The Global Electric Aircraft Market is estimated to reach USD 138.8 Billion by 2027 at a CAGR of 3.5 %.
Electric aircraft are aircraft powered by electric motors. Ground power cables, batteries, solar cells, fuel cells, ultra-capacitors, and power beaming are various methods used for supplying electricity to aircraft. The use of electric aircraft possesses advantages such as efficiency, reliability, reduce noise pollution, and better environmental effects, and among others which have made electric aircraft more popular.
Electric Aircraft Market: Drivers & Restraints
Reducing Greenhouse Gas Emission
Aviation is one of the fastest growing sources for greenhouse gas emissions. Carbon dioxide is the largest component of aircraft emission. This eliminated gas mixes with the atmosphere causing global warming. However, changing the earth’s climate has shifted the focus towards a more efficient and cleaner form of transport, which in turn has boosted the use of electric aircraft. According to the International Air Transport Association (IATA), 2% of global carbon emission is by commercial aviation. Electric aircraft will help to reduce 50% of CO2 emission by reducing fuel use. Furthermore, aerospace firms are taking initiatives to reduce the growing contribution to greenhouse gas emission, by replacing the fuel engine with electric engines. Thus, the use of electric aircraft has helped to reduce greenhouse gas emissions, boosting the growth of the Electric Aircraft Market.
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Increasing Initiatives to Reduce Fuel Consumption
According to Our World In Data, the global fossil fuel consumption in 2017 was 1,33,853.38 TWh, while their production is expected to decline as these are non-renewable energy resources. Reduce fuel consumption is one of the major concern in the aviation industry. However, the use of electric aircraft helps to reduce the fuel cost significantly, while simultaneously saving from hazardous fuel waste. Additionally, oil production price has peaked in recent year which has developed the need to replace the use of conventional fuel. However, electricity is cheaper than conventional fuel and has been incorporated in aircraft. Thus, owing to these factors, initiatives are made to reduce the fuel consumption which has expected to boost the growth of the Electric Aircraft Market.
Significant Investment Incurred in Development of Electric Aircrafts
Research institutions such as NASA, and others along with aerospace firms are making investments in developing more efficient electric aircraft. Investment is required in different stages of the electric aircraft industry such as in research & development, system integration, manufacturing, and assembly stages. However, investment required in these stages are relatively higher owing to the higher precision required during the manufacturing of electric aircraft. Thus, investment incurred in development of electric aircraft may hinder the growth of market.
Electric Aircraft Market: Key segments
- Based on Type: Light Jet, and Ultra-Light Jet
- Based on Technology: All Electric, Full Hybrid, and More Electric Hybrid
- Based on Application: Electric Motor, Batteries, Power Electronics, and Others
- Key Regions Covered: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
Electric Aircraft Market: Report Scope
The report on the Electric Aircraft Market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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List of the leading companies operating in the Electric Aircraft Market include:
- Eviation Aircraft (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Pipistrel Group
- AMPAIRE INC.
- Bye Aerospace
- Zunum Aero
- Airbus S.A.S.
- Volta Volaré, Inc.
- Lilium GmbH
- Other Key Companies
Electric Aircraft Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Electric Aircraft Market, by Type
- Light Jet
- Ultra-light Jet
Electric Aircraft Market, by Technology
- All Electric
- Full Hybrid
- More Electric Hybrid
Electric Aircraft Market, by Component
- Electric Motors
- Power Electronics
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Electric Aircraft Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the major developments impacting the global market and its growth?
- What will be the effects of the developments in the global market on the industry and on the market players in the near and far future?
- What are the evolving types of the global market?
- What are the evolving applications of the global market?
- What are the major characteristics that will affect the global market growth during the study period?
- Who are the key global players operating in the market?
- How are the major players leveraging in the existing global market conditions?
Table of Content
- RESEARCH DESIGN & SCOPE
- EXECUTIVE SUMMARY
- MARKET DYNAMICS
- INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
- Electric Aircraft Market BY TYPE, Market Size in USD Million & Units (2019—2027)
- Electric Aircraft Market BY TECHNOLOGY, Market Size in USD Million & Units (2019—2027)
- Electric Aircraft Market BY COMPONENT, Market Size in USD Million & Units (2019—2027)
- Electric Aircraft Market BY REGION, Market Size in USD Million & Units (2019—2027)
- COMPETITIVE LANDSCAPE
- COMPANY PROFILES
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