The Electric Aircraft Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electric Aircraft Global Market Report 2024, 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..
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.
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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
Technological advancements are a key trend in the electric aircraft market. Major companies operating in the electric aircraft market are coming up with novel technologies for enabling longer routes and gaining a competitive edge in the market. For instance, in June 2022, Rolls Royce, a UK-based aero-engine maker, developed turbogenerator technology, including the creation of a new compact engine for hybrid-electric applications. The system will be an on-board power source with scalable power supplies, complementing the Rolls-Royce Electrical Propulsion portfolio by enabling a greater range of sustainable aviation fuels. Rolls-Royce intends to offer a power range of 500 kW to 1200 kW using this turbogenerator technology.
The electric aircraft market report table of contents includes:
- Executive Summary
- Electric Aircraft Market Characteristics
- Electric Aircraft Market Trends And Strategies
- Electric Aircraft Market – Macro Economic Scenario
- Global Electric Aircraft Market Size and Growth
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- Global Electric Aircraft Market Competitive Benchmarking
- Global Electric Aircraft Market Competitive Dashboard
- Key Mergers And Acquisitions In The Electric Aircraft Market
- Electric Aircraft Market Future Outlook and Potential Analysis
- Appendix
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