Global Electric Aircraft Market to Record Strong Growth at 15.06% CAGR, Accounting for USD 31.24 Billion by 2030, North America Leads the Industry as Favorable Government Initiatives Rises, States Kings Research

DUBAI, UAE, Oct. 20, 2023 /PRNewswire/ -- According to the latest report by Kings Research, the global Electric Aircraft Market was valued at USD 8.84 billion in 2022 and is estimated to reach USD 31.24 billion by 2030, growing at a CAGR of 15.06% from 2023 to 2030. The market is anticipated to expand with technological advancements, innovations in electronic aircraft technology, and the development of electric vertical take-off and landing (eVTOL) and unmanned aerial vehicles (UAV). 

Increased investment in electric aircraft contributes to the advancement of aviation technology, rendering it more environmentally sustainable. Furthermore, governmental regulations and incentives play a pivotal role in stimulating investment and innovation within the realm of electric aviation.

Aircraft manufacturers are actively exploring innovative design concepts, including hybrid electric propulsion systems and Vertical Takeoff and Landing (VTOL) aircraft. Additionally, ongoing advancements in battery technology, electric motors, and power management systems are poised to enhance the operational capabilities of electric aircraft, enabling longer flight durations, extended range, and increased payload capacity.

Get a Sample PDF of the Report: https://www.kingsresearch.com/request-sample/electric-aircraft-market-169

Competitive Landscape

Key manufacturers in the global electric aircraft market are strategically concentrating on various approaches to bolster their market presence in different regions. These strategies encompass initiatives such as establishing partnerships, engaging in mergers and acquisitions, fostering product innovations, and collaborating through joint ventures. For instance, in June 2023, Scandinavian Airlines (SAS) initiated the use of electric aircraft for commercial flights in Sweden, Norway, and Denmark. This move aligns with SAS's commitment to sustainable air travel and marks a substantial step in that direction.

Prominent companies profiled in the global electric aircraft market include:

• American Airlines
• Collins Aerospace
• Leonardo S.p.A.
• Scandinavian Airlines (SAS)
• Yuneec
• BAE Systems
• AIRBUS
• ARCHER AVIATION INC.
• GENERAL ELECTRIC
• PARKER HANNIFIN CORP

Have an Enquiry? Talk to our Analyst @ https://www.kingsresearch.com/enquiry/electric-aircraft-market-169

Trending Now: MIT Engineers Develop Megawatt Electric Motor for Commercial Airliners

In June 2023, a team of engineers at MIT developed a new megawatt electric motor that could be used to power commercial airliners. The motor is a key stepping stone towards electrifying larger aircraft, which would help to reduce emissions and make aviation more sustainable.

The motor is designed to be lightweight and efficient, and it can produce up to 1 megawatt of power. This is enough power to propel a small commercial airliner, such as a regional jet.

The motor is still in the early stages of development, but the MIT team is confident that it can be scaled up to power larger aircraft in the future. They are also working on developing new battery technologies that would make electric airliners more feasible.

Electric Aircraft with Less than 500 km Power Density to Drive Market Proliferation

Based on the power density, the electric aircraft market is further bifurcated into less than 500 km and more than 500 km. 

The less than 500 km segment is expected to dominate the global electric aircraft market. With advances in battery technology, aircraft now have the capability to achieve longer ranges. This has led to the introduction of e­lectric aircraft with increased range­ for commercial use. The marke­t currently offers mostly ultra-light ele­ctric aircraft with power density ranging from 0 to 500 km.

Ask for Customization: https://www.kingsresearch.com/customization/electric-aircraft-market-169

Increasing Demand for Light and Ultralight Aircraft to Bolster Market Growth

In terms of platform, the electric aircraft market is divided into regional transport aircraft, business jets, and light and ultralight aircraft.

The light and ultralight aircraft segment emerged as the dominant force in the market in 2022. This segmental growth can be attributed to the increasing demand for these types of aircraft. The ongoing modernization of aircraft, product innovation, and ongoing technological advancements have greatly contributed to the growth of the segment. 

Growing Governmental Initiatives on Carbon Emissions to Drive Electric Aircraft Market Development

Governmental support around the world to mitigate carbon and greenhouse gas emissions, as well as the expansion of the aviation industry, are fueling the growth of the electric aircraft market. Furthermore, the market is anticipated to experience substantial growth in the near future due to increasing environmental concerns and the search for higher energy-density batteries capable of meeting the range and efficiency requirements of commercial aviation. The market is further growing as a result of increased efforts being made to develop electric aircraft capabilities by major companies throughout the world, which is supported by their R&D resources.

Purchase this Premium Research Report: https://www.kingsresearch.com/buy-now/169

Rapid Adoption of Clean Technology in North America to Support Market Expansion

North America is dominating the global electric aircraft market due to the high demand for fuel-efficient transportation and strict government regulations promoting clean technology adoption.  Furthermore, the North American market benefits from the presence of significant upcoming projects and the emergence of numerous start-ups actively supporting the electrification initiatives within the aviation sector.

The growth trajectory of this regional segment is expected to be further bolstered by several key factors such as advancements in aircraft and engine architecture, the imperative need to reduce airport noise pollution, the continuous drive to optimize aircraft performance, and the growing adoption of fuel cell technology. Additionally, the market is poised to benefit from ongoing innovations such as high-density battery solutions, the development of alternative energy sources for power generation, and the expansion of advanced electronic components designed for the electric aircraft industry.

The increased production of commercial aircraft in the region has boosted demand for Electric Vertical Takeoff and Landing (eVTOL) aircraft. Noteworthy advancements in military aviation, including the acquisition of unmanned aerial vehicles, as well as the introduction of novel technologies including hybrid aircraft capable of vertical takeoff, are anticipated to propel market growth through the forecast period.

Browse the Complete Report Here: https://www.kingsresearch.com/electric-aircraft-market-169

Key Points from TOC:

1 Introduction of the Global Electric Aircraft Market 

1.1 Market Definition

1.2 Market Segmentation

1.3 Research Timelines

1.4 Limitations

1.5 Assumptions

2 Executive Summary

3 Research Methodology

3.1 Data Collection

3.1.1 Secondary Sources

3.1.2 Primary Sources

3.1.3 Research Flow

3.2 Subject Matter Expert Advice

3.3 Quality Check

3.4 Final Review

3.5 Bottom-Up Approach

3.6 Top-down Approach

4 Global Electric Aircraft Market Outlook

4.1 Market Evolution

4.2 Overview

4.3 Market Dynamics

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.3.4 Challenges

4.4 Pricing Analysis

4.5 Porter's Five Forces Analysis

4.6 Value Chain Analysis

4.7 Macroeconomic Analysis

5 Impact of Russia-Ukraine War

6 Global Electric Aircraft Market, By Platform

7 Global Electric Aircraft Market, By Component

8 Global Electric Aircraft Market, By Power Density

9 Global Electric Aircraft Market, By End-User

10 Global Electric Aircraft Market, By Geography

11 North America 

12 Europe 

13 Asia Pacific 

14 Middle East & Africa 

15 Latin America 

16 Global Electric Aircraft Market Competitive Landscape

16.1 Overview

16.2 Key Developments

16.3 Key Strategic Developments

16.4 Company Market Ranking

16.5 Regional Footprint

16.6 Industry Footprint

17 Company Profiles

17.1 American Airlines

17.1.1 Key Facts

17.1.2 Financial Overview

17.1.3 Product Benchmarking

17.1.4 Recent Developments

17.1.5 Winning Imperatives

17.1.6 Current Focus & Strategies

17.1.7 Threat from competition

17.1.8 SWOT Analysis

17.2 Collins Aerospace

17.2.1 Key Facts

17.2.2 Financial Overview

17.2.3 Product Benchmarking

17.2.4 Recent Developments

17.2.5 Winning Imperatives

17.2.6 Current Focus & Strategies

17.2.7 Threat from competition

17.2.8 SWOT Analysis

17.3 Leonardo S.p.A.

17.3.1 Key Facts

17.3.2 Financial Overview

17.3.3 Product Benchmarking

17.3.4 Recent Developments

17.3.5 Winning Imperatives

17.3.6 Current Focus & Strategies

17.3.7 Threat from competition

17.3.8 SWOT Analysis

17.4 Scandinavian Airlines (SAS)

17.4.1 Key Facts

17.4.2 Financial Overview

17.4.3 Product Benchmarking

17.4.4 Recent Developments

17.4.5 Winning Imperatives

17.4.6 Current Focus & Strategies

17.4.7 Threat from competition

17.4.8 SWOT Analysis

17.5 Yuneec

17.5.1 Key Facts

17.5.2 Financial Overview

17.5.3 Product Benchmarking

17.5.4 Recent Developments

17.5.5 Winning Imperatives

17.5.6 Current Focus & Strategies

17.5.7 Threat from competition

17.5.8 SWOT Analysis

Continued…….

Browse Complete TOC: https://www.kingsresearch.com/toc/electric-aircraft-market-169

About Us:

Kings Research stands as a renowned global market research firm. With a collaborative approach, we work closely with industry leaders, conducting thorough assessments of trends and developments. Our primary objective is to provide decision-makers with tailored research reports that align with their unique business objectives. Through our comprehensive research studies, we strive to empower leaders to make informed decisions.

Our team comprises individuals with diverse backgrounds and a wealth of knowledge in various industries. At Kings Research, we offer a comprehensive range of services aimed at assisting you in formulating efficient strategies to achieve your desired outcomes. Our objective is to significantly enhance your long-term progress through these tailored solutions.

Contact Us

Kings Research
Phone: (+1) 888 328 2189
E-mail: [email protected]
Website: https://www.kingsresearch.com
Blog: https://www.kingsresearch.com/blog
Follow Us: LinkedIn | Facebook | Twitter

SOURCE Kings Research