Global Electric Aircraft Market to Record Strong Growth at 15.06% CAGR, Accounting for USD 31.24 Billion by 2030, North America Leads the Industry as Favorable Government Initiatives Rises, States Kings Research
DUBAI, UAE, Oct. 20, 2023 /PRNewswire/ -- According to the latest report by Kings Research, the global Electric Aircraft Market was valued at USD 8.84 billion in 2022 and is estimated to reach USD 31.24 billion by 2030, growing at a CAGR of 15.06% from 2023 to 2030. The market is anticipated to expand with technological advancements, innovations in electronic aircraft technology, and the development of electric vertical take-off and landing (eVTOL) and unmanned aerial vehicles (UAV).
Increased investment in electric aircraft contributes to the advancement of aviation technology, rendering it more environmentally sustainable. Furthermore, governmental regulations and incentives play a pivotal role in stimulating investment and innovation within the realm of electric aviation.
Aircraft manufacturers are actively exploring innovative design concepts, including hybrid electric propulsion systems and Vertical Takeoff and Landing (VTOL) aircraft. Additionally, ongoing advancements in battery technology, electric motors, and power management systems are poised to enhance the operational capabilities of electric aircraft, enabling longer flight durations, extended range, and increased payload capacity.
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Competitive Landscape
Key manufacturers in the global electric aircraft market are strategically concentrating on various approaches to bolster their market presence in different regions. These strategies encompass initiatives such as establishing partnerships, engaging in mergers and acquisitions, fostering product innovations, and collaborating through joint ventures. For instance, in June 2023, Scandinavian Airlines (SAS) initiated the use of electric aircraft for commercial flights in Sweden, Norway, and Denmark. This move aligns with SAS's commitment to sustainable air travel and marks a substantial step in that direction.
Prominent companies profiled in the global electric aircraft market include:
- American Airlines
- Collins Aerospace
- Leonardo S.p.A.
- Scandinavian Airlines (SAS)
- Yuneec
- BAE Systems
- AIRBUS
- ARCHER AVIATION INC.
- GENERAL ELECTRIC
- PARKER HANNIFIN CORP
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Trending Now: MIT Engineers Develop Megawatt Electric Motor for Commercial Airliners
In June 2023, a team of engineers at MIT developed a new megawatt electric motor that could be used to power commercial airliners. The motor is a key stepping stone towards electrifying larger aircraft, which would help to reduce emissions and make aviation more sustainable.
The motor is designed to be lightweight and efficient, and it can produce up to 1 megawatt of power. This is enough power to propel a small commercial airliner, such as a regional jet.
The motor is still in the early stages of development, but the MIT team is confident that it can be scaled up to power larger aircraft in the future. They are also working on developing new battery technologies that would make electric airliners more feasible.
Electric Aircraft with Less than 500 km Power Density to Drive Market Proliferation
Based on the power density, the electric aircraft market is further bifurcated into less than 500 km and more than 500 km.
The less than 500 km segment is expected to dominate the global electric aircraft market. With advances in battery technology, aircraft now have the capability to achieve longer ranges. This has led to the introduction of electric aircraft with increased range for commercial use. The market currently offers mostly ultra-light electric aircraft with power density ranging from 0 to 500 km.
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Increasing Demand for Light and Ultralight Aircraft to Bolster Market Growth
In terms of platform, the electric aircraft market is divided into regional transport aircraft, business jets, and light and ultralight aircraft.
The light and ultralight aircraft segment emerged as the dominant force in the market in 2022. This segmental growth can be attributed to the increasing demand for these types of aircraft. The ongoing modernization of aircraft, product innovation, and ongoing technological advancements have greatly contributed to the growth of the segment.
Growing Governmental Initiatives on Carbon Emissions to Drive Electric Aircraft Market Development
Governmental support around the world to mitigate carbon and greenhouse gas emissions, as well as the expansion of the aviation industry, are fueling the growth of the electric aircraft market. Furthermore, the market is anticipated to experience substantial growth in the near future due to increasing environmental concerns and the search for higher energy-density batteries capable of meeting the range and efficiency requirements of commercial aviation. The market is further growing as a result of increased efforts being made to develop electric aircraft capabilities by major companies throughout the world, which is supported by their R&D resources.
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Rapid Adoption of Clean Technology in North America to Support Market Expansion
North America is dominating the global electric aircraft market due to the high demand for fuel-efficient transportation and strict government regulations promoting clean technology adoption. Furthermore, the North American market benefits from the presence of significant upcoming projects and the emergence of numerous start-ups actively supporting the electrification initiatives within the aviation sector.
The growth trajectory of this regional segment is expected to be further bolstered by several key factors such as advancements in aircraft and engine architecture, the imperative need to reduce airport noise pollution, the continuous drive to optimize aircraft performance, and the growing adoption of fuel cell technology. Additionally, the market is poised to benefit from ongoing innovations such as high-density battery solutions, the development of alternative energy sources for power generation, and the expansion of advanced electronic components designed for the electric aircraft industry.
The increased production of commercial aircraft in the region has boosted demand for Electric Vertical Takeoff and Landing (eVTOL) aircraft. Noteworthy advancements in military aviation, including the acquisition of unmanned aerial vehicles, as well as the introduction of novel technologies including hybrid aircraft capable of vertical takeoff, are anticipated to propel market growth through the forecast period.
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Key Points from TOC:
1 Introduction of the Global Electric Aircraft Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Electric Aircraft Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Electric Aircraft Market, By Platform
7 Global Electric Aircraft Market, By Component
8 Global Electric Aircraft Market, By Power Density
9 Global Electric Aircraft Market, By End-User
10 Global Electric Aircraft Market, By Geography
11 North America
12 Europe
13 Asia Pacific
14 Middle East & Africa
15 Latin America
16 Global Electric Aircraft Market Competitive Landscape
16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
17 Company Profiles
17.1 American Airlines
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Collins Aerospace
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Leonardo S.p.A.
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 Scandinavian Airlines (SAS)
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 Yuneec
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis
Continued…….
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