Press release
Electric Aircraft Market Set to Reach $19.42 Billion by 2029 with 14% Yearly Growth
Electric Aircraft Market
The electric aircraft market is expected to grow due to an increase in international air travel volume. Passenger airlines, those airlines focusing on transporting people, are gaining preference due to the many advantages it affords like speed and convenience for international travel. Electric aircraft not only reduce the cost for passengers but are also a sustainable alternative, contributing to environmental sustainability. As per the data from the Bureau of Transportation Statistics, a government agency in the US, it was observed that the number of airline passengers increased from 658 million in 2021 to 853 million in 2022. This rise in global air traffic, therefore, fuels the demand for the electric aircraft market.
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How will the growth rate of the electric aircraft market shape industry trends by 2034?
In recent years, the electric aircraft market has experienced rapid expansion. It is projected to increase from $10.21 billion in 2024 to $11.68 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 14.4%. The historical growth in this market can be credited to urban air mobility (UAM) initiatives, increasing fuel prices, demonstration flights and prototypes, environmental imperatives, as well as government initiatives and incentives.
The expected size of the electric aircraft market is predicted to experience swift expansion in the upcoming years. The growth will lead it to reach a value of $19.42 billion in 2029 at a compound annual growth rate (CAGR) of 13.5%. Several factors contributing to this predicted growth during the forecast period include an increase in worldwide air traffic, progressive developments in energy storage, support and certification from regulatory bodies, and worldwide initiatives towards achieving net-zero emissions. Key expansion trends during this period are anticipated to be the creation of regional and short-haul electric aircraft, advancements in the technology of batteries, solutions for hybrid electric aircraft, reduction efforts in noise, and growing investments within the electric aviation industry.
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What trends are poised to drive the future success of the electric aircraft market?
The electric aircraft market is currently being shaped by significant technological innovations. The main players in this sector are developing cutting-edge technologies to facilitate extended routes and secure an advantage in the market. For example, Rolls Royce, an aero-engine manufacturer from the UK, introduced turbogenerator technology in June 2022. This new compact engine was developed for use in hybrid-electric applications, and will serve as an on-board power supply with adjustable power outputs. This will enhance the Rolls-Royce Electrical Propulsion portfolio by allowing a wider application of eco-friendly aviation fuels. With this revolutionary turbogenerator technology, Rolls-Royce plans to provide power levels ranging from 500 kW to 1200 kW.
Which primary segments of the electric aircraft market are driving growth and industry transformations?
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 And Ultralight Aircraft
5) By Application: Commercial, Military, Other Applications
Subsegments:
1) By Fixed Wing: Electric Airplanes, E-Regional Aircraft, Electric Cargo Aircraft
2) By Rotary Wing: Electric Helicopters, eVTOL (Electric Vertical Takeoff And Landing) Aircraft
3) By Hybrid Wing: Hybrid Electric Aircraft, Convertible Aircraft
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Which geographical regions are pioneering growth in the electric aircraft market?
North America was the largest region in the electric aircraft market in 2024. The regions covered in the electric aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the electric aircraft market landscape?
Major companies operating in the electric aircraft market are Airbus Yuneec Holding Limited, The Boeing Company, Lilium GmbH, Safran SA, Bye Aerospace Inc., Honeywell International Inc., Rolls-Royce Holding PLC, Aerospace Limited, Electric Aircraft Corporation, Aero Electric Aircraft Corp., Airspace Experience Technologies LLC, Ampaire 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, Harbour Air Seaplanes, Heart Aerospace AB, Joby Aviation Inc., Lange Aviation GmbH, Pipistrel d.o.o Ajdovscina, RTX Corporation, Siemens AG, Vertical Aerospace Ltd.
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What Is Covered In The Electric Aircraft Global Market Report?
• Market Size Forecast: Examine the electric aircraft market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electric aircraft market for a structured understanding.
• Key Players Overview: Analyze major players in the electric aircraft market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric aircraft market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electric aircraft market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric aircraft market.
• Industry Challenges: Identify potential risks and obstacles affecting the electric aircraft market.
• Competitive Landscape: Review strategic developments in the electric aircraft market, including expansions, agreements, and new product launches.
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