Electric Aircraft Market Poised for Expansion: Projected to Grow From $10.21 Billion in 2024 to $19.42 Billion by 2029

The Electric Aircraft Market has been growing at a rapid pace, boosted by urban air mobility (UAM) initiatives, rising fuel costs, demonstration flights and prototypes, environmental concerns, and government initiatives. It is expected that the market size will grow from $10.21 billion in 2024 to $11.68 billion in 2025 at a compound annual growth rate (CAGR) of 14.4%.

Looking ahead, the electric aircraft market is anticipated to experience a further surge in growth. By 2029, the market size will reach an impressive $19.42 billion at a CAGR of 13.5%. Also influencing this growth are factors such as increasing global air traffic, advancements in energy storage, regulatory support, certification processes and the global efforts to achieve net-zero emissions. Major trends that will further shape the market include development of regional and short-haul electric aircraft, advancements in battery technology, hybrid electric aircraft solutions, focus on noise reduction, and increasing investments in electric aviation.

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What Factors Are Driving the Growth of the Electric Aircraft Market?
A significant factor driving the electric aircraft market is the global surge in air passenger volume. Airlines that specialize in carrying people, known as passenger airlines, have noted an increased inclination towards air travel due to benefits like speed and increased international travel. The electric aircraft, by reducing the cost of travel for passengers and being environmentally sustainable, therefore, fulfils the needs of today’s prevalent travel discourse. This trend is reinforced by data from the Bureau of Transportation Statistics which showed an increase in airline passengers in the United States from 658 million in 2021 to 853 million in 2022.

What Are the Key Segments Within the Electric Aircraft Market?
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 And Ultralight Aircraft
5) By Application: Commercial, Military, Other Applications

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Who Are the Major Players in the Electric Aircraft Market?
Noteworthy companies operating in the electric aircraft market include Airbus, Yuneec Holding Limited, The Boeing Company, Lilium GmbH, Safran SA, Bye Aerospace Inc., Honeywell International Inc., Rolls-Royce Holding PLC, Aerospace Limited, Electric Aircraft Corporation, Aero Electric Aircraft Corp., Airspace Experience Technologies LLC, Ampaire 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, Harbour Air Seaplanes, Heart Aerospace AB, Joby Aviation Inc., Lange Aviation GmbH, Pipistrel d.o.o Ajdovscina, RTX Corporation, Siemens AG, and Vertical Aerospace Ltd.

What Trends Are Emerging in the Electric Aircraft Market?
Technological advancements play a pivotal role in shaping the electric aircraft market. Companies are developing novel technologies for enabling longer routes and gaining a competitive market edge. For instance, in June 2022, Rolls Royce, the UK-based aero-engine maker developed turbogenerator technology, including a new compact engine for hybrid-electric applications. Rolls-Royce hopes to offer power ranging from 500 kW to 1200 kW utilizing this technology.

Which Is The Largest Regional Market for Electric Aircraft?
In terms of regional distribution, North America emerged as the largest market for electric aircraft in 2024. Other regions covered in the electric aircraft market report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, Africa.

What Does The Electric Aircraft Market Report 2025 Offer?
The Electric Aircraft refers to machines used for air travel that use batteries to power an electric motor rather than jet fuels. The 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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