Examining Market Forecast: Electric Aircraft Market Forecast Analysis 2024-2033| Airbus Yuneec Holding Limited, The Boeing Company, Yuneec International Co. Ltd., Lilium GmbH, Safran SA

Overview and Scope
The electric aircraft refers to machines used for air travel. Electric aircraft are planes that use batteries to power an electric motor instead of jet fuel to power an engine. They consist of a motor for converting electrical energy into mechanical energy and a battery.

Sizing and Forecast
The electric aircraft market size has grown rapidly in recent years. It will grow from $9.08 billion in 2023 to $10.41 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%.  The  growth in the historic period can be attributed to urban air mobility (uam) initiatives, rising fuel costs, demonstration flights and prototypes, environmental concerns, government initiatives and incentives..

The electric aircraft market size is expected to see rapid growth in the next few years. It will grow to $17.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.  The growth in the forecast period can be attributed to increasing global air traffic, advancements in energy storage, regulatory support and certification processes, global efforts to achieve net-zero emissions.. Major trends in the forecast period include  development of regional and short-haul electric aircraft, advancements in battery technology, hybrid electric aircraft solutions, focus on noise reduction, increasing investments in electric aviation..

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Segmentation & Regional Insights
The electric aircraft market covered in this report is segmented –

1) By Type: Fixed Wing, Rotary Wing, Hybrid Wing
2) By Technology: CTOL, STOL, VTOL
3) By System: Batteries, Electric Motors, Aerostructures, Avionics, Software, Other Systems
4) By Platform: Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft
5) By Application: Commercial, Military, Other Applications

North America was the largest region in the electric aircraft market in 2023. The regions covered in the electric aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
A surge in global air passenger volume is expected to drive the electric aircraft market. Airlines that specialize in carrying people are called passenger airlines. Air passengers are opting for air travel due to its benefits, such as speed, increased international travel, and others. The electric aircraft reduces the cost of travel for passengers and contributes to the environment by being sustainable. For instance, according to the International Air Transport Association, a Cuba-based trade association of the world’s airlines, global air traffic increased by 76.0% from March 2021 to March 2022. Also, it is projected that there will be 4.0 billion passengers worldwide in 2024, reaching pre-COVID-19 levels (103% of the amount for 2019). Therefore, a surge in global air passenger volume is driving the demand for electric aircraft market.

Key Industry Players
Major companies operating in the electric aircraft market report are Airbus Yuneec Holding Limited, The Boeing Company, Yuneec International Co. Ltd., Lilium GmbH, Safran SA, Bye Aerospace Inc., Raytheon Company, Honeywell International Inc., Rolls-Royce Holding plc, Aerospace Limited, Zodiac Aerospace SA, Electric Aircraft Corporation, ACS-Itaipu Sora-E, Aero Electric Aircraft Corp., Airspace Experience Technologies LLC, Alisport Silent Club GmbH, Ampaire Inc., Ametek Inc., BAE Systems plc, Beta Technologies Inc., Blackbird Aero, Cessna Aircraft company, DigiSky SkySpark, Electravia SARL, Elroy Air Technologies Inc., Eviation Aircraft Ltd., Flight Design  General Aviation GmbH, Flightstar Aircraft Services LLC, Harbour Air Seaplanes, Heart Aerospace AB, Joby Aviation Inc., Lange Aviation GmbH, Pipistrel d.o.o Ajdovscina, RTX Corporation, Siemens AG, Vertical Aerospace Ltd., Guangzhou Xiaopeng Motors Tech. Ltd.

The electric aircraft market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

 

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