Press release
Electric Aircraft Market Outlook 2024: Exclusive Report By The Business Research Company | Airbus Yuneec Holding Limited, The Boeing Company, Yuneec International Co. Ltd., Lilium GmbH, Safran SA
Electric Aircraft Market Characteristics
The Business Research Company offers in-depth market insights through Electric Aircraft Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The electric aircraft market size has grown rapidly in recent years. It will grow from $9.08 billion in 2023 to $10.41 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to urban air mobility (uam) initiatives, rising fuel costs, demonstration flights and prototypes, environmental concerns, government initiatives and incentives..
The electric aircraft market size is expected to see rapid growth in the next few years. It will grow to $17.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to increasing global air traffic, advancements in energy storage, regulatory support and certification processes, global efforts to achieve net-zero emissions.. Major trends in the forecast period include development of regional and short-haul electric aircraft, advancements in battery technology, hybrid electric aircraft solutions, focus on noise reduction, increasing investments in electric aviation..
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Market Segmentation:
The electric aircraft market covered in this report is segmented -
1) By Type: Fixed Wing, Rotary Wing, Hybrid Wing
2) By Technology: CTOL, STOL, VTOL
3) By System: Batteries, Electric Motors, Aerostructures, Avionics, Software, Other Systems
4) By Platform: Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft
5) By Application: Commercial, Military, Other Applications
Major Driver - Rising Air Passenger Numbers Propel Growth In The Electric Aircraft Market
A surge in global air passenger volume is expected to drive the electric aircraft market. Airlines that specialize in carrying people are called passenger airlines. Air passengers are opting for air travel due to its benefits, such as speed, increased international travel, and others. The electric aircraft reduces the cost of travel for passengers and contributes to the environment by being sustainable. For instance, according to the International Air Transport Association, a Cuba-based trade association of the world's airlines, global air traffic increased by 76.0% from March 2021 to March 2022. Also, it is projected that there will be 4.0 billion passengers worldwide in 2024, reaching pre-COVID-19 levels (103% of the amount for 2019). Therefore, a surge in global air passenger volume is driving the demand for electric aircraft market.
Competitive Landscape:
Major companies operating in the electric aircraft market report are Airbus Yuneec Holding Limited, The Boeing Company, Yuneec International Co. Ltd., Lilium GmbH, Safran SA, Bye Aerospace Inc., Raytheon Company, Honeywell International Inc., Rolls-Royce Holding plc, Aerospace Limited, Zodiac Aerospace SA, Electric Aircraft Corporation, ACS-Itaipu Sora-E, Aero Electric Aircraft Corp., Airspace Experience Technologies LLC, Alisport Silent Club GmbH, Ampaire Inc., Ametek Inc., BAE Systems plc, Beta Technologies Inc., Blackbird Aero, Cessna Aircraft company, DigiSky SkySpark, Electravia SARL, Elroy Air Technologies Inc., Eviation Aircraft Ltd., Flight Design General Aviation GmbH, Flightstar Aircraft Services LLC, Harbour Air Seaplanes, Heart Aerospace AB, Joby Aviation Inc., Lange Aviation GmbH, Pipistrel d.o.o Ajdovscina, RTX Corporation, Siemens AG, Vertical Aerospace Ltd., Guangzhou Xiaopeng Motors Tech. Ltd.
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Top Trend - Rolls-Royce Unveils Innovative Turbogenerator Technology, Revolutionizing Electric Aircraft Capabilities
Technological advancements are a key trend in the electric aircraft market. Major companies operating in the electric aircraft market are coming up with novel technologies for enabling longer routes and gaining a competitive edge in the market. For instance, in June 2022, Rolls Royce, a UK-based aero-engine maker, developed turbogenerator technology, including the creation of a new compact engine for hybrid-electric applications. The system will be an on-board power source with scalable power supplies, complementing the Rolls-Royce Electrical Propulsion portfolio by enabling a greater range of sustainable aviation fuels. Rolls-Royce intends to offer a power range of 500 kW to 1200 kW using this turbogenerator technology.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Aircraft Market Characteristics
3. Electric Aircraft Market Trends And Strategies
4. Electric Aircraft Market - Macro Economic Scenario
5. Electric Aircraft Market Size And Growth
…..
27. Electric Aircraft Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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