Global Electric Aircraft Market Report 2023: Rise in Demand for Unmanned Aerial Vehicles Bolsters Growth

Rhea-AI Summary

The Global Electric Aircraft Market is projected to grow from USD 8.8 billion in 2022 to USD 37.2 billion by 2030, reflecting a CAGR of 19.8%. Key drivers include the need for cleaner aircraft and advancements in battery technology. The light and ultralight segment is expected to dominate market share during this period, particularly with the introduction of electric regional transport aircraft and business jets expected by early 2027. The rotary wing segment, particularly eVTOL aircraft, is also witnessing significant growth. Challenges include battery weight, high voltage issues, and the need for robust charging infrastructure.

Positive

• Projected market growth from USD 8.8 billion in 2022 to USD 37.2 billion by 2030.
• CAGR of 19.8% indicates strong market potential.
• Advancements in battery technology are enhancing electric aircraft efficiency.

Negative

• Increased aircraft weight due to heavy batteries may hinder performance.
• High voltage and thermal issues pose significant engineering challenges.
• Development of high energy density batteries is still required.

DUBLIN, March 24, 2023 /PRNewswire/ -- The "Global Electric Aircraft Market by Platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), Type, System (Batteries, Electric Motors, Aerostructures, Avionics, Software), Technology, Application and Region - Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The Global Electric Aircraft Market is expected to grow from USD 8.8 billion in 2022 to USD 37.2 billion in 2030, at a CAGR of 19.8% during the forecast period. The integration of technologies such as IoT, artificial intelligence, and machine learning has helped increase the efficiency of electric aircraft.

With advancements in chemical technologies in the form of lithium/fluorinated carbon (Li/CFx) batteries, manufacturers and innovators have been successful in developing high energy-to-weight ratio aircraft batteries that increase the range of electric aircraft and allow more MTOW. Manufacturers are focusing their R&D efforts on developing electrodes and cell separators that increase the reliability and safety of battery systems for prolonged service life in rigorous environments.

The development of integrated battery monitoring systems is a prime example of the advancements and measures undertaken by the aircraft battery industry to ensure the optimal performance of batteries and associated products. These technological advancements will reduce restrictions and challenges related to the adoption of electric aircraft in the future.

Light and Ultralight segment expected to have a larger market share during the forecast period

By platform, light and ultralight segment is expected to have a larger market share during the forecast period. Electric Regional transport aircraft and business jet aircraft are expected to have witness introduction into the market in late 2026 early 2027. Until this period the light and ultralight aircraft like UAVs, General Aircraft, Trainer Aircraft will contribute more to the market. Due to these factors light and ultralight segment would have larger market share during this period.

Rotary Wing segment to dominate the market during the forecast period

Based on type, rotary wing segment is witnessing largest market share across the forecast period. Major developments are being made in the Rotary wing segment mainly eVTOL aircraft. Rotary wing UAVs are majorly electric in nature and are widely used across many applications in commercial, government and military. With the advent of Urban air travel due to the ease of operation and maneuverability, eVTOLs are the choice of technology that is witnessing larger adoption.

Market Dynamics

Drivers

• Growing Need for Cleaner and Quieter Aircraft
• Advances in Batteries, Electric Motors, and Power Electronics
• Rise in Demand for Unmanned Aerial Vehicles

Restraints

• Increased Aircraft Weight due to Heavy Batteries
• High Voltage and Thermal Issues

Opportunities

• Emergence of Advanced Air Mobility
• Use of All-Electric Aircraft for Logistics

Challenges

• Development of High Energy Density Batteries
• Battery Recharging Infrastructure at Airports
• Designing All-Electric Manned Aircraft
• Ensuring Airworthiness of Electric Aircraft

Research Coverage

This research report categorizes the Electric Aircraft market on the basis of Electric Aircraft market by platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), Type, System (Batteries, Electric Motors, Aerostructures, Avionics, Software, and Others) Technology, Application, and Region. These segments have been mapped across major regions, namely, North America, Europe, Asia-Pacific, Middle East, Latin America, and Africa. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the Electric Aircraft market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; new product launches; mergers; and partnerships, agreements, and collaborations; and recent developments associated with the Electric Aircraft market. In addition, the startups in Electric Aircraft market ecosystem are covered in this report to provide usable insights and developments happening in the emerging market of Electric Aircraft.

Reasons to Buy this Report

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Electric Aircraft market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Electric Aircraft Market, by Platform
7.1 Introduction
7.2 Regional Transport Aircraft
7.3 Business Jets
7.4 Light & Ultralight Aircraft
7.4.1 General Aircraft
7.4.2 Trainer Aircraft
7.4.3 UAVs
7.4.4 Advanced Air Mobility

8 Electric Aircraft Market, by Type
8.1 Introduction
8.2 Fixed Wing
8.3 Rotary Wing
8.4 Hybrid Wing

9 Electric Aircraft Market, by System
9.1 Introduction
9.2 Batteries
9.3 Electric Motors
9.4 Aerostructures
9.5 Avionics
9.6 Software
9.7 Others

10 Electric Aircraft Market, by Technology
10.1 Introduction
10.2 CTOL
10.3 STOL
10.4 VTOL

11 Electric Aircraft Market, by Application
11.1 Introduction
11.2 Civil
11.3 Military

12 Electric Aircraft Market, by Region

13 Competitive Landscape

14 Company Profiles

15 Appendix

Companies Mentioned

• AeroVironment, Inc.
• Airbus SE
• Archer Aviation Inc.
• Aurora Flight Sciences
• Beta Technologies
• Bye Aerospace
• Delorean Aerospace
• EHang Holdings Ltd.
• Elbit Systems Ltd.
• Electric Aircraft Corporation
• Eve Air Mobility
• Eviation Aircraft Inc.
• Extra Aircraft
• Heart Aerospace
• Israel Aerospace Industries
• Jaunt Air Mobility
• Joby Aviation, Inc.
• Lilium N.V.
• Pipistrel
• Rolls Royce
• Siemens
• SZ DJI Technology Co. Ltd.
• Vertical Aerospace Group Ltd.
• Volocopter GmbH
• Wisk Aero LLC
• Wright Electric, Inc.
• Yuneec International

For more information about this report visit https://www.researchandmarkets.com/r/wtaje6

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FAQ

What is the projected growth of the electric aircraft market?

The electric aircraft market is projected to grow from USD 8.8 billion in 2022 to USD 37.2 billion by 2030.

What are the key drivers for the electric aircraft market growth?

The main drivers include the growing need for cleaner aircraft, advancements in battery technology, and increased demand for unmanned aerial vehicles.

Which segment is expected to dominate the electric aircraft market?

The light and ultralight segment is expected to have a larger market share during the forecast period.

What challenges does the electric aircraft industry face?

Challenges include increased aircraft weight due to heavy batteries, high voltage and thermal issues, and the development of recharging infrastructure.

What is the significance of the rotary wing segment in the electric aircraft market?

The rotary wing segment, especially eVTOL aircraft, is witnessing major developments and is expected to have the largest market share.