Soaring Demand Set to Propel Electric Aircraft Market to $19.41 Billion by 2029

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What Is the Expected CAGR for the Electric Aircraft Market Through 2025?
The market for electric aircraft has experienced significant expansion in recent years. Expected to rise from $10.21 billion in 2024 to $11.68 billion in 2025, it boasts a compound annual growth rate (CAGR) of 14.4%. The expansion during this historical period can be credited to elements such as urban air mobility (UAM) initiatives, escalating fuel prices, the advent of demonstration flights and prototypes, environmental consciousness, and supportive government initiatives and incentives.

What's the Projected Size of the Global Electric Aircraft Market by 2029?
In the coming years, the market size for electric aircraft is projected to surge quickly, with an estimated valuation of $19.42 billion by 2029, courtesy of a compound annual growth rate (CAGR) of 13.5%. This growth during the forecast period can be linked to factors such as rising global air traffic, enhanced energy storage advancements, regulatory support coupled with certification processes, and worldwide initiatives to achieve net-zero emissions. The forecast period also sees several key trends including the progress of regional and short-haul electric aircraft, forward strides in battery technology, hybrid electric aircraft alternatives, a concentration on reducing noise, and the escalation in investments in electric aviation.

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Top Growth Drivers in the Electric Aircraft Industry: What's Accelerating the Market?
The electric aircraft market is seeing a boost due to an increase in worldwide air passenger numbers. Passenger airlines, which are dedicated to transporting people, are being chosen for travel due to the advantages they offer such as speed and increased international routes. By offering a sustainable solution that decreases the expense of travel for passengers, electric aircraft are making a significant environmental contribution. For example, the Bureau of Transportation Statistics, a government agency based in the US, reported that United States airlines transported 853 million airline passengers in 2022, a significant leap from the 658 million passengers in 2021. Thus, the escalating global volume of air passengers is fuelling the demand for the electric aircraft market.

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What Trends Will Shape the Electric Aircraft Market Through 2029 and Beyond?
The rise of technology plays a crucial role in the evolution of the electric aircraft market, as key operators are introducing innovative solutions to cater long distance travel and establish dominance. For instance, Rolls Royce, a leading aero-engine manufacturer from the UK, broke new ground in June 2022 by developing their turbogenerator technology. This includes crafting a compact engine aimed at hybrid-electric uses. This system acts as an on-board energy source with scalable power supply capacity. The approach serves to enhance the depth of Rolls-Royce Electrical Propulsion's portfolio, facilitating greater usage of sustainable aviation fuel. The ambition of Rolls-Royce is to provide power ranging from 500kW up to 1200kW through this groundbreaking turbogenerator technology.

What Are the Main 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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Which Top Companies are Driving Growth in the Electric Aircraft Market?
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.

Which Regions Will Dominate the Electric Aircraft Market Through 2029?
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.

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