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Future of Electric Aircraft Market: Size, Share & Forecasts to 2029
Electric Aircraft Market
What Is the Projected Market Size Valuation of the Electric Aircraft Market by 2025?
The market size for electric aircraft has seen swift growth over the past few years. Projecting ahead, it is set to expand from $10.21 billion in 2024 to hit $11.61 billion in 2025, indicating a compound annual growth rate (CAGR) of 13.7%. Factors such as urban air mobility (UAM) projects, escalating fuel prices, test flights, and prototypes, growing environmental awareness, coupled with government initiatives and incentives, contributed to this growth during the historical period.
What Is the Estimated Market Growth Value for the Electric Aircraft Industry in 2029?
In the coming years, the electric aircraft market is projected to witness swift expansion. It's anticipated to reach a value of $18.92 billion by 2029, with a compound annual growth rate (CAGR) of 13.0%. The predicted surge in this span can be tied to factors like growth in global air traffic, enhancement in energy storage, regulatory backing and certification methods, and worldwide initiatives to accomplish net-zero emissions. Key trends for this forecast period comprise the evolution of regional and short-distance electric aircraft, progression in battery technology, hybrid electric aircraft solutions, emphasis on reducing noise, and augmented investments in electric aviation.
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What Are the Growth Drivers and Opportunities in the Electric Aircraft Market?
The expected increase in worldwide air passenger numbers is set to stimulate the electric aircraft industry. Passenger airlines, companies that focus on transporting individuals, are benefiting from a preference for air travel due to its advantages such as speed, expanded international travel, and others. The electric aircraft market offers a more economical travel option for passengers, and simultaneously supports environmental sustainability. As an illustration, the United States airlines transported 853 million individuals in 2022, a significant increase from the previous year which saw them ferry 658 million passengers, according to data from the Bureau of Transportation Statistics, a US government agency, in March 2023. Consequently, the anticipated upswing in international air passenger traffic is propelling demand in the electric aircraft market.
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What Are the Primary Segments Covered in the Global Electric Aircraft Market Report?
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
What Are the Top Growth Trends in the Electric Aircraft Market?
Emerging technologies play a fundamental role in the growth of the electric aircraft market, as a key trend. Leading firms in this sector strive to innovate with new solutions to enhance their market presence, drawing on technologies that enable larger capacity journeys. An example of this occurred in June 2022, when UK-based aero-engine manufacturer Rolls Royce created new turbogenerator technology. This technology, which includes a novel compact engine applicable to hybrid-electric objectives, is anticipated to act as a scalable power source on-board. This will boost the Rolls-Royce Electrical Propulsion offerings, allowing the use of a broader variety of eco-friendly aviation fuels. The envisioned power range for this turbogenerator technology by Rolls-Royce sits between 500 kW and 1200 kW.
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Which Companies Are Shaping the Future of 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 Region Holds the Largest Market Share in the Electric Aircraft Industry?
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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