Electric Aircraft Market to Reach USD 39.61 Billion by 2030 at a CAGR of 15.4% – Report by Market Research Future (MRFR)
Electric Aircraft Market Insights and Industry Analysis by Technology (Hybrid Aircraft, All Electric Aircraft), Power Source (Battery, Solar Cells, Fuel Cells, Others), by Range (Less than 600 Km, More than 600 Km), Application (Commercial, Military), and by Region – Forecast till 2030
New York, UK, Dec. 05, 2022 (GLOBE NEWSWIRE) — Electric Aircraft Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Electric Aircraft Market Information by Platform, System, Type, Technology, Application and Region – Forecast till 2030”, the market size is estimated to grow at a 15.4% CAGR from 2022 to 2030, touching USD 39.61 Billion by 2030.
Electric aircraft have the potential to improve air travel by lowering fuel prices and carbon footprint. The high demand for electric aircraft is related to the need for sustainable aviation and strict emission standards.
Another benefit of employing electric aircraft is the reduction in noise. Jet engines are used by electric aircraft, which are quieter than regular piston engines. This is a crucial aspect that has led to a rise in the use of electric aircraft by commercial airline operators around the world.
Electric aircraft can operate in noise-sensitive regions, such as in close proximity to airports, thanks to the lower noise levels. Another important reason fuelling the expansion of the market for electric aircraft is the fact that they use less fuel than conventional aircraft.
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Electric Aircraft Market Report Scope:
|Market Size in 2030||USD 39.61 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Platform, By System, By Type, by Technology and by Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||With a substantial increase in the number of global aircraft fleet size and air travel, these market figures are expected to rise even higher.|
The major vendors in the global market are
- Airbus SE (Netherlands)
- Elbit Systems Ltd. (Israel)
- AeroVironment, Inc (US)
These firms are striving to bolster their geographical reach while also focusing on introducing newer, and more advanced products via numerous strategies, such as partnerships, acquisitions, collaborations, and new launches.
In order to provide eco-friendly home-to-airport transportation, Delta Airlines announced a partnership with Joby Aviation, a manufacturer of electric vertical takeoff and landing (eVTOL) aircraft. The deal includes a $60 million investment in Joby with the option to increase the funding to $200 million. It will launch in New York and Los Angeles.
Saudi Arabian Airlines (Saudia) and German air taxi manufacturer Lilium have entered an agreement for up to 100 of Lilium’s electric aircraft for Saudia’s domestic network.
Market USP exclusively encompassed:
Primary Growth Boosters:
Fuel and gasoline are needed in great quantities by the aircraft. This increases the cost of producing aeroplanes for the aviation sector. This element is propelling the widespread adoption and acceptance of electric aircraft. Additionally, the market for electric aircraft is expanding due to consumer preference for technologically advanced goods.
The market expansion for electric aircraft is also being fuelled by escalating environmental concerns. The usage of electric aircraft contributes to a decrease in pollution. Additionally, this leads to a decrease in the harmful impacts of global warming. Additionally, electric aeroplanes are thought of as environmentally benign transportation options. The governments of both developed and developing nations are making attempts to reduce the consequences of greenhouse gas emissions and carbon emissions.
Technology advancements in the aviation sector are another element boosting the growth of the global market for electric aircraft. Several technologies are used in the production of aircraft. Autonomous systems are being used with electric aeroplanes. Some electric aircraft are also used in the defence and military industries. These elements are accelerating the global market growth for electric aircraft.
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For the purpose of lowering their carbon footprint, stakeholders in the logistics industry are primarily investing in electric means of transportation. As a result, the preference for all-electric aircraft as a form of transportation in the logistics industry creates new opportunities for electric aircraft producers. The cargo or freight planes are used to transport a variety of logistics and can be flown by either private persons or the armed forces of many international nations, as well as by civil passengers travelling on cargo airlines.
The lack of modern infrastructure in many nations is anticipated to be a major problem in the upcoming years. Although developing countries like India, Nigeria, Malaysia, and China show great promise for the development of electric aircraft, their development is constrained by the absence of a contemporary infrastructure. In these nations, many cities lack adequate transportation, and many regions lack airports and aerodromes.
A number of industrial sectors have been negatively impacted by the COVID-19 pandemic’s abrupt and unexpected spread and outbreak, with aviation, hit the hardest. The pandemic did not appear to have affected the market for electric aircraft as much as it did the aviation sector as a whole, though. Electric UAVs were known to be extensively employed by militaries for a variety of tasks and purposes, such as border security, whereas international governments and law enforcement organisations used them sparingly at first.
Electric Aircraft Market Segmentation
Regional transport aircraft, business jets, and other types of aircraft, such as light and ultralight aircraft, are among the main platforms offered by electric aircraft manufacturers.
Batteries, electric motors, and aerostructures, among other products like avionics and software, are included in the system’s market sector.
The system-based segments include Aerostructures, Electric Motors, Batteries, and more.
The fixed wing, rotary wing, and hybrid wing market types segment is responsible for the growth of the electric aircraft industry.
CTOL, STOL, and VTOL are the key segments, with respect to technology.
Military and Civil applications are the major applications of electric aircraft.
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The market for electric aircraft in North America, which currently holds the greatest share of 34.3%, could expand at a rate of 16.1% from 2020 to 2027. With regard to both military and civilian uses, the US area has the largest UAV fleet.
For the duration of the review period, Europe will achieve the fastest growth rate in the worldwide market. In Europe, the UK rules the market for electric aircraft. Due to the presence of significant market participants, the electric aircraft industry in Europe is being driven. Additionally, the ability of the residents of this region to fly on business jets is fostering a surge in interest in electric aircraft in Europe. Additionally, market expansion is being facilitated by favourable government policies.
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