Electric Aircraft Market by Sizes (Large Body, Narrow Body, and Wide Body), Applications (Commercial, Unmanned Aerial Vehicle, and Military Platforms), Technology (Power Electronics, Thermal Management, Advanced Materials, and Safety Systems), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) – Global Analysis, Growth, Share, Size, Trends, and forecast 2021-2028
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.
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Attributes |
Details |
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Report Title |
Electric Aircraft Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2020 |
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Historic Data |
2018–2019 |
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Forecast Period |
2021–2028 |
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Segmentation |
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) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Electric Aircraft Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Electric Aircraft Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Electric Aircraft Market - Supply Chain
4.5. Global Electric Aircraft Market Forecast
4.5.1. Electric Aircraft Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Electric Aircraft Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Electric Aircraft Market Absolute $ Opportunity
5. Global Electric Aircraft Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Electric Aircraft Market Size and Volume Forecast by Applications
5.3.1. Commercial
5.3.2. Unmanned Aerial Vehicle (UAV)
5.3.3. Military Platforms
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Electric Aircraft Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Electric Aircraft Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Electric Aircraft Demand Share Forecast, 2019-2026
7. North America Electric Aircraft Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Electric Aircraft Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Electric Aircraft Market Size and Volume Forecast by Applications
7.4.1. Commercial
7.4.2. Unmanned Aerial Vehicle (UAV)
7.4.3. Military Platforms
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Electric Aircraft Demand Share Forecast, 2019-2026
8. Latin America Electric Aircraft Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Electric Aircraft Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Electric Aircraft Market Size and Volume Forecast by Applications
8.4.1. Commercial
8.4.2. Unmanned Aerial Vehicle (UAV)
8.4.3. Military Platforms
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Electric Aircraft Demand Share Forecast, 2019-2026
9. Europe Electric Aircraft Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Electric Aircraft Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Electric Aircraft Market Size and Volume Forecast by Applications
9.4.1. Commercial
9.4.2. Unmanned Aerial Vehicle (UAV)
9.4.3. Military Platforms
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Electric Aircraft Demand Share Forecast, 2019-2026
10. Asia Pacific Electric Aircraft Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Electric Aircraft Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Electric Aircraft Market Size and Volume Forecast by Applications
10.4.1. Commercial
10.4.2. Unmanned Aerial Vehicle (UAV)
10.4.3. Military Platforms
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Electric Aircraft Demand Share Forecast, 2019-2026
11. Middle East & Africa Electric Aircraft Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Electric Aircraft Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Electric Aircraft Market Size and Volume Forecast by Applications
11.4.1. Commercial
11.4.2. Unmanned Aerial Vehicle (UAV)
11.4.3. Military Platforms
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Electric Aircraft Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Electric Aircraft Market: Market Share Analysis
12.2. Electric Aircraft Distributors and Customers
12.3. Electric Aircraft Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Boeing
12.4.2. Safran
12.4.3. Airbus
12.4.4. Raytheon
12.4.5. Honeywell International Inc.
Segments Covered in the Report
The global electric aircraft market is segmented on the basis of
Sizes
- Large Body
- Narrow Body
- Wide Body
Applications
- Commercial
- Unmanned Aerial Vehicle (UAV)
- Military Platforms
Technology
- Power Electronics
- Thermal Technology
- Advanced Materials
- Safety Systems
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Some of the key players competing in the market are Boeing, Safran, Airbus, Raytheon, and Honeywell International Inc.
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