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Electric Aircraft Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Electric Aircraft Market
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According to The Business Research Company's, 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 Drivers and Trends:
The increasing price volatility of conventional fuels is expected to propel the growth of the electric aircraft market in the coming years. Conventional fuels are conventional energy sources that have been around for a long time, such as coal, diesel, and petrol and are often used for a variety of purposes, including the production of electricity and heat. Conventional fuels are frequently used in airplanes for propulsion, especially aviation fuels made from fossil fuels. For instance, in August 2022, according to the Bureau of Transportation Statistics, a US-based federal agency that gathers, examines, and disseminates data about the country's transportation, regular motor gasoline prices increased by 49% between January and June 2022, while diesel fuel prices increased by a slightly greater value, 55%. Therefore, the increasing price volatility of conventional fuels is driving the electric aircraft market.
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.
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Major Key Players of the Market:
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.
Electric Aircraft Market 2024 Key Insights:
• 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%.
• Rising Air Passenger Numbers Propel Growth In The Electric Aircraft Market
• Rolls-Royce Unveils Innovative Turbogenerator Technology, Revolutionizing Electric Aircraft Capabilities
• North America was the largest region in the electric aircraft market in 2023
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