The global electric aircraft market can achieve a CAGR of 4% during the forecast period (2018-2023) triggered by the rising fuel price, reveals Market Research Future (MRFR) in a minutely-assessed report. An eco-friendly alternative to the traditional aviation method, this can be the future as the rising fuel price, and dauntingly decreasing level of fossil fuel can put the conventional mode of flying under restriction. Electric aircraft came with several advantages such as reduction of air, noise and ground pollution and minimized operational & maintenance cost which are assisting the sector to gain momentum.
However, features such as the lower power to weight ratio of batteries, lack of technological expertise to repair damaged batteries, and inability to fly longer distances are expected can have a temporarily knock-down effect on the sector. But technological advancements can cross these obstacles in no time.
According to MRFR, the global Electric Aircraft Market is estimated to witness a CAGR of more than 4% during the forecast period from 2018 to 2023.
The key players in the global electric aircraft market are Bye Aerospace (U.S.), DeLorean Aerospace (U.S.), Eviation Aircraft (Israel), Electric Aircraft Corporation (U.S.), Lilium (Germany), PC Aero (Germany), Pipistrel (U.K), Siemens (Germany), Schempp-Hirth (Germany), Volta-Volaré (U.S.), Yuneec International (China), and Zunum Aero (U.S.).
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In this field, groundbreaking research and development are taking place now across the world. Siemens’ eAircraft division has recently launched their prototype electric in Chicago.
The U.S. based Sun Flyer has recently announced the launch of their four-seater aircraft and is looking for a considerable advantage in the market.
British market behemoth, Rolls-Royce is planning to launch their ‘flying taxi’ soon, is a hybrid electric vehicle, that can fly a range of 500 miles with a top-speed of 200miles per hour whereas, Lilium has already tested their 5-seater prototype in 2017.
The global electric aircraft market can be segmented by technology, power source, range, and application.
Technology-wise the market can be sub-segmented into hybrid aircraft and all-electric aircraft. Hybrid aircraft includes solar-powered and fuel-powered. All electric aircraft segment is expected to lead the market during the forecast period.
Based on the power source, the market consists battery, solar cells, fuel cells, ultra-capacitors, and others.
Range-based segmentation includes less than 600km and more than 600km. Less than 600km segment is expected to grow more during the review period.
On the basis of application, the market includes commercial and military.
Geographically, the market includes North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America (LATAM).
North America is estimated to be one of the market influencers for the electric aircraft market during the forecast period. The military sector is imbibing this technology considerably by procuring lightweight aircraft and state-of-the-art military jets. The country can expect an increased demand for the electric aircraft market in North America. The presence of companies such as General Electric Co. (U.S.) and United Technologies Corporation (U.S.) can also be seen as beneficial.
Europe is also anticipated to do significant business as the region has several technologically-advanced multinationals who are spending much on the research and development in this sector. The APAC is also expected to have a considerable growth with countries such as China and India projected to contribute much.
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