Electric Aircraft Market Size to Reach $23.5 Billion, Globally, by 2031 at 10.9% CAGR: Allied Market Research

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The global electric aircraft market, valued at $8.5 billion in 2021, is projected to reach $23.5 billion by 2031, growing at a CAGR of 10.9% from 2022 to 2031, according to a report by Allied Market Research. Key drivers include rising environmental concerns and advancements in battery technology. The vertical takeoff and landing (VTOL) segment dominated the market in 2021, accounting for nearly half of the market share, while the conventional takeoff and landing segment is expected to grow at the highest rate of 12.5% CAGR. The aerostructures segment led by market share in 2021, with batteries expected to grow at 12.6% CAGR. North America holds a significant market share, with expectations of continued dominance by 2031, and technological advancements driving growth.

Positive

• Market projected to grow from $8.5 billion in 2021 to $23.5 billion by 2031.
• CAGR of 10.9% expected from 2022 to 2031.
• Vertical takeoff and landing segment held nearly half the market share in 2021.
• Batteries segment projected to grow at a CAGR of 12.6% from 2022 to 2031.
• North America expected to maintain dominance in market share and growth.

Negative

• Challenges include the requirement of large batteries and limited infrastructure capabilities.
• Covid-19 pandemic negatively impacted manufacturing and demand for electric aircraft.

The increase in environmental concerns, technological advancement in batteries and electric propulsion systems, rise in demand for short range regional routes, and surge in efforts to reduce overall carbon footprint and operational cost of aviation industry drive the growth of the global electric aircraft market

PORTLAND, Ore., April 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Aircraft Market by Takeoff Type (Conventional Takeoff and Landing, Short Takeoff and Landing, Vertical Takeoff and Landing), by Component (Batteries, Electric Motors, Aerostructures, Avionics, Others), by End Use (Commercial, Military), by Platform (Fixed Wing, Rotary Wing): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global electric aircraft industry generated $8.5 billion in 2021, and is anticipated to generate $23.5 billion by 2031, witnessing a CAGR of 10.9% from 2022 to 2031.

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Prime determinants of growth

The increase in environmental concerns, technological advancement in batteries and electric propulsion systems, rise in demand for short range regional routes, and surge in efforts to reduce overall carbon footprint and operational cost of aviation industry drive the growth of the global electric aircraft market. However, several challenges such as the requirement of large and bulky batteries to generate required power, the need to charge the aircraft frequently before scheduled flight path, and limited infrastructure capabilities restrict the market growth. Moreover, the rise in efforts by major companies across the globe to develop electric aircraft capabilities, supported by their research and development budgets, is presenting new opportunities in the coming years.

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a negative impact on the global electric aircraft market, owing to the halt in aircraft manufacturing and restrictions on air travel and aircraft operations which led to decline the demand for electric aircraft during the lockdown.
• However, post pandemic, as consumers attempt to make up for two years of missed travel possibilities, the aviation industry has witnessed the long-anticipated rise in reservations with the relaxation of numerous border restrictions. International revenue passenger kilometer (RPKs) increased 331.9% compared to April 2021, accelerating the 289.9% increase from March 2022 to the previous month.

The vertical takeoff and landing segment to maintain its leadership status throughout the forecast period

Based on takeoff type, the vertical takeoff and landing segment held the highest market share in 2021, accounting for nearly half of the global electric aircraft market, and is estimated to maintain its leadership status throughout the forecast period. Increase in requirement of drones for commercial and non-commercial market support the growth of the VTOL segment in the electric aircraft market. Moreover, integration of electric propulsion system in helicopters and tiltrotors further support business opportunities within the segment. However, the conventional takeoff and landing segment is projected to manifest the highest CAGR of 12.5% from 2022 to 2031, due to rise in demand for small and regional aircraft to cater tourism and private aerial operations.

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The aerostructures segment to maintain its leadership status throughout the forecast period

Based on component, the aerostructures segment held the highest market share in 2021, accounting for nearly one-third of the global electric aircraft market. Aerostructures are one of the most crucial components of electric aircraft. The efficiency of electric propulsion system coupled with aerodynamics of an aircraft will play a major role in deciding the flight length of an aircraft. However, the batteries segment is projected to manifest the highest CAGR of 12.6% from 2022 to 2031, and is estimated to maintain its leadership status throughout the forecast period. New design concepts and innovation in manufacturing technologies to manufacture aircrafts with improved aerodynamics is one of the major factors supporting the business segment growth.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global electric aircraft market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 12.3% from 2022 to 2031, owing to presence of significant number of companies in the region. Technological advancement in North America is intended to ensure secure, cost-effective, and efficient channels of electric aircraft manufacturing processes.

Leading Market Players: -

• Ampaire Inc.,
• Duxion,
• Elbit Systems Ltd.,
• Embraer SA,
• Joby Aviation,
• Lilium,
• VOLOCOPTER GMBH,
• ZeroAvia,
• Airbus,
• PIPISTREL d.o.o.,
• AeroVironment, Inc.,
• EHang Holdings Ltd.,
• Eviation,
• Rolls Royce Plc,
• Wright Electric, Inc.

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The report provides a detailed analysis of these key players of the global electric aircraft market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Similar Reports We Have on Aircraft Industry:

Hydrogen Aircraft Market Research Report 2023-2035

More Electric Aircraft Market Research Report 2023-2035

Zero-Emission Aircraft Market Research Report 2023-2035

Aircraft Manufacturing Market Research Report 2023-2035

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research

FAQ

What is the expected growth of the electric aircraft market?

The electric aircraft market is projected to grow from $8.5 billion in 2021 to $23.5 billion by 2031, at a CAGR of 10.9%.

Which segment held the largest share in the electric aircraft market in 2021?

The vertical takeoff and landing (VTOL) segment held nearly half of the market share in 2021.

What are the challenges facing the electric aircraft market?

Challenges include the need for large batteries, frequent charging requirements, and limited infrastructure capabilities.

How did the Covid-19 pandemic affect the electric aircraft market?

The pandemic negatively impacted the market due to halted manufacturing and reduced demand for electric aircraft.

What region is expected to dominate the electric aircraft market?

North America is expected to maintain its dominance in market share through 2031.