Press release
Global Hybrid Electric Aircrafts Market Expansion at 25.1% CAGR, Valued at $5.39 Billion by 2029
Hybrid Electric Aircrafts
What Are the Hybrid Electric Aircrafts Market Size Forecast for 2025?
Over the past few years, the market size of hybrid electric aircrafts has seen exponential growth. It is projected to rise from $1.76 billion in 2024 to $2.2 billion in 2025, marking a compound annual growth rate (CAGR) of 24.9%. Factors contributing to this significant growth over the historic period include rising fuel costs, increasing environmental consciousness, tighter emission control regulations, amplified demand for energy-efficient aviation, and governmental endorsement of sustainable aviation efforts.
What Is the Market Size Outlook for Hybrid Electric Aircrafts Until 2029?
In the coming years, the market for hybrid electric aircrafts is predicted to experience a tremendous surge, reaching a valuation of $5.39 billion by 2029, growing at a compound annual growth rate (CAGR) of 25.1%. The projected growth during the forecast period can be linked to the greater acceptance of urban air mobility (UAM), intensified emphasis on reducing noise pollution, broader airline sustainability initiatives, advancement in hybrid propulsion systems for larger aircraft, and increased investment in electric aviation infrastructure. The forecast period will also see major trends like the creation of hybrid-electric air taxis, progression in rapid charging infrastructure, transition to modular electric powertrains, expansion in governmental incentives for eco-friendly aviation, and introduction of AI in flight optimisation and energy management.
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What Are the Major Factors Driving Demand in the Hybrid Electric Aircrafts Market?
The hybrid-electric aircraft market is anticipated to expand due to the increasing air traffic. As economic development and income growth lead to more consumer expenditure on travel, the requirement for air transport escalates. Furthermore, the growth of international tourism and the accessibility of budget-friendly airfares substantially increase passenger counts and air traffic. Hybrid-electric airplanes can benefit air traffic by curbing emissions and noise, paving the way for more efficient and eco-friendly operations in overcrowded airports. For example, a report unveiled by the Canada-based International Air Transport Association (IATA) in February 2024 stated that the global air traffic soared by 36.9% in 2023 compared to 2022. Consequently, the upsurge in air traffic is set to stimulate growth in the hybrid-electric aircraft market.
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How Are End-Use Segments Shaping the Hybrid Electric Aircrafts Market Outlook?
The hybrid electric aircrafts market covered in this report is segmented -
1) By Aircraft Type: Regional Transport Aircraft, Business Jets And Light Aircraft, Advanced Air Mobility
2) By Component: Aerostructures, Engine, Avionics, Electric Motor, Batteries And Fuel Cells, Generator, Other Components
3) By Lift Technology: Conventional Take-Off And Landing (CTOL), Short Take-Off And Landing (STOL), Vertical Take-Off And Landing (VTOL)
4) By Mode Of Operation: Piloted, Automated
5) By Application: Commercial, Military
Subsegments:
1) By Regional Transport Aircraft: Short-Haul Regional Aircraft, Medium-Haul Regional Aircraft, Turboprop Hybrid Aircraft
2) By Business Jets And Light Aircraft: Light Business Jets, Personal Light Aircraft, Hybrid Electric Trainers
3) By Advanced Air Mobility: Urban Air Mobility Vehicles, Electric Vertical Takeoff And Landing (eVTOL) Aircraft, Cargo Delivery Drones
What Are the Strategic Trends Transforming the Hybrid Electric Aircrafts Market Landscape?
Numerous key companies in the hybrid-electric aircraft sector are paying close attention to the creation of high-velocity propulsion structures, such as turbogenerator systems, to augment efficiency and curb environmental damage through sophisticated power solutions. Turbogenerator mechanisms utilize a turbine for power generation, often amalgamated with high-velocity engines, to supply power both effectively and reliably. For instance, in June 2022, Rolls-Royce Holdings plc, an enterprise based in the UK operating in the aerospace and defense industry, launched a new turbogenerator system which will serve as the onboard power source for hybrid-electric planes. The system, enabling scalable power output ranging from 500 kW to 1200 kW, is designed to enhance Rolls-Royce's already present electric propulsion mechanisms. The innovative concept is designed to prolong flight range by using sustainable aviation fuels and forthcoming hydrogen combustion technologies, in turn promoting long-distance travel with reduced or zero net emissions to augment passenger capacity.
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Who Are the Prominent Companies in the Hybrid Electric Aircrafts Market by ?
Major companies operating in the hybrid electric aircrafts market are Siemens AG, Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Honeywell Aerospace, National Aeronautics and Space Administration (NASA), Safran S.A., Rolls-Royce Holdings plc, Israel Aerospace Industries Ltd., Embraer S.A., GKN Aerospace Services Limited, Daher, Aurora Flight Sciences, Heart Aerospace AB, Aura Aero S.A.S., MagniX International, Dufour Aerospace AG, Manta Aircraft Inc., Airspace Experience Technologies Inc., Zunum Aero Inc., Ampaire Inc., Elroy Air Inc., Electra Aero Inc.
Which Region Is Expected to See the Highest CAGR in the Hybrid Electric Aircrafts Market?
North America was the largest region in the hybrid electric aircrafts market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hybrid electric aircrafts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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