The global electric aircraft market size was valued at US$ 10.93 billion in 2021 and it is expected to hit US$ 39.61 billion by 2030 with a noteworthy CAGR of 15.4% from 2022 to 2030.
The airplane needs large amount of fuel and gasoline. This results into high cost for aviation industry to manufacture airplanes. This factor is driving the adoption and acceptance of electric airplane on a large scale. In addition, the growing preference technologically advanced products is aiding the growth of the global electric aircraft market.
The growing environmental concerns are also helping to drive the electric aircraft market growth. The use of electric aircraft helps in the reduction of pollution levels. This also results in decline of adverse effects of global warming. Additionally, the electric aircraft is regarded as eco-friendly solution for the environment. The government of developed and developing regions is also taking efforts in order to curb effects of carbon emissions and greenhouse gases emissions. This factor is supporting the growth and development of the global electric aircraft market over the forecast period.
Another factor that is propelling the growth of the global electric aircraft market is technological developments in the aviation industry. The aircraft are being manufactured with the help of various technologies. The electric aircrafts are being deployed with the autonomous systems. Some of the electric aircrafts are also being utilized in military and defense sectors. These factors are spurring the expansion of the electric aircraft market globally.
Report Scope of the Electric Aircraft Market
|Market Size by 2030||USD 39.61 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 15.4%
|Largest Market||North America|
|Fastest Growing Market||Europe|
|Forecast Period||2022 to 2030|
|Segments Covered||Platform, System, Type, Technology, Application, Range, Geography|
|Companies Mentioned||Pipistrel Group, Airbus, Bye Aerospace, Aerospace Limited, Yuneec Holding Limited, Leonardo S.p.A., Faradair Aerospace Limited, Boeing, Digisky S.R.L., Groupe Gorge|
The rising disposable income and rapid urbanization is increasing the number of passengers for airlines. This surge in number of passengers is resulting in to the adoption of advanced technology and innovative aircrafts. The rapid growth in economies is also resulting into the growth of the electric aircraft market over the projected period. In addition, the growing sales of electric aircraft through original equipment manufacturers (OEMs) are boosting the growth of the electric aircraft market.
The government of Europe and North America regions is constantly working for the installation and implementation of electric aircraft. The government is launching new development programs for this. The original equipment manufacturers (OEMs) have started deploying electric motors and batteries on large scale. The utilization of these devices is cost effective in nature as compared to traditional devices.
On the other hand, the biggest challenge that aviation industry and electric aircraft manufacturers face is the development of high-density batteries. Till now, the manufacturers are not able to develop batteries which can run for long distance. The batteries do not have long shelf life, which is restricting the electric aircraft market growth.
The light and ultralight aircraft segment dominated the electric aircraft market in 2021. The demand for light and ultralight aircrafts is rising at a rapid pace. This is attributed to the modernization of aircrafts and technological advancements and product innovation in the electric aircraft market. In addition, the light and ultralight aircraft are easy to drive. Furthermore, the rising recreational activities are also driving the growth of the light and ultralight aircraft segment.
The business jets segment is fastest growing segment of the electric aircraft market in 2021. The growing tourism sector is contributing towards the growth of the segment. This is attributed to the growing number of people with high net worth and the launch of programs for business jets. In addition, the business jets are mostly used by businessmen to travel within a region to save time.
The electric motors segment accounted largest revenue share in 2021. The growth of the segment is attributed to various benefits provided by electric motors. Those benefits are high performance and low cost of operations and maintenance. The electric motors are more efficient and effective in nature as compared to traditional motors.
The batteries segment is fastest growing segment during the forecast period. The aircraft batteries use two kind of materials which are common in nature. Those two types of materials are nickel cadmium and lead acid batteries. These batteries are advanced batteries with several features such as large capacity to store energy and wide range of sizes. In addition, batteries have long shelf life.
The VTOL segment led the electric aircraft market in 2021. The vertical takes off and landing (VTOL) aircraft lands vertically without landing through runway. This type of aircrafts is fully autonomous in nature. The vertical takes off and landing (VTOL) aircraft are deployed with batteries and electric motors instead of fuel-based motors. The vertical takes off and landing (VTOL) aircraft are cost effective in nature.
The STOL segment is fastest growing segment during the forecast period. The short take off and landing (STOL) aircraft are used on short runways. The short take-off and landing (STOL) aircraft needs distinctive ports. That’s the reason short take-off and landing (STOL) aircraft is also used for defense and military areas.
North America accounted largest revenue share in 2021 owing to growing environmental concerns combined with increasing government initiatives are driving the growth of the electric aircraft market. In addition, the people or business owners in the North America region are using business jets for traveling on a large scale. This factor is also driving the growth of the electric aircraft market in North America region.
Europe is expected to develop at the fastest rate during the forecast period. The UK dominates the electric aircraft market in Europe region. The electric aircraft market in Europe is being driven by the existence of major market players. In addition, the people in this region can afford to travel with business jets, which is propelling the demand for electric aircraft in Europe region. Furthermore, favorable government policies are contributing towards the market growth.
Some of the prominent players in the global electric aircraft market include:
Segments Covered in the Report
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client