The Global Hybrid Electric Jet Market was valued at US$ 8.9 Bn in terms of value in 2022. A growing area of interest and investment in the aviation industry is the hybrid electric jet market.
Global Hybrid Electric Jet Market, By Type: Ultralight Aircraft and Light Jets, By End User: Military and Commercial and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa) - Global Forecast to 2030, is expected to be valued at US$ Billion by 2022, exhibiting a CAGR of during the forecast period (2023 - 2030), as highlighted in a report published by Coherent Market Insights.
Traditional jet engines and electric motors powered by batteries or other energy storage devices would both be used in a hybrid electric jet. Hybrid electric jets have the potential to offer advantages for airlines and the aviation industry as a whole, including lower operating costs, higher efficiency, and reduced emissions.
Global Hybrid Electric Jet Market: Drivers
Levels of pollution are likely to rise even further as a result of the expanding size of the world's aircraft fleet and increased air travel. As a result, there is a demand for electric aircraft, which will help reduce carbon emissions, and the growth of the electric aircraft market is driven by a growing need for improved aircraft performance with the use of electric technology to reduce carbon emissions. Increasing regulatory standards, such as those governing emissions at the national level and carbon emission policies put forth by numerous nations, are also advantageous to the market. Additionally, the increase in airline passengers results in a significant increase in the market's orders for aircraft.
Global Hybrid Electric Jet Market: Opportunities
As logistics applications spread throughout the world, market opportunities are growing. The need for an effective and safe air service is anticipated to increase significantly in the coming years due to the rising product demand on the global market. Additionally, the goal of the Emergence of Advanced Air Mobility initiative is to develop a system of quick, safe, and affordable air travel that makes use of highly automated aircraft that fly at lower altitudes while carrying people or cargo.
Global Hybrid Electric Jet Market: Restraints
The market for hybrid electric jets is primarily constrained by high costs, a lack of adequate infrastructure, and battery constraints for electric aircraft. Because it is unclear how much money will be spent overall, the initial rollout is hampered by the high production and maintenance costs of eVTOLs. The majority of production expenses are associated with the purchase of novel materials necessary to create efficient and lightweight electric aircraft. Additionally, the commercial viability of the battery technology required for electric aircraft is still in its infancy. Electric aircraft with vertical takeoff and landing (eVTOL) are frequently constrained by battery capacity. For eVTOLs, lightning-fast charging and high-power cell discharging capabilities are necessary. Due to high loads during takeoff and landing, batteries used in electric aircraft require extremely careful thermal management.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/hybrid-electric-jet-market-1510
Key Takeaways:
The Global Hybrid Electric Jet Market was valued at US$ 8.9 Bn in 2022 and is forecast to reach a value of US$ 33.82 Bn by 2030 at a CAGR of 18.2% between 2023 and 2030.
Global Hybrid Electric Jet Market Trends:
The global market for hybrid electric jets is characterized by two trends: increasing investment in electric aviation and moving toward low-carbon flight. In a wide range of applications, electric aircraft have a significant potential to lower operating costs, emissions, and noise. The aviation industry's goal of decarburization also necessitates the use of a number of different technologies. These include using sustainable aviation fuel (SAF), modernizing infrastructure and operations, and introducing new technology.
Global Hybrid Electric Jet Market: Competitive Landscape
Pipistrel Group, Airbus, Bye Aerospace, Aerospace Limited, Yuneec Holding Limited, Leonardo S.p.A., Faradair Aerospace Limited, Boeing, Digisky S.R.L., Groupe Gorge, Eve Air Mobility, Joby Aviation, Vertical Aerospace, and Lilium N.V., others.
Global Hybrid Electric Jet Market: Recent Developments
On September 18, 2022, Air Canada, the flag carrier and the largest airline of Canada purchases 30 electric-hybrid planes to combat climate change effects
On April 26, 2022, Ampaire, an American aircraft manufacturer startup based in Hawthorne seeks new funding for hybrid-electric plans as surf air, a Los Angeles-based aviation marketplace acquisition is dropped.
In March 20, 2022, Textron, an American industrial conglomerate Acquisition of Pipistrel, a global leader in electric aircraft Lifts Electric Aviation Off The Tarmac.
On September 2022, Rockton, a Swedish-based lessor, becomes the most recent aviation company signed a Letter of Intent (LOI) for the Swedish Heart Aerospace ES-30 electric aircraft.
On May 2022, French startup VoltAero, a family of hybrid electric aircraft being developed by VoltAero plans to offer fractional ownership of its planned Cassio family of hybrid-electric aircraft in Europe, beginning with its five-seat Cassio 330.
