Electric Aircraft Market Trends Adopted by the Competitors, Regions with Forecast by 2030
Investing in the Electric Aircraft Market
The COVID-19 outbreak caused the closure of schools and social distancing caused the aviation industry to slow its progress towards the use of electric aircraft. Now that the traffic levels are back to pre-pandemic levels The market for electric vehicles is expanding.
The market for electric aircrafts is divided into platforms (regional transportation aircrafts, business jets and light and ultralight aircraft) as well as by systems (batteries and electric motors, aerostructures and avionics software) applications, the region.
Electric Aircraft is expected to grow rapidly at a 18.45% CAGR consequently, it will grow from its existing size of from $8925 Million in 2023 to $36,400 Million by 2030.
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Overview
The market for electric aircrafts is growing rapidly, with a variety of firms working on the development of new commercial and personal aircraft. The investment in this new sector is risky, however choosing the right stocks can be a profitable strategy.
Electricity is the key to making aviation eco-friendlier and cleaner. It's also less expensive and quieter than conventional jet engines. These are the factors creating a new wave of creativity in electric aircrafts that will change the way people fly.
One significant trend in the field of electric aircraft is the increase in air taxis, which are tiny electric aircrafts which can be used to transport passengers across shorter distances, like within cities.
Startups like EHang as well as Lilium are growing in this growing market and are expected to further boost growth in the market for electric aircraft.
The market for electric aircraft in the world is divided into platforms, range, battery technology and applications. The ultralight and light aircraft segment is predicted to be the biggest contributor depending on the platform due to the advancements in technology.
In addition, low-noise electric UAVs are becoming popular in military and civil applications which further bolsters the growth of this market.
Competitive Landscape of the Electric Aircraft Market
- Airbus SE (France)
- Eve Air Mobility (Brazil)
- Joby Aviation (US)
- Vertical Aerospace (UK)
- Lilium N.V. (Germany))
New Developments
05 December 2023- The EcoPulse aircraft demonstrator makes first hybrid-electric flight
EcoPulse, the hybrid-electric distributed propulsion aircraft demonstrator jointly developed by Daher, Safran and Airbus to support aviation’s decarbonization roadmap, has successfully performed its first flight test in hybrid-electric mode.
The demonstrator flew with its ePropellers activated, powered by a battery and a turbogenerator.
Trend
Market for electrical aircrafts could double to $37.2 billion in 2030, according to analysts. However, unlike electric car manufacturers the aviation industry is barely getting their feet into the waters.
It's despite the fact the cost of jet fuel is soaring(opens in a new tab) and ICAO is calling for flying to be carbon-free in 2040(opens in a new tab). As a result, companies like Eviation are planning to launch an electric horizontal takeoff, landing aircraft for five people later this year.
Germany's Lilium unveils an electric plane that can accommodate at least six travelers.
In addition, the defense sector is increasingly opting to electrify to reduce the complexity of maintenance and operation as well as cost. This is creating unprecedented opportunities for players in the market.
Based on type of aircraft the ultralight segment led the market for electric aircraft in the year 2022 and is predicted to remain the leader throughout the forecast period due to the simple designs and the construction process of these aircrafts.
However the rotating wing segment is anticipated to show the highest growth rate in the same time frame due to the increasing demand for these aircrafts in air mobility applications that are primarily urban and the limited runways.
Growth Driver
Aircraft manufacturers around the globe have been racing to design electric aircraft. The market for electric aircraft is expected to quadruple to $37.2 billion in 2030, according to market research organization MarketsandMarkets.
Airbus SE has developed several models, and startups such as Regent Craft in Sweden, Heart Aerospace in the US and XPeng Motors in China have launched prototypes as well.
It is believed that the eVTOL (electric vertical takeoff and landing) aircraft segment was the largest in the market by 2021 and is predicted to witness a strong growth in the next five years.
Research and development that is agressive effort by aviation companies to reach carbon net neutrality and decrease their environmental footprint is driving the development of this segment.
Another driving force for this market's growth is growing demand for environmentally sustainable transportation. Logistics companies are increasingly embracing zero - or low-emission transportation methods to meet the demands of customers and stay competitive.
Additionally, the use of electric aircrafts helps logistics firms cut costs on fuel and increase efficiency of operations. This will further drive the growth of the market over the anticipated time.
Segment
A growing awareness of climate changes and the need to cut the emissions of greenhouse gases has been a catalyst for a shift to more environmentally friendly aircraft propulsion systems. Electric motors in aircraft are an alternative to traditional engines powered by fuel.
They produce less than, or perhaps no, emission of greenhouse gases or noise pollution. This has led to an increase in need for electrical aircraft.
The market for electric aircraft in the world is divided into platforms (regional transport, business jets, ultralight and light aircraft) and type, as well as system (batteries and electric motors, aerostructures, avionics and software) and technology, application and location.
The market is anticipated to see a substantial growth in the near future due to the increasing demand for low-emission and eco sustainable aircraft.
The most favored applications of electric aircraft are air taxis, which are tiny four to six-person aircrafts that travel across short distances in urban zones. These aircrafts are considered to be an alternative that is more sustainable than traditional taxis and ride-sharing service and could help to lessen air pollution and congestion in urban areas.
The market for electric aircraft in the world is predicted to grow rapidly within Europe. Europe region. This is because of the presence of important companies as well as favorable government policies.
Regional Outlook
The emergence of COVID-19 pandemic caused an adverse impact on the market for electric aircrafts due to restrictions on travel, government advice to stay in the home and the closure of airports which led to a decrease in demand for flights.
This decrease in air travel stopped the production of electric aircrafts, and also impacted the general expansion that the marketplace.
Of all the major countries, North America dominates the global market for electric aircraft. This is due by the existence of a number of important industry players and favorable policies of the government that encourage the adoption for more electrical aircraft.
The growing number of projects that are planned and the rise of a variety of companies that promote the electrification of aviation are also factors that will increase the market in this region.
Through platforms, the electric aircraft market is divided into fixed-wing aircraft and planes with rotary wings. The propulsion systems segment is growing at a rapid rate due to the growing need for environmentally friendly and efficient fuel-efficient aircraft.
The market is predicted to grow significantly within the Asia Pacific region due to the strong growth in its economy and the increase in passenger flow, and an abundance of new airlines.
Segments Covered in the Electric Aircraft Market
Electric Aircraft Market By Platform
- Regional Transport Aircraft
- Business Jets
- Light & Ultralight Aircraft (General Aviation, Trainer Aircraft, UAVs, AAM)
Electric Aircraft Market By Type
- Fixed Wing
- Rotary Wing
- Hybrid Wing
Electric Aircraft Market By System
- Batteries
- Electric Motors
- Aerostructures
- Avionics
- Software
- Others
Electric Aircraft Market By Technology
- CTOL
- STOL
- VTOL
Electric Aircraft Market By Application
- Civil
- Military
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