May 27, 2024
Electric Aircraft Market

The Global Electric Aircraft Market Is Estimated To Propelled By Increased Focus On Environmentally Friendly Technologies

Electric aircraft are becoming increasingly popular owing to their environmentally friendly nature and lower operational costs as compared to traditional aircraft. An electric aircraft is an aircraft powered through electric motors rather than internal combustion engines, with electricity being supplied by batteries or solar panels. Key advantages of electric aircrafts are that they produce negligible emissions and are significantly quieter than conventional jet aircrafts. The increasing focus on reducing aircraft emissions and operational noise has boosted the development of green technologies in aviation.

The global Electric Aircraft Market is estimated to be valued at US$ 9661.6 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased focus on environmentally friendly technologies is one of the major drivers of the electric aircraft market. With the aviation industry facing immense pressure to reduce its carbon footprint and dependency on fossil fuels, electric aircraft have emerged as a promising alternative. Continuous technological advancements are enabling electric aircraft to fly longer distances powered by batteries or hydrogen fuel cells. Many aircraft manufacturers are investing heavily in developing fully electric or hybrid-electric aircraft prototypes. Successful test flights of electric aircraft in recent years have demonstrated their commercial viability. This is expected to pave the way for mass production of electric aircraft models over the coming decade, thus favoring high growth of the electric aircraft market.

SWOT Analysis

Strength: Electric aircraft have very low operational costs compared to conventional aircraft since they have no direct operating costs from fuel. They are also more environmentally friendly with zero carbon emissions.

Weakness: Current battery technology limits the capacity and increases the weight of electric aircraft. This affects the maximum take-off weight, payload capacity and range of electric aircraft compared to conventional aircraft. High costs of developing and certifying new electric aircraft designs is also a challenge.

Opportunity: Growing global awareness about reducing carbon footprint from air travel is driving demand for more sustainable aircraft technologies. Many countries and airlines have set targets to transition to low-carbon aircraft and fuels. Technological advances in battery and electric powertrain designs are expanding capabilities of electric aircraft over time.

Threats: Established fossil fuel-based aircraft have significant first-mover advantages in terms of existing infrastructure, regulatory approvals and operations. Transitioning the aviation sector to new electric aircraft technologies at scale poses regulatory and operational challenges. Dependence on rare-earth metals for batteries can impact long-term supply security.

Key Takeaways

The Global Electric Aircraft Market Size is expected to witness high growth over the forecast period driven by support from governments and aviation stakeholders worldwide to reduce environmental impact of air travel. The global Electric Aircraft Market is estimated to be valued at US$ 9661.6 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.

North America currently dominates the market for electric aircraft attributed to strong support from NASA and the FAA for developing electric aircraft designs. The U.S. has emerged as an early hub for testing and certification of electric aircraft with several startups focusing on electric VTOL and short-haul aircraft.

Key players operating in the electric aircraft market are Boeing, Airbus, Raytheon Technologies Corporation, Honeywell International Inc., Thales Group, Lockheed Martin Corporation, Zunum Aero, YUNEEC, Elektra Solar GmbH, PIPISTREL, BYE AEROSPACE, DELOREAN AEROSPACE, LLC, Joby Aviation, Siemens, Safran, Bombardier, TTTech Computertechnik AG, and AgustaWestland. These players are focusing on developing advanced battery systems, electric motors and auxiliary power units tailored for aviation applications to drive the adoption of electric flight

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it