More Electric Aircraft Market Size, Share, Growth Analysis, By Aircraft System(Propulsion System (Fuel Management System, Thrust Reverser System), Airframe System (Environmental Control System, Accessory Drive System), By Component(Distribution Devices, Engines, Batteries (Lithium-Sulfur and Lithium Titanate Batteries—Future of Aircraft Batteries, Nickel-Based Batteries), By Application(Power Generation, Power Distribution, Power Conversion, Energy Storage), By Aircraft Type(Fixed Wing (Narrow-Body Aircraft (NBA), Wide-Body Aircraft (WBA), Regional Aircraft, Fighter Jets)), By End-User(Civil, Military), By Region - Industry Forecast 2024-2031

More Electric Aircraft Market Drivers

Increasing demand for Fuel-Efficient Aircraft to Bolster Market Growth

• More electric aircraft, which use electric systems to replace traditional hydraulic and pneumatic systems, are more fuel-efficient than conventional aircraft. This is because electric systems are more efficient at converting energy into motion, resulting in less wasted energy and lower fuel consumption. As airlines and other aircraft operators seek to reduce their fuel costs and improve their environmental footprint, the demand for more electric aircraft is expected to increase significantly.

• More electric aircraft use electric systems that are generally lighter than traditional hydraulic and pneumatic systems, resulting in a lighter overall aircraft. In the aircraft sector, where lowering weight is essential for increasing fuel economy and lowering emissions, this is especially significant. As a result, the demand for more electric aircraft is expected to increase as aircraft manufacturers seek to reduce the weight of their aircraft.

More Electric Aircraft Market Restraints

Limited Availability of Skilled Workforce to Hinder Market Growth

• Developing and implementing more electric aircraft technologies requires a highly skilled workforce, including engineers and technicians with specialized knowledge in electric systems. The limited availability of skilled workers in this area could limit the growth of the market.