The global electric aircraft market size is anticipated to expand at a substantial CAGR during forecast period, 2021-2028. The growth of market is attributed to the rising demand for eco-friendly and cost-effective aircraft. Advancement of highly innovative technology and functioning that allow easy handling of safety control and low energy consumption are some key aspects of the market expansion.
Electric aircraft can be understood as types of aircraft that run their power using electricity that stored in batteries or solar cells. Unlike other conventional air carriers, an electric aircraft avoids to use fossil fuel energy and consume less energy that help to reduce the pollutant gases emission, which in turn, resulting to less impact on environmental degradation and cost-efficient. Although the model of electric-powered aircraft originated in 1970s, it gained its popularity and commercial successfully over the recent years.
With technology advancement, new aircrafts with innovative and advanced features are being developed that help to serve various purposes such as unmanned aerial vehicle (UAV) or drones. Apart from commercial use, electric aircrafts are increasingly adopted for several applications especially for defense and military purposes due to low consumption of energy and innovative functions. Moreover, one of the key aspects of the electric aircraft that drives the market expansion is high safety control. For instance, many of electric-based helicopters can land safely using electric backup despite having any engineering failures in the carrier.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for low-energy consumption and eco-friendly air carriers with effective functioning serves as a key driving factor for the market growth.
- Growing global concerns for sustainable environment and strict regulatory policies towards the reduction of carbon emission are another key factors projected to boost the market.
- Increasing number of air travel passengers and growing demand for new commercial aircrafts are projected to spur the market expansion.
- Certain challenges such as less reliability in harsh environment and weather conditions as well as lack of thermal management are projected to hamper the market growth.
- Technological advancements and strong R&D initiatives by the key players across regions are key opportunities for the market expansion.
Scope of the Report
The report on the global electric aircraft market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Electric Aircraft Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Sizes (Large Body, Narrow Body, and Wide Body), Applications (Commercial, Unmanned Aerial Vehicle, and Military Platforms), and Technology (Power Electronics, Thermal Management, Advanced Materials, and Safety Systems)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Honeywell International Inc., Safran, Airbus, Raytheon, and Boeing.
Global Electric Aircraft Market Segment Insights
Power electronics segment is anticipated to expand at a rapid pace
Based on technology, the market is segmented into power electronics, thermal management, advanced materials, and safety systems. The power electronics segment is anticipated to expand at a rapid pace during the forecast period owing to rising demand for energy efficient and battery powered devices. Additionally, urge for enhancing power infrastructure, increasing focus on renewable energy sources, and growing advancement of energy harvesting technology are some major aspects anticipated to boost the segment growth. The intensifying urge for power based devices and rising utilization of power electronics in the electric industry are the key factors influencing the growth of the segment.
North America and Europe to register a significant growth rate
In terms of regions, the global electric aircraft market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America and Europe in combined is projected to register a significant growth rate in the coming years owing to wide adoption of advanced technology in the aviation industry. Massive investment for technological advancements and strong R&D initiatives by the key players in these regional markets present key driving factors for the regions. However, the market in Asia Pacific is expected to expand at a robust CAGR during the forecast period due to increasing defense budgets from governments in the region.
The global electric aircraft market is segmented on the basis of
- Large Body
- Narrow Body
- Wide Body
- Unmanned Aerial Vehicle (UAV)
- Military Platforms
- Power Electronics
- Thermal Technology
- Advanced Materials
- Safety Systems
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Some of the key players competing in the market are Boeing, Safran, Airbus, Raytheon, and Honeywell International Inc.