Press release
Future of the Electric Aircraft Market: Emerging Opportunities, Market Dynamics, and Strategic Roadmap
Electric Aircraft Market
In 2023, the electric aircraft market was valued at USD 12.52 billion. By 2032, the market is expected to grow to USD 53.56 billion from USD 14.67 billion in 2024. The market is projected to register a CAGR of 17.6%. Some of the key factors boosting this market growth are:
➟ Increasing environmental concerns about harmful emissions drive the market demand for electric aircrafts.
➟ Increasing global regulations, along with incentives and favorable policies, are also contributing to the electric aircraft market demand.
➟ The reduced noise levels of electric aircraft decrease noise pollution, which in turn enhances market growth.
➟ The increasing need for urban air mobility (UAM) is a key factor propelling the growth of the electric aircraft market.
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What Is Electric Aircraft?
Electric aircraft are powered by electricity, offering the potential for reduced emissions, noise, and operating costs compared to traditional jet-powered aircraft, though they currently face limitations in range and battery technology. Electric aircraft, also known as e-aircraft or electric planes, use electric motors powered by batteries to propel the aircraft rather than relying on traditional jet engines and fossil fuels. Electric motors convert electrical energy into mechanical energy, which is then used to drive propellers or turbines, enabling flight. Batteries, typically lithium-ion, store the electricity needed to power the motors. Electric propulsion systems also include components like motor controllers, gearboxes, and cooling systems.
Key Market Players
The market witnesses intense competition as businesses utilizes advanced technology, high-quality product selections, and a strong brand image to drive revenue growth. A few of such key players include:
• AeroVironment, Inc.
• Airbus
• Boeing
• Ehang
• Elbit Systems Ltd.
• Eviation Aircraft
• Heart Aerospace
• Joby Aviation
• Lilium
• MagniX
• Pipistrel
• Vertical Aerospace
• Volocopter
• Wisk Aero
• XTI Aircraft Company
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Electric Aircraft Market Report Highlights
☛ The rotary wing segment accounted for a significant share of the market due to an increase in demand from emergency response, search and rescue missions, surveillance activities, and military operations.
☛ The batteries segment accounted for a significant market revenue share due to the requirement for higher energy density and greater performance.
☛ The vertical takeoff and landing segment accounted for the largest market share due to greater applications in medical evacuation and cargo transport.
☛ The commercial segment accounted for the largest market share in 2023 due to the focus on the reduction of carbon emissions and the decrease in levels of noise pollution.
☛ In 2023, North America accounted for the largest revenue share due to a rise in demand for sustainable aviation and urban air mobility.
Regional Analysis:
Electric Aircraft Market, Regional Outlook
o North America
» Component Outlook
» Aerostructures
» Avionics
» Batteries
» Motors
» Others
» Technology Outlook
» Conventional Takeoff and Landing (CTOL)
» Vertical Takeoff and Landing (VTOL)
» Short Takeoff and Landing (STOL)
» End-use Outlook
» Military
» Commercial
» Type Outlook
» Rotary Wing
» Fixed Wing
» Hybrid Wing
o Europe
» Component Outlook
» Aerostructures
» Avionics
» Batteries
» Motors
» Others
» Technology Outlook
» Conventional Takeoff and Landing (CTOL)
» Vertical Takeoff and Landing (VTOL)
» Short Takeoff and Landing (STOL)
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Segmental Overview
• The electric aircraft market is segmented based on type, technology, component, end use, and region.
• The batteries segment, based on component, held a significant market share as they are essential for electric aircraft, with improvements vital for performance.
• By end use, the commercial segment held the largest market share in 2023 due to the increasing trend in creating electric aircraft for commercial use.
Electric Aircraft Market, Component Outlook (Revenue - USD Billion, 2019-2032)
• Aerostructures
• Avionics
• Batteries
• Motors
• Others
Electric Aircraft Market, Technology Outlook (Revenue - USD Billion, 2019-2032)
• Conventional Takeoff and Landing (CTOL)
• Vertical Takeoff and Landing (VTOL)
• Short Takeoff and Landing (STOL)
Electric Aircraft Market, End-use Outlook (Revenue - USD Billion, 2019-2032)
• Military
• Commercial
Electric Aircraft Market, Type Outlook (Revenue - USD Billion, 2019-2032)
• Rotary Wing
• Fixed Wing
• Hybrid Wing
Frequently Asked Questions (FAQs)
1. What is the projected size of the Electric Aircraft Market?
2. Who are the leading players in the Electric Aircraft Market?
3. Which regions are making significant contributions to the Electric Aircraft Market?
4. What is the anticipated CAGR for the Electric Aircraft Market between 2024 and 2032?
5. What are the main segments within the Electric Aircraft Market?
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