An electric aircraft is an aircraft power-driven by electric motors. Electric energy may be supplied by several methods, including ground power cables, batteries, solar cells, power beaming ultra-capacitors, and fuel cells. Increase in per capita income has led to a continuous rise in the number of air passengers over the past few years. This has driven the demand for aircraft, which, in turn, is driving the growth of the electric aircraft market. Electric aircraft manufacturers are looking forward to developing electric-powered aircraft that will consume no fuel, emit no CO2 or NOx, and will be considerably quieter as compared to the traditional gas-powered aircraft.
Rising fuel prices have become a major concern for the aircraft companies. This is impelling them to look for alternatives to conventional fuel sources. Thus, the focus on electrical energy as an eco-friendly and efficient alternative to conventional fuel may increase the electric aircraft market demand over the forecast period. The use of electric aircraft will help in reducing noise, air, and ground pollution. This results in minimizing the hazards of global warming. This is estimated to drive the demand for the electric aircraft market.
Electric aircraft are very innovative with respect to functioning and technology. An electric aircraft consists of a variety of autonomous electric components and systems, including structural components, smart skin, and printed electronics. The electric aircraft market growth is propelled by the rise in usage of these autonomous systems. The decrease in the operational & maintenance costs and the remarkable increase in aircraft deliveries have been a few other major factors spurring the electric aircraft market demand.
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Major Key Players
Bye Aerospace (U.S.),
DeLorean Aerospace (U.S.),
Eviation Aircraft (Israel),
Electric Aircraft Corporation (U.S.),
PC Aero (Germany),
Volta-Volaré (U.S.), Yuneec International (China), and Zunum Aero (U.S.)
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 electric aircraft market is an emerging market with fewer multinational and regional manufacturers and suppliers. These multinational players offer heterogeneous products and services. These products may sometimes be customized, particularly when it comes to military aircraft. The electric aircraft market is highly capital driven and completely based on technological developments, quality, cost, and reliability of the components. To gain a competitive advantage, the major vendors in the market respond and identify the evolving trends in geopolitical situations.
North America is estimated to be a prominent region for the electric aircraft market during the forecast period. Rise in the developments in the military sector, such as the procurement of lightweight aircraft and innovative military jets, is expected to increase the demand for the electric aircraft market in North America. In Asia Pacific, India and China are expected to grow at a significant rate, during the forecast period, as these countries follow the Environmental Protection Agency (EPA) and International Civil Aviation Organization (ICAO) emission norms to combat air pollution.
Hence, there is potential for use of electric aircraft for air transport in this region. Investments in lightweight components, highly efficient power electronics, and highly competent batteries drive the demand for the market. In addition, support from governments, in terms of tax benefits and subsidies, will support the growing demand throughout the forecast period.
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Scope of the Report
This study provides an overview of the global Electric Aircraft Market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and the Middle East & Africa, and Latin America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Electric Aircraft market by its Technology, Power Source, Range, Application, and Region.