The Business Research Company’s report on the More Electric Aircraft Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the more electric aircraft market?
The increase air passenger traffic is expected to propel the growth of the more electric aircraft market going forward. Air passenger traffic refers to the number of passengers in an aircraft. More electric aircraft are used to carry commercial and business passengers with advanced features such as computer-controlled, electrically driven propellers. For instance, according to the International Air Transport Association (IATA), a Canada-based trade association of the world’s airlines, overall air traveler numbers will reach 4.0 billion in 2024, exceeding pre-COVID-19 levels by 103%. Therefore, the rise in air passenger traffic is driving the growth of the more electric aircraft market.
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How has the more electric aircraft market size evolved, and what are the latest forecasts for its expansion?
The more electric aircraft market size has grown rapidly in recent years. It will grow 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 can be attributed to fuel efficiency demands, environmental regulations, advancements in power electronics, reduction in maintenance costs, enhanced aircraft performance, increased reliability, and redundancy.
The more electric aircraft market size is expected to see rapid growth in the next few years. It will grow to $6.05 billion in 2029 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to 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, government incentives for electrification. Major 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, collaborations for research and development.
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Which major companies dominate the more electric aircraft market?
Major companies operating in the more electric aircraft market are 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, AeroTEC
What trends will shape the future of the molecular biology enzymes & kits & reagents market?
Innovations in electric aircraft are a key trend gaining popularity in the more electric aircraft market. Major market players are concentrating their efforts on creating innovative technologies, such as the high-performance silicon carbide inverters for more electric aircraft. For instance, in April 2024, ZeroAvia, a US-based Aerospace company, launched an offering of electric and hydrogen aviation components, aligning with its plans for manufacturing. This initiative aims to capitalize on the multi-billion dollar market for its hydrogen-electric powertrains. The company is in the process of certifying the ZA600 engine for up to 20-seat aircraft and advancing the ZA2000 engine for up to 90-seat aircraft. ZeroAvia identified opportunities in advanced electric motors, high-performance silicon carbide inverters, customizable LT-PEM fuel cells, HT-PEM fuel cell stacks, and a specialized aviation fuel cell compressor, all engineered to meet aerospace standards, enhance performance, and reduce environmental impact in aviation.
Which region dominates the more electric aircraft market, and what factors contribute to its leadership?
Europe was the largest region in the more electric aircraft market in 2024. The regions covered in the more electric aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the more electric aircraft market segmented, and which segment holds the largest share?
The more electric aircraft market covered in this report is segmented –
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
Subsegments:
1) By Fixed Wing: Electric Conventional Aircraft, Electric Vertical Takeoff And Landing (eVTOL), Electric Regional Aircraft
2) By Rotary Wing: Electric Helicopters, Electric Multicopters
3) By Hybrid Wing: Hybrid Electric Conventional Aircraft, Hybrid Electric VTOL
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What defines the structure and scope of the more electric aircraft market?
A more electric aircraft is an aircraft that employs a greater proportion of electrical secondary power than a legacy or traditional aircraft. Electric motors generate electricity more efficiently than combustion of fossil fuels in an aviation engine.
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