Electric Aircraft Market Size is Projected To Reach USD 9566 Million By 2027 At A CAGR of 4.6% - Valuates Reports
BANGALORE, India, Dec. 22, 2021 /PRNewswire/ -- Electric Aircraft market Segment by Type - Pure Electric, Hybrid Power, by Application - Personal Use, Commercial Use. Global Opportunity Analysis and Industry Forecast 2021 - 2027. It is published in Valuates Reports under the Transportation & Logistics Category.
The global Electric Aircraft market size is projected to reach USD 9566 million by 2027, from USD 6753.8 million in 2020, at a CAGR of 4.6% during 2021-2027.
Major factors driving the growth of the electric aircraft market are
Factors such as increased aircraft deliveries, lower operating and maintenance costs, and the need for fuel-efficient aircraft with lower carbon emissions, are driving the electric aircraft market.
Furthermore, the deployment of urban air mobility aircraft, as well as the increasing use of electric aircraft for cargo applications and other aerial mission-specific activities, are also fueling the growth of the electric aircraft market.
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TRENDS INFLUENCING THE GROWTH OF ELECTRIC AIRCRAFT MARKET
Growing environmental concerns have increased demand for fuel-efficient airliners, creating a lucrative growth opportunity for the Electric aircraft market. The growing demand for low-maintenance, lightweight, and long-lasting aircraft is propelling the industry forward. The industry is undergoing a massive transformation, with traditional components such as hydraulic, mechanical, and pneumatic systems being replaced with electrical ones that provide better operational efficiency while also significantly reducing carbon emissions.
An increase in the number of global aircraft fleet sizes coupled with growing demand for cleaner and quieter aircraft is expected to drive the electric aircraft market. Organizations and governing bodies such as the International Civil Aviation Organization, the Federal Aviation Administration, and the European Union Aviation Safety Agency have called for more sustainable aircraft fuel alternatives, estimating that aircraft-generated emissions will triple by 2050. Because electric engines do not produce the noises associated with jet or combustion engines, they do not contribute to aircraft noise levels. Low-noise electric unmanned aerial vehicles (UAVs) are becoming more popular in both civil and military applications. Furthermore, various technological advancements and aircraft modernization programs are expected to drive the electric aircraft market forward.
The increasing adoption of electric aircraft by logistics organizations is expected to increase the growth of the electric aircraft market. The logistics industry has been concerned about the emissions produced by cargo planes and is racing toward zero-emission logistics. To reduce their carbon footprint, logistics stakeholders are investing in electric modes of transportation. As a result, the use of all-electric aircraft as a mode of transportation in logistics creates new opportunities for electric aircraft manufacturers.
Current battery technology and electric propulsion systems impose significant constraints on the use of all-electric aircraft. However, several organizations, government agencies, investors, and others are looking for ways to collaborate to develop all-electric aircraft with adequate range and payload capacity which will outweigh the constraints.
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ELECTRIC AIRCRAFT MARKET SHARE ANALYSIS
North America is expected to be the most lucrative region during the forecast period. This is attributed to the region's early adoption of electric aircraft for urban air mobility.
Based on the type, Pure electric aircraft is expected to be the most lucrative. The primary driver for the increased growth and adoption of all-electric aircraft over hybrid aircraft is a greater emphasis on developing zero-emission and noise-free air mobility.
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Electric Aircraft Market By Company
- Zunum Aero
- Yuneec International
- PC Aero
- Pipistrel
- Eviation Aircraft
- Lilium
- Alisport SRL
- Schempp-Hirth
- Bye Aerospace
- Digisky
- Electric Aircraft
- Volta Volare
- Hamilton Aero
- Electravia
- Wright Electric
- Aurora
- Delorean Aerospace
- Joby Aviation
- Poweroasis
- Synergy Aircraft
- Zee Aero
- Airbus
- Embraer
- Cessna Aircraft (Textron Aviation)
- Airspacex (Detroit Aircraft Corporation)
- Evektor
- Siemens
Electric Aircraft Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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