More Electric Aircraft Market Insights, Demand, and Forecast to 2033

"The new report published by The Business Research Company, titled ""More Electric Aircraft Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the more electric aircraft market size has grown rapidly in recent years. It will grow from $2.86 billion in 2023 to $3.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The more electric aircraft market size is expected to see rapid growth in the next few years. It will grow to $5.5 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%.

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Rising Air Passenger Traffic Propelling More Electric Aircraft Market Growth
The increase air passenger traffic is expected to propel the growth of the more electric aircraft market going forward. Air passenger traffic refers to the number of passengers in an aircraft. More electric aircraft are used to carry commercial and business passengers with advanced features such as computer-controlled, electrically driven propellers. For instance, according to the International Air Transport Association (IATA), a Canada-based trade association of the world's airlines, overall air traveler numbers will reach 4.0 billion in 2024, exceeding pre-COVID-19 levels by 103%. Therefore, the rise in air passenger traffic is driving the growth of the more electric aircraft market.

Innovation In More Electric Aircraft
Innovations in electric aircraft are a key trend gaining popularity in the more electric aircraft market. Major market players are concentrating their efforts on creating innovative technologies, such as the Spirit of Innovation Plane for more electric aircraft. For instance, in November 2021, Rolls-Royce, a UK-based company manufacturer of aircraft engines, marine propulsion systems, and power-generation systems launched its all-electric 'Spirit of Innovation' aircraft, the world's fastest all-electric aircraft, having established two new, independently verified world records. The aircraft broke the previous record by 213.04 km/h, reaching a high speed of 555.9 km/h (345.4 mph) over three kilometres (132 mph). In additional tests at the Boscombe Down experimental aircraft testing facility operated by the UK Ministry of Defence, the aircraft surpassed the previous record by 292.8 km/h (182 mph) and reached 532.1 km/h (330 mph) over 15 kilometers.

The more electric aircraft market covered in this report is segmented -

1) By Type: Fixed Wing, Rotary Wing, Hybrid Wing
2) By Aircraft System: Propulsion System, Airframe System
3) By Application: Power Generation, Power Distribution, Power Conversion, Energy Storage
4) By End User: Civil, Military

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Major companies operating in the more electric aircraft market report are AMETEK Inc., BAE Systems plc, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran Group, Thales Group, Boeing, Airbus S.A.S, Lockheed Martin, Parker-Hannifin Corp., Eaton, Ampaire, Bye Aerospace, Dixion Motors Inc., Dufour Aerospace, Electric Aircraft Corporation, Embraer SA, Eviation Alice, Faradair, Joby Aviation, Longanair Ltd., Magnix, Pipistrel USA, Siemens, Wright Electric, Zunum Aero, AeroTEC

Contents of the report:
1. Executive Summary
2. More Electric Aircraft Market Report Structure
3. More Electric Aircraft Market Trends And Strategies
4. More Electric Aircraft Market - Macro Economic Scenario
5. More Electric Aircraft Market Size And Growth
…..
27. More 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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