Electric Aircraft Market to Cross USD 29.10 Billion by 2030 owing to Emergence of Urban Air Mobility (UAM) Coupled with Government Support and Regulation
Research Reports
Oct 25, 2023
Electric Aircraft Market Overview
According to SNS Insider’s research, the Electric Aircraft Market is poised for a promising future, driven by a convergence of environmental awareness, technological advancements, cost-efficiency, noise reduction, innovation, and regulatory support.
As per the SNS Insider report, the Electric Aircraft Market had a 2022 valuation of USD 9.44 billion and is projected to attain USD 29.10 billion by 2030, experiencing a compound annual growth rate (CAGR) of 15.1% throughout the forecast period from 2023 to 2030.
Market Report Scope
Electric Aircraft, also known as e-aircraft, are a new class of airplanes that rely on electric propulsion systems to generate thrust and lift. Instead of traditional internal combustion engines, these aircraft utilize electric motors powered by electricity stored in batteries. The energy source can vary from lithium-ion batteries to fuel cells, but the common denominator is their clean energy profile. Electric Aircraft are significantly quieter than their conventional counterparts, making them more amenable to urban air mobility and reducing noise pollution. Electric Aircraft are more energy-efficient, as electric motors are capable of delivering power with higher efficiency compared to internal combustion engines.
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Major Key Players Included are:
• Airbus
• Yuneec Holding Limited
• Pipistrel Group
• Bye Aerospace
• Digisky S.R.L
• Leonardo S.p.A
• Groupe Gorgé
• EHang Holdings Limited
• Faradair Aerospace Limited
• Boeing and other players.
Market Analysis
One of the foremost drivers behind the growth of the Electric Aircraft Market is the global commitment to environmental sustainability. With rising concerns about climate change and the aviation industry’s carbon footprint, Electric Aircraft present a compelling solution. These aircraft produce zero emissions during flight, contributing to a cleaner and greener aviation sector. Governments and organizations around the world are incentivizing the development and adoption of Electric Aircraft through subsidies and regulatory support. Electric Aircraft offer significant cost advantages over their conventional counterparts. Electric propulsion systems are simpler and have fewer moving parts, resulting in reduced maintenance and operational expenses. Furthermore, the cost of electricity per mile is considerably lower than traditional aviation fuels, making Electric Aircraft an economically attractive option for both commercial and private aviation. The market has garnered substantial investments from both established aviation companies and startups. This influx of capital fuels innovation, accelerates research and development, and fosters the creation of cutting-edge Electric Aircraft designs. Partnerships between aviation giants, technology companies, and academia have been instrumental in pushing the boundaries of electric aviation.
Market Segmentation and Sub-Segmentation included are:
By System
• Batteries
• Electric Motors
• Aerostructures
• Avionics
• Software
• Others
By Platform
• Regional Transport Aircraft
• Business Jets
• Light & Ultralight Aircraft
By Application
• Civil
• Military
By Technology
• CTOL
• STOL
• VTOL
By Type
• Fixed Wing
• Rotary Wing
• Hybrid Wing
Impact of Recession
The regulatory landscape for Electric Aircraft is still evolving, and the recession has complicated matters. Governments are focusing on broader economic concerns, potentially delaying the development of favorable regulations for electric aviation. Despite the economic challenges, sustainability continues to be a critical concern. Governments and aviation industry stakeholders are committed to reducing greenhouse gas emissions. Electric Aircraft, with their lower carbon footprint, are well-positioned to contribute to this goal. As the economy recovers, the focus on sustainability is likely to create new opportunities for the Electric Aircraft Market.
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Impact of Russia-Ukraine War
The Electric Aircraft Market, like all electric transportation, is driven by the need to reduce fossil fuel dependency and combat climate change. The war’s impact on energy security in Europe and the threat to gas supplies have highlighted the urgency of accelerating the transition to electric aviation. The energy security concerns have accelerated the development of renewable energy sources to power Electric Aircraft. Manufacturers are now more inclined to invest in sustainable, locally sourced power solutions to ensure consistent operation and minimize geopolitical vulnerabilities.
Key Regional Development
North America, led by the United States, stands at the forefront of Electric Aircraft innovation. The region boasts a robust ecosystem of aircraft manufacturers, research institutions, and regulatory bodies committed to advancing electric aviation technology. Europe has embraced sustainability as a core driver of electric aviation adoption. The European Union’s commitment to reducing carbon emissions has spurred the development of Electric Aircraft technologies and infrastructure. The Asia-Pacific region is emerging as a significant player in the Electric Aircraft Market, driven by its growing urbanization and the need for sustainable transportation solutions. China, in particular, has shown a keen interest in electric aviation, with companies like EHang gaining global attention for their eVTOL designs.
Key Takeaway from Electric Aircraft Market Study
• The regional transport aircraft (RTA) segment stands out as a frontrunner, poised to dominate the market. The RTA segment has benefited immensely from the continuous advancements in battery technology. High-energy-density batteries, such as lithium-sulfur and solid-state batteries, have extended the range and performance capabilities of electric RTAs. This innovation enables longer flight distances and enhances overall operational efficiency.
• The batteries segment is poised to empower and dominate the market, thanks to its innovations in energy density, weight reduction, safety, and sustainability. Its influence extends across the aviation industry, driving market expansion, economic viability, and a more sustainable and eco-conscious future for aviation.
Recent Developments Related to Electric Aircraft Market
• Beta Technologies, a pioneering player in the realm of electric aviation, has taken a significant leap forward with the inauguration of its state-of-the-art Electric Aircraft production facility. Beta Technologies’ Electric Aircraft are designed with a holistic approach, emphasizing efficiency, reduced carbon emissions, and enhanced performance.
• CATL (Contemporary Amperex Technology Co. Limited) and Comac (Commercial Aircraft Corporation of China) have joined forces in a strategic joint venture to develop cutting-edge Electric Aircraft. The collaboration between CATL and Comac promises to unlock new horizons in aviation, significantly reducing the carbon footprint of air travel.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Electric Aircraft Market, By System
9. Electric Aircraft Market, By Platform
10. Electric Aircraft Market, By Application
11. Electric Aircraft Market, By Technology
12. Electric Aircraft Market, By Type
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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