Electric Aircraft

Electric Aircraft

Global Electric Aircraft Market to Reach US$38.4 Billion by 2030

The global market for Electric Aircraft estimated at US$15.1 Billion in the year 2023, is expected to reach US$38.4 Billion by 2030, growing at a CAGR of 14.3% over the analysis period 2023-2030. Fixed Wing Electric Aircraft, one of the segments analyzed in the report, is expected to record a 13.3% CAGR and reach US$17.5 Billion by the end of the analysis period. Growth in the Rotary Wing Electric Aircraft segment is estimated at 14.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$4.1 Billion While China is Forecast to Grow at 13.5% CAGR

The Electric Aircraft market in the U.S. is estimated at US$4.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.9 Billion by the year 2030 trailing a CAGR of 13.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 12.8% and 12.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.5% CAGR.

Global Electric Aircraft Market - Key Trends & Drivers Summarized

Why Are Electric Aircraft Gaining Momentum in Aviation?

The electric aircraft market is experiencing rapid growth as the aviation industry seeks to reduce its carbon footprint and transition to more sustainable energy sources. Electric aircraft, which are powered by batteries or hybrid-electric systems, offer the promise of zero-emission flight, reduced noise pollution, and lower operating costs. The push towards electrification is being driven by both environmental concerns and regulatory pressures, as governments around the world implement stricter emissions standards and promote the development of green technologies. As a result, aerospace companies are investing heavily in the research and development of electric propulsion systems, and several prototypes and short-range electric aircraft are already in operation. The market is expected to expand as technological advancements improve battery energy density, enabling longer flights and more widespread adoption of electric aircraft.

How Are Technological Advancements Fueling the Electric Aircraft Market?

Technological innovation is at the heart of the electric aircraft revolution. Advances in battery technology, particularly in lithium-ion and solid-state batteries, are critical to the development of electric aircraft with longer ranges and higher payload capacities. Improvements in electric motor efficiency and power electronics are also enhancing the performance of electric propulsion systems, making them viable alternatives to traditional jet engines. Additionally, the integration of advanced materials, such as lightweight composites, is helping to reduce the overall weight of aircraft, further extending their range and improving energy efficiency. The development of hybrid-electric propulsion systems, which combine electric motors with conventional engines, is providing a transitional pathway towards fully electric flight. These hybrid systems offer the benefits of reduced fuel consumption and emissions while overcoming the range limitations of current battery technology, making them an attractive option for commercial aviation in the near term.

What Role Does Consumer and Industry Demand Play in the Electric Aircraft Market?

The demand for more sustainable and cost-effective air travel is a significant driver of the electric aircraft market. Consumers are increasingly aware of the environmental impact of air travel and are beginning to seek out greener alternatives. This shift in consumer preferences is encouraging airlines to explore electric aircraft as a way to differentiate themselves and attract eco-conscious travelers. In addition to consumer demand, the aviation industry itself is under pressure to reduce its carbon footprint and comply with stricter environmental regulations. Airlines and aircraft manufacturers are actively investing in electric and hybrid-electric technologies to meet these demands and position themselves as leaders in sustainable aviation. Furthermore, the potential for lower operating and maintenance costs associated with electric aircraft is attracting interest from airlines looking to improve profitability in an increasingly competitive market.

What Is Driving the Growth in the Electric Aircraft Market?

The growth in the electric aircraft market is driven by several factors. The need to reduce greenhouse gas emissions and comply with environmental regulations is one of the primary drivers, as the aviation industry seeks to transition to more sustainable energy sources. Technological advancements in battery energy density, electric propulsion, and lightweight materials are making electric aircraft more feasible and attractive for both commercial and private aviation. The increasing consumer demand for eco-friendly travel options and the potential for cost savings in terms of fuel and maintenance are also contributing to market growth. Additionally, government incentives and investments in green technologies are accelerating the development and adoption of electric aircraft. The expansion of urban air mobility (UAM) and the growing interest in electric vertical takeoff and landing (eVTOL) aircraft are further propelling the market, as these new applications offer the promise of reducing traffic congestion and improving urban transportation.

Select Competitors (Total 46 Featured) -

• Alisport Srl
• Elektra Solar GmbH
• Lilium GmbH
• Pipistrel d.o.o.
• Schempp-Hirth Flugzeug-Vertriebs GmbH

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.