Global Electric Aircraft Market was valued at US$ 7,369.5 Million in 2021 and is expected to surpass US$ 24,485.3 Million by 2030, registering a CAGR of 14.5% during the forecast period (2022-2030), according to Global Electric Aircraft Market, By Type: Ultralight Aircraft and Light Jet, By Component: Battery, Electric Motor, and Others, By Technology: Hybrid and All Electric, By Power Range: Less than 500 Km and More than 500 Km, By Application: Commercial, Military, and Others
Electric aircraft is driven by the use of electric motors and are equipped with electrical systems. These aircraft are light in weight with less fuel usage and reduced emissions. The non-propulsive power systems such as mechanical, hydraulic, and pneumatic are replaced with an electrical system that helps in reducing the operating cost of the electric aircraft. The absence of heavy machines that require proper maintenance provides better efficiency and it makes electrical system a suitable option for both aircraft manufacturers and aircraft carriers. Electric Aircrafts are available in different power range Less than 500 Km and More than 500 Km
The Global Electric Aircraft Market is estimated to account for US$ 24,485.3 Mn in terms of value by the end of 2030.
Key Developments
- In January 2022, Boeing an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles has invested $450 million in Wisk Aero, a company that’s building all-electric, autonomous, passenger-carrying aircraft.
Market Driver
Tourism industry continues to expand and it became vital for manufacturers to find alternatives that will not only boost the capacity of electric aircraft and also protect the environment from air, noise, and ground pollution due to increased air traffic. For instance, regulatory bodies such as International Civil Aviation Organization (ICAO), International Air Transport Association (IATA), and Federal Aviation Administration (FAA) introduced several regulatory policies to minimize carbon emission. Furthermore, in February 2020, Thales Group launched PUREFLYT, a flight management system (FMS) that is designed to provide safety, security, reduces the consumption of fuel, and increase operational efficiency. Due to this, electric aircraft manufacturers are integrating a single electric system into planes instead of a heavy mechanical system that consist of several individual parts.
Electric Aircraft Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to the Covid-19 pandemic, many industries witnessed a significant shift in their business. There was a significant impact on the electric aircraft market, as most countries had imposed lockdown to contain the spread of the COVID-19 pandemic. Most industries rapidly closing their operations to reduce the spread of the COVID-19 pandemic. During Covid-19, the demand for tourism has declined as people are staying at home and avoid going to tourism places. This, in turn, decreases the demand for the electric aircraft market.
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Browse 150 market data tables* and 90 figures* on “Global Electric Aircraft Market forecast to 2030”
Key Trends and Analysis of the Global Electric Aircraft Market:
- North America is expected to account for the largest market share during the forecast period, owing to the presence of key players in the region such as Boeing, Raytheon Technologies Corporation, Honeywell International Inc., Thales Group, and Lockheed Martin Corporation. For instance, in September 2022, Air India, a Canada based largest airline company has invested 30 electric ES-30 aircraft from Heart Aerospace.
- Europe region is expected to exhibit highest growth during the forecast period, owing to the use of highly advanced materials such as gamma-titanium aluminides with improved mechanical properties. These advanced engines help electric aircraft to reduce its fuel consumption, carbon emissions, noise pollution, and others. For instance, on September 21, 2020, Airbus launched the first zero emission commercial aircraft. This aircraft uses hydrogen in synthetic fuels to reduce the harmful emission.
- Major players operating in the Global Electric Aircraft Market are Boeing, Airbus, Raytheon Technologies Corporation, Honeywell International Inc., Thales Group, Lockheed Martin Corporation, Zunum Aero, YUNEEC, Elektra Solar GmbH, PIPISTREL, BYE AEROSPACE, DELOREAN AEROSPACE, LLC, Joby Aviation, Siemens, Safran, Bombardier, TTTech Computertechnik AG, and AgustaWestland
