USD 7345.58 million
Electric Aircraft Market Size, Share, Growth Analysis, By Platform(Regional Transport Aircraft, Business Jets, and Light & Ultralight Aircraft), By System(Electric Motors, Batteries, Avionics, Aerostructures), By Type(Fixed Wing, Rotary Wing, and Hybrid Wing), By Technology(CTOL, STOL, VTOL), By Application(Civil, Military, and), By Range(Less than 500 km, and More than 500km), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2049 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
172
|Figures:
79
Electric Aircraft Market Insights
Global Electric Aircraft Market size was valued at USD 8.8 Billion in 2022 and is poised to grow from USD 10.6 Billion in 2023 to USD 45.41 Billion by 2031, growing at a CAGR of 20 % in the forecast period (2024-2031).
In recent times, the demand for electric aircraft is increasing because of the increasing popularity of eco-friendly aircraft and the various government initiatives to assist electric aviation. The market is also growing due to the rising demand for electric commercial aircraft and the development of fixed-wing aircraft. Furthermore, factors like increasing environmental concerns, technological development in batteries & electric propulsion systems, and rising popularity of short-range regional routes are also propelling the market growth. Lately, many governments are also making efforts to minimize overall carbon footprint and operational expenses of aviation sector, leading to expansion of the electric aircraft market. Many prominent companies worldwide are also developing electric aircraft due to its increasing demand. Another factor augmenting the growth of the global electric aircraft market is technological advancements in the aviation sector. The aircraft are being manufactured with various autonomous technologies. These aircraft are also being utilized in the military and defense industry, expanding the growth of electric aircraft market.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Regional transport aircraft
Fastest Growth
Regional transport aircraft
Growth Rate
19.8% CAGR
Global Electric Aircraft Market ($ Bn)
Country Share for North America Region (%)
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Electric Aircraft Market Segmental Analysis
Global electric aircraft market is segmented based on the platform, system, type, technology, application, range, and region. Based on platform, the market is segmented into regional transport aircraft, business jets and light & ultralight aircraft (general aircraft, trainer aircraft, UAVs and advanced air mobility). Based on system, the market is segmented into electric motors, batteries, avionics, aerostructures, and others. Based on type, the market is segmented into fixed wing, rotary wing, and hybrid wing. Based on technology, the market is segmented into CTOL, STOL, VTOL. On the basis of application, the market is segmented into Civil and military. On the basis of range, the market is segmented into Less than 500 km and more than 500km. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis by Type
Based on type, the global electric aircraft market is segmented into fixed wings, rotary wing, and hybrid wing. The fixed wing is dominating the market with maximum share. The fixed-wing aircraft is a type of airplane that has smooth aerodynamic design and fixed wings. It has many variants like commercial airliners, business jets, and military airplane. Furthermore, the high demand for fixed-wing aircraft in the electric aircraft market is primarily due to its versatility compared to other platforms, longer range, and payload restriction. This is because they restrict their reach and functions. Moreover, the sector is also shifting towards electric propulsion and several key manufacturers are working on the electrification of aircraft. They are doing this to accomplish their zero emission targets. Therefore, these factors are increasing the demand for fixed wings, positively influencing the electric aircraft market.
The rotary wing segment is witnessing the fastest growth in the global electric aircraft market. This is because the rotary wing electric aircraft uses electric motors powered by batteries for generating lift and thrust. The most outstanding feature of the wings are their ability for vertical takeoff and landing (VTOL). This characteristic makes them ideal for urban air mobility situations, working as air taxis for shirt urban journeys. Furthermore, they are also now being used beyond urban environments, as they serve several other purposes like emergency response and search & rescue missions. These aircraft are also used in vital situations like surveillance activities and military operations. Electric propulsion reduces environmental impact by decreasing emissions. It also has a noiseless functional profile, mitigating concerns related to noise pollution. The constant advancement in technology, particularly in battery efficiency, is increasing the operational abilities and flexibility of rotary wing electric aircraft.
Analysis by System
Based on the system, the global electric aircraft market is segmented into electric motors, batteries, avionics, aerostructures, and others. Electric motors dominate the market with the largest revenue share. Electric motors have the ability to transform electrical energy stored in the batteries into mechanical power. This segment is growing rapidly due to the advantages offered by electric motors. These benefits include high performance ability and minimized operational expenses. Electric motors are also more effective in nature compared to conventional motors. The constant development and innovations on these electric motors are crucial for improving the performance and efficiency of electric aircraft.
The batteries segment is the fastest growing in the global electric aircraft market. The aircraft batteries utilize two types of materials that are common in nature. These two kinds of materials also nickel cadmium and lead acid batteries. These are advanced batteries embedded with many features like massive capability to store energy and vase range of sizes. Furthermore, these batteries also have long shelf life. The demand for batteries is also increasing because these are high-energy-density batteries that can offer sufficient power to aircraft. Furthermore, these batteries also have a high power-to-weight ratio, which is important for efficiency, focusing on the requirement for lightweight but robust batteries. Features like fast charging abilities to reduce downtime are also improving the batteries' operational efficiency. These factors are increasing the demand for batteries in the electric aircraft market.
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Electric Aircraft Market Regional Insights
Based on region, North America is leading the electric vehicle market by innovating and adopting the aerospace sector. The region has a prosperous setting that consists of aerospace corporations, innovative startups, and renowned research facilities, boosting the technological development in the sector. Furthermore, regulatory structures supervised by the Federal Aviation Administration (FAA) also offer an ideal setting for testing, certification, and commercialization of electric aircraft. Such approaches are improving safety standards and encouraging investors and stakeholders in the region to invest in electric aircraft. North America’s high investment climate even supports their positions, appealing substantial funding from venture capital, government grants, and company initiatives. These investments are boosting R&D and infrastructure developments, leading to the growth of the market.
Based on region, Europe is the fastest growing region in the electric aircraft market. The is because of the strong presence of prominent aerospace organizations like Airbus, Siemens, and Volvo Copter. They also have a progressing setting for startups and research facilities. The region has also made substantial progress in sustainable aviation due to advanced abilities and supportive regulatory structures. The government is also committed towards funding research and development in electric aviation. Its prime example is the European Union's Clean Sky initiative and the European Commission's Horizon 2020 frameworks. This has also encouraged many cross-border partnerships, leading to several technological innovations. These factors are helping in the expansion of the electric aircraft market in this region.
Global Electric Aircraft Market By Geography
- Largest
- Fastest
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Electric Aircraft Market Dynamics
Drivers
Increasing Environmental Concerns
- Concerns related to the environment are increasing due to climate changes and carbon emissions are constantly increasing due to which the aviation sector is under immense pressure to reduce environmental impact. The electric aircraft is emerging as a promising solution to this difficulty. Compared to conventional fuel-driven planes, these aircraft depend on electric motors and batteries to accomplish emissions-free flight. This is making them an eco-friendly option.
Constant Technological Advancements
- Rapid Technological developments globally are boosting the electric aircraft market. The advancement of aerospace engineering is related with the constant enhancements of electrification to make these aircraft more efficient and ecofriendly. Furthermore, latest developments in electric propulsion systems, battery, and power management systems have also increased the production of electric aircraft. Electric propulsion has several benefits for sustainability, like reduced emissions, minimized fuel consumption, and low noise.
Restraints
Lack of Skilled Resources
- Absence of skilled resources is restricting the development of electric aircraft market. There is a necessity for high technical expert resources who have the knowledge about repairing batteries during any danger. Furthermore, it is mandatory to prevent the degradation of batteries to maintain their performance. Skilled workforce has the potential to maintain the performance of the batteries and increase its lifespan.
Restrictions of Electric Aircraft Batteries
- The battery technology necessary for the electric aircraft is in its initial stage. Electric vehicles take-off and landing eVTOL aircraft have very distinct battery restraints. EVTOLS require high-power cell discharging and high fast charging abilities. Due to the high load conditions at the starting and end of flights, electric aircrafts batteries require careful thermal management. This restraining factor is encouraging many manufacturers to go with hybrid alternatives, that offer energy-dense fuel.
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Electric Aircraft Market Competitive Landscape
Prominent players in the electric aircraft market are boosting research and development, forming strategic partnerships, and developing product portfolios to remain competitive. Many aerospace manufacturers like Boeing, Airbus, and Lockhead Martin are investing massively in electric propulsion systems and innovative power distribution management systems. Furthermore, these manufacturers are partnering with electrical power organizations to improve the design and development of electric propulsion concepts.
Electric Aircraft Market Top Player's Company Profiles
- Airbus SE (France)
- Elbit Systems Ltd. (Israel)
- AeroVironment, Inc. (US)
- Eve Air Mobility (US)
- Ehang Holdings Ltd. (China)
- Israel Aerospace Industries (Israel)
- Eviation Aircraft Inc. (US)
- Joby Aviation, Inc. (US)
- Archer Aviation Inc. (US)
- SZ DJI Technology Co., Ltd. (China)
- Yuneec International (China)
- Vertical Aerospace (UK)
- Heart Aerospace (Sweden)
Electric Aircraft Market Recent Developments
- In February 2024, Joby Aviation launched an eVTOL air taxi services in the United Arab Emirates. The eVTOL aircraft can carry almost four passengers and a pilot. It offers speed of up to 200 miles.
- In November 2023, InterGlobe Enterprise and Archer Aviation highlighted their plans on introducing an all-electric air taxi services througout India by 2026. The service will utilize vertical takeoff and landing (VTOL) aircraft. It will operate on electric power.
- In November 2023, SaxonAir launched their flight operations with the first-ever certified electric aircraft. The aircraft is embedded with innovative and cutting-edge technologies.
Electric Aircraft Key Market Trends
Increasing Infrastructures to Improve Efficiency
- More opportunities are the increasing electric aircraft market, especially with the increasing infrastructure that supports electric aviation. As the airports and urban centers are developing charging stations and required facilities it is enhancing the operational abilities of electric aircraft. Organizations that are investing in or collaborating with infrastructure developers are benefiting from this growth.
Growth of Emerging Markets
- The demand for air travel is increasing in emerging economies like Asia and Africa. These regions are offering a huge market for electric aircraft that can be beneficial economically and environmentally. The growing demand for regional connectivity is also providing more opportunities for the market. Many government and private facilities are trying to connect smaller cities and remote areas. In such cases electric aircraft, especially designed for short-haul flights are becoming more popular.
Electric Aircraft Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global electric aircraft market is going through a major shift. This is mainly due to the minimization of carbon footprint by the aviation sector, advancement of peripheral electrical and semiconductor technologies, and rising demand for short haul domestic travel. These factors are positively influencing the electric aircraft market and contributing to its growth. Furthermore, along with battery manufacturers in the automotive and storage sector, aerospace companies are also investing in the advancement of aircraft battery technology, propelling the market growth. These factors are massively influencing the development and growth of the electric aircraft market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.8 Billion |
| Market size value in 2031 | USD 45.41 Billion |
| Growth Rate | 20% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Aircraft Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Aircraft Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Aircraft Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Aircraft Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Aircraft Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Aircraft Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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