What Is The Projected Growth For More Electric Aircraft Market?
The more electric aircraft market size has grown rapidly in recent years; from $3.21 billion in 2024 to $3.67 billion in 2025, at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period has been driven by fuel efficiency demands, environmental regulations, advancements in power electronics, reduction in maintenance costs, enhanced aircraft performance, increased reliability, and redundancy.
The market is expected to continue to see rapid growth in the coming years, and is predicted to reach a value of $6.05 billion by 2029, growing at a CAGR of 13.3%. This growth in the forecast period can be attributed to several factors including, the adoption of distributed electric propulsion, advancements in energy storage systems, integration of sustainable aviation fuels, investment in electric propulsion research, global efforts to combat climate change, and government incentives for electrification.
Notable trends in the forecast period include integrated modular avionics (IMA), electrified flight control systems, increased use of electric brakes, innovations in power generation, integration of distributed electric propulsion, and collaborations for research and development.
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What Are The Key Drivers Of The More Electric Aircraft Market?
The growth in the more electric aircraft market is primarily driven by the increase in air passenger traffic. Air passenger traffic refers to the number of passengers in an aircraft, and more electric aircraft are used to carry commercial and business passengers with advanced features such as computer-controlled, electrically driven propellers. More electric aircraft are poised to become more widespread with the International Air Transport Association (IATA) predicting that the overall air traveler numbers will reach 4.0 billion in 2024, exceeding pre-COVID-19 levels by 103%. Hence, the rise in air passenger traffic fuels the growth of the more electric aircraft market.
How Is The More Electric Aircraft Market Segmented?
The more electric aircraft market is segmented into:
1) By Type: Fixed Wing, Rotary Wing, Hybrid Wing
2) By Aircraft System: Propulsion System, Airframe System
3) By Application: Power Generation, Power Distribution, Power Conversion, Energy Storage
4) By End User: Civil, Military
Which Are The Key Players In More Electric Aircraft Market?
Major companies operating in the more electric aircraft market include AMETEK Inc., BAE Systems PLC, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings PLC, Safran Group, Thales Group, Boeing, Airbus S.A.S, Lockheed Martin, Parker-Hannifin Corp., Eaton, Ampaire, Bye Aerospace, Dixion Motors Inc., Dufour Aerospace, Electric Aircraft Corporation, Embraer SA, Eviation Alice, Faradair, Joby Aviation, Longanair Ltd., Magnix, Pipistrel USA, Siemens, Wright Electric, Zunum Aero, and AeroTEC.
What Are Emerging Trends In More Electric Aircraft Market?
Innovations in electric aircrafts are reshaping the more electric aircraft market. Major market players are focusing on creating advanced technologies, such as high-performance silicon carbide inverters for more electric aircraft. For instance, ZeroAvia, a U.S.-based aerospace company, launched its range of electric and hydrogen aviation components in April 2024, aiming to capture the multi-billion dollar market for its hydrogen-electric powertrains.
Which Region Dominates The More Electric Aircraft Market?
In 2024, Europe was the largest region in the more electric aircraft market. Other regions covered in the more electric aircraft market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The More Electric Aircraft Market Report 2025 Offer?
A more electric aircraft is an aircraft that uses more electrical power than traditional aircraft. Electric motors generate electricity more efficiently than the combustion of fossil fuels in an aviation engine. The More Electric Aircraft Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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