What is the global market size of Electric Aircraft Market?

Global Electric Aircraft Market size was valued at USD 7345.58 million in 2021 and is poised to grow from USD 8800 million in 2022 to USD 37336.83 million by 2030, growing at a CAGR of 19.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Electric Aircraft Market?

Global electric aircraft market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Airbus SE', 'Boeing Company', 'Zunum Aero', 'Eviation Aircraft Ltd.', 'Lilium GmbH', 'Pipistrel', 'Bye Aerospace', 'AeroTEC', 'Ampaire, Inc.', 'Joby Aviation', 'Wright Electric', 'Vertical Aerospace', 'Rolls-Royce Holdings plc', 'Siemens AG', 'Honeywell International Inc.', 'Safran SA', 'United Technologies Corporation', 'General Electric Company', 'magniX Technologies Pty Ltd.', 'Voltaero'

What is the key driver of Global Electric Aircraft Market?

Due to environmental concerns, the logistics industry is shifting toward zero or low emission transport solutions. The logistics industry is heavily investing in transportation modes that use electric vehicles. Electric aircraft are extremely cost effective. As a consequence, the utilization of electric aircraft for logistics will drive electric aircraft market growth over the forecast period.

What is the key market trend for Global Electric Aircraft Market?

Increasing new and innovative product launches are currently on the rise. Recent developments have raised hopes for the aviation industry, and as emissions levels rise, a number of new entrants are expressing interest in developing the electric aircraft market.

Which region accounted for the largest share in Global Electric Aircraft Market?

North America is expected to have the largest market share during the forecast period and to grow at a steady rate due to rising environmental concerns and increased government initiatives. Furthermore, in the North American region, individuals and business owners use business aircraft for large-scale travel. This is also driving the growth of the electric aircraft market in the United States and Canada. The United States has the most UAVs in use for military and commercial purposes. The country is also seeing the adoption rate of electric aircraft for urban air mobility. These factors are anticipated to accelerate the North American market during the forecasting years.

Electric Aircraft Market Size, Share, Growth Analysis, By Platform(Regional transport aircraft, business jets, 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 others), By Range(Less than 500 km, 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 News

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 Market Report Snapshots

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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).

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. '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) '

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.

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.

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.

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What is the global market size of Electric Aircraft Market?

Who are the key vendors in the Electric Aircraft Market?

What is the key driver of Electric Aircraft Market?

What is the key market trend for Electric Aircraft Market?

Which region accounted for the largest share in Electric Aircraft Market?

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