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Electric Aircraft Market Size to Worth Around US$ 39.61 Bn by 2030

According to Precedence Research, the global electric aircraft market size is expected to worth around US$ 39.61 billion by 2030 and growing at a notable CAGR of 15.4% from 2022 to 2030.

Tokyo, April 20, 2022 (GLOBE NEWSWIRE) -- The global electric aircraft market size was estimated at US$ 10.93 billion in 2021. The expansion of the electric aircraft market is aided by growing environmental concerns. Electric airplanes aid in pollution reduction. As a result, the negative effects of global warming are reduced as well. Electric aircraft are also thought to be an environmentally favorable option. Carbon emissions and greenhouse gas emissions are being addressed by governments in both developed and developing countries. This element is expected to boost the worldwide electric aircraft market's growth and development over the next few years.

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The number of passengers for airlines is growing due to rising disposable income and expanding urbanization. Because of the increased number of passengers, modern technology and creative aircraft are being adopted. This factor is driving the growth of the global electric aircraft market.

Regional Snapshot

In terms of region, the electric aircraft market in North America is the largest. The expansion of the electric aircraft industry is being fueled by factors such as rising environmental concerns and more government initiatives. Furthermore, people and business owners in the North American region use business aircraft for large-scale travel. This reason is also propelling the electric aircraft market in the U.S. and Canada.

In the electric aircraft market, the Europe area is the fastest expanding region. The presence of key industry participants is driving the electric aircraft market in Europe. Furthermore, residents in this region can afford to travel by business jet, which is driving demand for electric aircraft in Europe. Furthermore, favorable government policies are assisting in industry expansion.

Scope of the Electric Aircraft Market

Report Attributes Details
Market Size in 2021 USD 10.93 Billion
CAGR 15.4% from 2022 to 2030
Revenue Forecast by 2028 USD 29.66 Billion
Base Year 2021
Forecast Data 2022 to 2030
Companies Covered Pipistrel Group, Airbus, Yuneec Holding Limited, Bye Aerospace, Aerospace Limited, Leonardo S.p.A., Groupe Gorge, Faradair Aerospace Limited, Boeing, Digisky S.R.L.

Report Highlights

  • The business jets, regional transport aircrafts, and light and ultralight aircraft are the different types of electric aircraft. Among all these segments, the light and ultralight aircraft is the dominating segment. This is due to the growing need of ultralight and light vehicles for transport.

  • On the basis of system, electric motors dominate the electric aircraft market. This is owing to the benefits provided by electric motors such as cost effectiveness and efficiency as compared to traditional motors.

  • By technology, the VTOL holds the largest market share in the global electric aircraft market. The VTOL based electric aircrafts are hugely utilized for regional transport as air taxis. In addition, this aircraft helps for the passenger transportation and medical assistance.

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Market Dynamics

Drivers

Use of electric aircraft for logistics purpose

The logistics sector is moving towards the zero or low emission transport solutions due to environmental concerns. That’s the reason the logistics industry players are highly investing in the transport modes which deploy electric based vehicles. The electric aircraft with advanced features is also helping logistics sector to deliver their cargo on time. The electric aircraft is also cost effective in nature. Thus, the use of electric aircraft for logistics purpose is driving the market growth over the projected period.

Restraints

Lack of development of high-density batteries

The original equipment manufacturers (OEMs) are not able to develop batteries with high density due to lack of resources. The electric aircraft requires batteries that can assist in long distance journeys. Still, the long shelf-life batteries have not been introduced in the electric aircraft market. With the help of technological advancements, this type of battery is expected to be launched in the near future. Thus, lack of development of high-density batteries is restricting the growth of the global electric aircraft market.

Opportunities

Surge in demand for low or zero emission aircrafts

Due to the environmental issues and concerns, the government of developed and developing regions is recommending for the launch of low or zero emission aircrafts. Thus, the electric aircraft does not emit carbon dioxide or greenhouse gas which is saving the environmental pollution. Hence, this is driving the demand for electric aircraft in the market. As a result, the surge in demand for low or zero emission aircrafts is creating lucrative opportunities for the growth of the global electric aircraft market during the forecast period.

Challenges

High cost of investments

The manufacturing of electric aircraft requires lot of money. The manufacturing cost of electric aircraft includes labor, hardware, and technology. These components must be of high quality in nature. Many of the original equipment manufacturers cannot afford this huge amount. As a result, the high cost of investments is a major challenge for the expansion of the electric aircraft market.

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Recent Developments

  • DHL Express bought 12 electric cargo planes from startup aviation in August 2021 for delivery by 2024, with plans to create the world’s first electric air transport network.
  • CUSTOMCELLS, a German manufacturer of custom lithium-ion battery cells in July 2021 teamed with Lilium GmbH. CUSTOMCELLS, which provides major aviation, military, and automotive customers such as Porsche AG will be one of Lilium’s primary suppliers, producing lithium-ion batteries on a large scale for the all-electric Lilium Jet.
  • American Airlines invested around USD 25 million in Vertical Aerospace Group in June 2021, which is developing a small and electric powered aircraft that could transport people from cities to airports by taking off and landing vertically, similar to helicopters. The corporation intends to place a $1 billion purchase for small electric aircrafts.

Market Segmentation

By Platform

  • Regional Transport Aircraft
  • Business Jets
  • Light and Ultralight Aircraft

By System

  • Batteries
  • Electric Motors
  • Aerostructures
  • Avionics
  • Software
  • Others

By Type

  • Fixed Wing
  • Rotary Wing
  • Hybrid Wing

By Technology

  • CTOL
  • STOL
  • VTOL

By Application

  • Civil
  • Military
  • Others

By Range

  • Less than 500 KM
  • More than 500 KM

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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