to develop high density batteries. As a result, high density batteries, which can aid in long commutes, are lacking in electric aircraft. However, thanks to technological advancements, this type of battery is likely to become available in the long run. As a result, the lack of invention of high-density batteries is limiting the global electric aircraft market growth during the forecast period.

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Global Electric Aircraft Market Competitive Landscape

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.

Electric Aircraft Market Top Player's Company Profiles  

  • Airbus SE
  • Boeing Company
  • Zunum Aero
  • Eviation Aircraft Ltd.
  • Lilium GmbH
  • Pipistrel
  • Bye Aerospace
  • AeroTEC
  • Ampaire, Inc.
  • Joby Aviation
  • Wright Electric
  • Vertical Aerospace
  • Rolls-Royce Holdings plc
  • Siemens AG
  • Honeywell International Inc.
  • Safran SA
  • United Technologies Corporation
  • General Electric Company
  • magniX Technologies Pty Ltd.
  • Voltaero

Electric Aircraft Market Recent Developments

  • In November 2022, Boeing began production of the MQ-25 Stingray unmanned tanker aircraft for Navy aircraft carrier operations.
  • In October 2022, Saudi Airlines announces plan to purchase 100 electric planes as interest in air taxis grows

Global Electric Aircraft Key Market Trends

  • Increasing new and innovative product launches are currently on the rise. Recent developments have raised hopes for the aviation industry, and as emissions levels rise, a number of new entrants are expressing interest in developing the electric aircraft market.

Global Electric Aircraft Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

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.

Report Metric Details
Market size value in 2023 USD 7345.58 million
Market size value in 2031 USD 37336.83 million
Growth Rate 19.8%
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Platform
    • Regional transport aircraft, business jets, light & ultralight aircraft
  • System
    • Electric motors, batteries, avionics, aerostructures, and others
  • Type
    • Fixed wing, rotary wing, and hybrid wing
  • Technology
    • CTOL, STOL, VTOL
  • Application
    • Civil, military, and others
  • Range
    • Less than 500 km, more than 500km
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)
Companies covered
  • Airbus SE
  • Boeing Company
  • Zunum Aero
  • Eviation Aircraft Ltd.
  • Lilium GmbH
  • Pipistrel
  • Bye Aerospace
  • AeroTEC
  • Ampaire, Inc.
  • Joby Aviation
  • Wright Electric
  • Vertical Aerospace
  • Rolls-Royce Holdings plc
  • Siemens AG
  • Honeywell International Inc.
  • Safran SA
  • United Technologies Corporation
  • General Electric Company
  • magniX Technologies Pty Ltd.
  • Voltaero
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Electric Aircraft Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Electric Aircraft Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

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.

Regional Analysis: Further analysis of the Global Electric Aircraft Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Electric Aircraft Market size was valued at USD 7345.58 million in 2019 and is poised to grow from USD 8800 million in 2023 to USD 37336.83 million by 2031, growing at a CAGR of 19.8% in the forecast period (2024-2031).

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. 'Airbus SE', 'Boeing Company', 'Zunum Aero', 'Eviation Aircraft Ltd.', 'Lilium GmbH', 'Pipistrel', 'Bye Aerospace', 'AeroTEC', 'Ampaire, Inc.', 'Joby Aviation', 'Wright Electric', 'Vertical Aerospace', 'Rolls-Royce Holdings plc', 'Siemens AG', 'Honeywell International Inc.', 'Safran SA', 'United Technologies Corporation', 'General Electric Company', 'magniX Technologies Pty Ltd.', 'Voltaero'

Due to environmental concerns, the logistics industry is shifting toward zero or low emission transport solutions. The logistics industry is heavily investing in transportation modes that use electric vehicles. Electric aircraft are extremely cost effective. As a consequence, the utilization of electric aircraft for logistics will drive electric aircraft market growth over the forecast period.

Increasing new and innovative product launches are currently on the rise. Recent developments have raised hopes for the aviation industry, and as emissions levels rise, a number of new entrants are expressing interest in developing the electric aircraft market.

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.

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