Electric Aircraft Market Trends Analysis Research Report by platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), Type, System (Batteries, Electric Motors, Aerostructures, Avionics, Software), Technology, Application and Region - Forecast to 2030

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Electric Aircraft Market Overview

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.

Electric Aircraft Market is characterized by a revolutionary technological shift in aviation which allows aircraft to run on electrical power sources, which is the departure from traditional combustion engines. This new market segment comprises different types of electric aircrafts, each contributes to the industry's commitment to sustainable practices in aviation.

Electric aircraft include a variety of items, including Electric Vertical Takeoff and Landing (eVTOL) aircraft and electric fixed-wing planes and hybrid electric aircraft.

eVTOLs are specifically designed to improve urban air mobility, permit vertical takeoffs and landings and offer flexibility in areas with high density. Electric fixed-wing aircraft employ electric propulsion systems that reduce emissions of carbon and noise as compared to traditional aircraft. Hybrid-electric aircraft integrate traditional engines for aviation with electric systems, which can improve efficiency for fuel and also serving as an alternative towards fully-electric aviation.

This definition of the product and an overview will highlight the varied and sustainable characteristics of electric aircrafts which contributes to the goal of creating an environmentally sustainable and sustainable aviation.

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Trends 2024

Technology advancements in Battery Technology: The electric aircraft market is closely linked to advancements of battery technologies. Innovations in energy density, weight reduction along with overall battery efficiency are vital to increase the range and effectiveness for electric airplanes.

Urban Air Mobility (UAM): The concept of UAM which includes electronic vertical takeoff and land (eVTOL) aircraft is gaining momentum. Businesses are looking into the possibility of electric aircraft for short-distance urban transport, in order to reduce the issue of congestion and enhancing mobility in urban areas.

Hybrid Electric Solutions: Hybrid-electric aircraft which combine combustion engines from the past and electric systems for propulsion have been getting more attention. The hybrid models provide extended capability and are an intermediate step towards entirely electric air travel.

Sustainable Aviation Initiatives-The market for electric aircraft is in line with the larger industry efforts to meet sustainable goals. Aircraft operators and manufacturers are increasingly focused in reducing emissions from carbon as well as using electric propulsion as a way in the direction of the environment-friendly aviation industry.

Greater Investment and Partnerships: There has been increasing investment in the development of electric aircraft from traditional aerospace companies and new players. Partnerships between aviation companies as well as tech companies have been more frequent, which has led to cooperation in the field of research and development.

Electric Aircraft Market Dynamics

Growth Drivers

Based on the International Energy Agency (IEA) Global flights generated approximately 720 million tons of carbon dioxide by 2021. The aviation industry in the world produces about 2% of the CO2 emissions caused by humans.

As the amount of global aircraft capacity and air travel is predicted to increase even more. This is why there is an urgent need to develop electrically powered aircraft that will to reduce air travel's carbon emissions.

The governing bodies and organizations like those of the International Civil Aviation Organization, the Federal Aviation Administration, and the European Union Aviation Safety Agency have demanded environmentally sustainable alternatives to the fuel used in aircrafts since they believe that aircraft-generated emissions are predicted to triple in 2050.

Because electric engines don't produce the same noises as combustion engines or jet engines, they cause the absence of any aircraft noise. In a electric aircraft manufacturers are aiming to increase efficiency by replacing hydraulically controlled systems with electronic systems.

Electric aircraft manufacturers like Airbus (France), Eviation (Israel), Embraer (Brazil) as well as Joby Aviation (US) identify the necessity for cleaner aircraft as a huge potential opportunity in the near term. This is why the need to ensure sustainable air travel is one of the major factors driving the electric aviation business.

Restraints

The creation of high-energy-density batteries is an important factor which is likely to impede the growth of market revenue. One of the biggest issues faced by electric aircraft manufacturers when creating long-distance flights is lower energy density of batteries.

Energy density for the propulsion system for aircraft is calculated in Watt-hours for each kilogram (Wh/kg). The current lithium ion batteries are approximately 250 Wh/kg. This is significantly lower than that of the typical jet fuel. Because fossil fuels contain 14 times more energy than batteries, all long-haul electric planes are still to be developed.

Thus, electric aircraft would require batteries that are 30 times larger than the current fuel intake. To make commercial flights completely electric, the makers of aeroplanes must overcome this challenge. Modern technology, such as lithium-sulfur batteries density could reach 600 or 500 Wh/kg.

But some industry experts claim that commercial all-electric flight capability won't be feasible until the end of 2030 or even the 2040s early. It will take some time to build batteries that are powerful enough to power long and medium-range flights that constitute most commercial flights which is a major issue that electric aircraft manufacturers face. aircraft.

Electric Aircraft Market Segment Analysis

Aircraft Type:

Electronic Vertical Takeoff and Landing (eVTOL) Aircraft: These are aircraft designed to perform vertical takeoffs and landings, commonly employed as part of urban air mobility systems.

Electric Fixed-Wing-Aerial Conventional aircrafts equipped with electric propulsion systems that reduce the amount of noise and emissions.

Component Type:

System of Batteries- the heartbeat of electronic aircrafts, the latest advances on battery technologies are vital to increase the range and enhancing overall performance.

Electric Motors-Electric motors with high efficiency are vital components that drive the propulsion system in these aircraft.

Range:

Short Range Electric Aircraft: Designed for shorter distances, they are often used in urban air mobility situations.

Medium-Long Range Electric Aircraft: Designed for longer-range travel times, these planes are geared towards regional and intercontinental routes.

Technology:

Hybrid Electric Aircraft: Combining traditional combustion engines with electric propulsion systems to provide greater capabilities in terms of range.

Fully Electric Aircraft: 100% relying on electric propulsion, and no combustion engines of the traditional variety.

End-User:

Commercial Aviation- including airlines that are exploring electric alternatives for regional flights.

Urban Air Mobility Providers: Focused on short-distance transport solutions in cities.

military and defence: Research and development of electric aircrafts for use in defense.

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.

On January 20, 2023-Eviation Aircraft secured a contract with Aerus, a new regional airline based in Mexico in exchange for the delivery of 30 passenger Alice aircraft.

Aerus intends to use Alice to provide middle-mile service across regions like Nuevo Leon, Tamaulipas, Coahuila and Veracruz which will provide historically unserved communities in northern regions of the country access to carbon-free, affordable and efficient air travel.

In November 2022-Eve Air Mobility (Eve) is the company that is a subsidiary owned by Embraer SA, signed a Letter of Intent (LOI) with FlyBIS Aviation Limited (FlyBIS) an innovative start-up in air mobility with its headquarters within Caxias do Sul, located in Brazil's south.

Brazil and to work together in creating eVTOL activities across Brazil in addition to South America. In accordance with the agreement, FlyBIS will also acquire up to 40 Eve's eVTOL aircraft.

Electric Aircraft Market Regional Insights

North American region is expected to hold the largest market share over the forecast time

North America has been a important hub for electric aircraft development that is driven by a robust aviation industry and technological innovations as well as an emphasis on sustainability.

The region is awash with investments into research and development with major players pursuing electric propulsion in a variety of aircraft kinds. A strong regulatory framework and an environment for innovation help to the region's standing in the market for electric aircraft.

Europe puts a lot of commitment to sustainability and green aviation practices, establishing it as a pioneer in the adoption of electric aircraft. Countries such as Germany, France, and the United Kingdom have been at the forefront of initiatives to promote electric aviation. The European Union's pledge to reduce carbon emissions in the aviation industry has prompted collaborations and investments, creating an environment conducive to electric aviation development.

The Asia-Pacific region, specifically countries such as China and Japan has seen an explosion in the sector of electric aircraft. The region's booming aerospace industry, along with a focus on the latest technologies, has led to the use the use of electrical propulsion.

Urban air mobility initiatives that are located in densely populated areas are driving the interest of electronic vertical takeoff and landing (eVTOL) aircraft and have established Asia-Pacific as a significant actor in the evolving electric aviation landscape.

While the introduction of electric aircrafts across Latin America may be in the beginning but the region is showing potential for expansion. Initiatives focused on sustainable aviation as well as the necessity for effective transportation solutions are a major factor in exploring electrical aircrafts. The dynamics of the market of Latin America are influenced by economic and environmental aspects.

Middle East & Africa: The Middle East and Africa have shown an increased interest in electric aircrafts specifically as part of the large-scale smart city initiatives as well as sustainable solutions for transportation. The regional governments invest in cutting-edge technologies, which is creating opportunities to deploy electric aircraft in areas like urban air mobility, defense.

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

Frequently Asked Questions:

How big Electric Aircraft Market?

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.

What is the future outlook for the Electric Aircraft Market?

The future outlook is optimistic, with continued advancements in technology, increased adoption, and a transformative impact on the aviation industry's sustainability goals.

What applications do electric aircraft have?

Applications include Commercial Aviation, Urban Air Mobility, Military and Defense, Training Aircraft, Passenger Aircraft, and Cargo Aircraft.

Which Are the Top Companies Hold the Market Share in Electric Aircraft Market?

The report profiles key players such as Airbus SE (France), Eve Air Mobility (Brazil), Joby Aviation (US), Vertical Aerospace (UK), and Lilium N.V. (Germany).

Base Year:2023

Historical Data:2018-2023

No of Pages:122

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Electric Aircraft Market Trends Analysis Research Report by platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), Type, System (Batteries, Electric Motors, Aerostructures, Avionics, Software), Technology, Application and Region - Forecast to 2030

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