Press release
Rising Air Passenger Numbers Propel Growth In The Electric Aircraft Market: A Significant Driver Propelling The Electric Aircraft Market In 2025
Electric Aircraft
What Is the Electric Aircraft Market Size and Projected Growth Rate?
In recent times, the electric aircraft market has seen substantial growth. It is set to rise from a $10.21 billion value in 2024 to $11.68 billion in 2025, reflecting a compound annual growth rate (CAGR) of 14.4%. Factors contributing to this growth in the historic period include urban air mobility (UAM) initiatives, increased fuel costs, demonstration flights and prototypes, concerns about the environment, and government programs and incentives.
In the coming years, the size of the electric aircraft market is anticipated to experience a swift expansion. Forecasts predict that it will reach a valuation of $19.42 billion in 2029, boasting a compound annual growth rate (CAGR) of 13.5%. The growth in the prediction period can be associated with the rising worldwide air traffic, advancements in the area of energy storage, policy support and certification protocols, as well as global quests for net-zero emissions. Notable trends in the speculation period are the creation of regional and short-haul electric planes, enhancements in battery technology, solutions for hybrid electric planes, concentrating on noise reduction, and a rise in investments in electric aviation.
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What Are the Major Segments in the Electric Aircraft Market?
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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What Are The Driving Electric Aircraft Market Evolution?
The demand for electric aircraft is escalating, due to an increase in global air passenger numbers. Passenger airlines, which focus primarily on transporting people, are observing that passengers are choosing air travel because of its advantages like speed, the facilitation of international travel, and others. Electric aircraft not only make travelling affordable for passengers but are also eco-friendly due to their sustainable nature. To illustrate, the Bureau of Transportation Statistics, a governmental agency based in the US, reported that US airlines transported 853 million passengers in 2022, a significant increase from the 658 million passengers in 2021. Consequently, the rising volume of global air passengers is fueling the growth of the electric aircraft market.
Which Firms Dominate The Electric Aircraft Market Segments?
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.
What Trends Are Expected to Dominate the Electric Aircraft Market in the Next 5 Years?
Innovations in technology are shaping the trends in the electric aircraft market. Prominent players within this market are adapting and creating cutting-edge technologies to facilitate longer routes and establish a competitive edge. For instance, in June 2022, Rolls Royce, an aero-engine maker based in the UK, pioneered a new technology known as the turbogenerator. This technology includes a new compact engine suited for hybrid-electric applications. It is designed to provide onboard power with the flexibility of scaling power supplies, enhancing the Rolls-Royce Electrical Propulsion portfolio by allowing for a broader selection of sustainable aviation fuels. With this turbogenerator technology, Rolls-Royce plans to deliver a power range of 500 kW to 1200 kW.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Aircraft Market?
2. What is the CAGR expected in the Electric Aircraft Market?
3. What Are the Key Innovations Transforming the Electric Aircraft Industry?
4. Which Region Is Leading the Electric Aircraft Market?
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