Enjoy complimentary customisation on priority with our Enterprise License!
The electric aircraft market size is forecast to increase by USD 7.20 billion, at a CAGR of 14.76% between 2023 and 2028. Market analysis is shaped by the escalating demand for clean and quiet aircraft, driven by their superior performance advantages over conventional powered aircraft. These innovative aircraft are increasingly sought after for their reduced environmental impact and enhanced operational efficiency. The aviation industry's collective expertise is poised to accelerate advancements in this sector, promising swift and impactful outcomes. Clean and quiet aircraft offer significant benefits, including lower emissions and noise levels, aligning with global sustainability goals and regulatory requirements. Their advanced technologies improve fuel efficiency and operational economics, appealing to both commercial and private aviation sectors. The convergence of expertise across aerospace engineering, environmental sciences, and aviation operations is pivotal in driving rapid progress and market adoption of these transformative aircraft technologies.
For More Highlights About this Report, Request Free Sample
Electric aircraft are the future of aviation, with electric motors and batteries replacing traditional fossil fuel engines. The market for electric aircraft is gaining momentum, driven by advancements in battery technologies and the increasing demand for sustainable aviation. Key components of electric aircraft include batteries and electric motors. UAVs and drones have already adopted electric powertrains, with manufacturers like Collins Aerospace in Rockford, Illinois, leading the way. Companies like Wright Electric, Ampaire, Duxford, Eviation, Joby Aviation, Lilium, and Pipistrel Aircraft are developing electric aircraft for various applications, from short-haul regional jets to single-aisles and electric VTOLs. The energy density and cycle lifetimes of batteries are critical factors influencing the market's growth. Hybridelectric aircraft, which combine electric motors with traditional engines, are also gaining popularity. The International Energy Agency predicts that electric aircraft will account for 2% of global aviation emissions platform by 2050. The market is expected to grow significantly in the coming years, with key players investing in research and development to improve battery technologies and reduce the cost of electric aircraft.
Increasing requirement for clean and quiet aircraft is notably driving market growth. The global aviation industry produced approximately 915 million tons of carbon dioxide in 2020, accounting for around 2% of human-induced emissions, according to the Air Transport Action Group (ATAG). With the expansion of the global aircraft fleet and increasing air travel demand, these figures are anticipated to escalate significantly. In response to the environmental concerns, there is a growing interest in electric aircraft as a viable solution to minimize the aviation sector's carbon footprint. Authorities and regulatory bodies, including the International Civil Aviation Organization, the Federal Aviation Administration, and the European Union Aviation Safety Agency, are advocating for sustainable fuel alternatives.
By 2050, it is estimated that aircraft emissions will have tripled, making the development and implementation of electric aircraft, such as eVTOL (electric vertical takeoff type and landing), powered by advanced energy storage systems like lithiumsulfur batteries, an urgent priority. Thus, such factors are driving the growth of the market during the forecast period.
Use of advanced techniques for aircraft construction is the key trend in the market. The electric aircraft market is witnessing significant advancements with a focus on developing eVTOL (electric vertical takeoff and landing) aircraft using lightweight materials, such as carbon fiber reinforced polymer. These materials offer the mechanical strength of metal while being extremely lightweight and malleable, enabling designers to create revolutionary aircraft designs. The current generation of batteries accounts for approximately 65% of an aircraft's total weight, making it crucial to reduce the overall weight of the aircraft to ensure commercial viability.
Moreover, by utilizing lightweight materials like carbon fiber reinforced polymer, manufacturers can achieve this goal while maintaining or even improving the load-carrying capacity. The integration of advanced lithiumsulfur batteries in electric aircraft is also expected to contribute significantly to the market's growth, offering increased energy density and reduced weight compared to conventional batteries. Thus, such trends will shape the growth of the market during the forecast period.
Limitations of existing battery technology is the major challenge that affects the growth of the market. The electric aircraft market is experiencing significant buzz, yet faces challenges in translating aerospace company designs into viable commercial models. The energy demands for flight are substantial, making battery technology a crucial factor. While the automotive industry's electrification success can be attributed to affordability and compactness, weight is the primary concern for aviation. To design an electric aircraft with commercial payload-range capabilities, a battery must have a minimum energy density of 500Wh/kg.
However, most commercial batteries can only deliver 30%-50% of this requirement, posing a significant hurdle. The battery industry's technological limitations necessitate advancements to increase storage capacity without adding excessive weight. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The hybrid segment is estimated to witness significant growth during the forecast period. Electric aircraft represent the future of aviation, with electric motors and batteries playing a pivotal role in reducing carbon emissions and enhancing operational efficiency. Companies like Collins Aerospace in Rockford, Illinois, and Wright Electric are at the forefront of this innovation, developing advanced components for electric aircraft. UAVs and drones have already embraced electric power, and now, aircraft manufacturers are following suit. Hybrid electric aircraft are gaining popularity due to their ability to utilize both conventional and electric power systems.
Get a glance at the market share of various regions Download the PDF Sample
The hybrid segment accounted for USD 4.12 billion in 2018. Regional aviation and commercial aviation airports stand to benefit significantly from electric aircraft, as they can reduce CO2 emissions and improve air quality. Companies like Duxford, Eviation, Lilium, Pipistrel Aircraft, and others are investing in battery technologies to enhance the capabilities of electric aircraft. The Federal government is also supporting this transition through various initiatives and incentives. Hybrid electric regional jets and single-aisles are expected to be the first commercial applications of this technology, with electric VTOLs following suit. Companies like Embraer, Electra Aero, Overair, Supernal, Ellis, Associates, and Pipistrel are leading the charge in this field. As battery technologies continue to evolve, electric aircraft are poised to revolutionize the aviation industry.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Electric aircraft are poised to revolutionize the aviation industry with the integration of electric motors and advanced batteries. Companies like Collins Aerospace in Rockford, Illinois, and Wright Electric are leading the charge in this sector. The use of electric motors in Unmanned Aerial Vehicles (UAVs) and drones has already gained significant traction. However, the focus is now shifting towards full-sized aircraft.
Further, takeoff types vary, with some electric aircraft utilizing runways like traditional jet fuel-powered planes, while others, such as electric VTOLs from Duxford's Eviation, Lilium, and Pipistrel, take off and land vertically. Component manufacturers like Collins Aerospace and Rockford are developing lightweight batteries with high energy density and long cycle lifetimes using lithium-ion technology. The Federal government's support for Sustainable Aviation Fuel (SAF) and the aviation industry's commitment to reducing CO2 emissions further boost the electric aircraft market. Regional aviation and commercial aviation airports are also showing interest in accommodating electric aircraft. Companies like Embraer, Electra Aero, Overair, Supernal, Ellis, Associates, Pipistrel, and Uber are investing in hybrid-electric regional jets, single-aisles, and battery technologies to make electric aircraft a viable alternative to jet fuel-powered planes.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
You may also interested in below market reports:
Electric aircraft are the new frontier in aviation, powered by electric motors instead of traditional jet fuel. The market for electric aircraft is growing rapidly, with key players including Collins Aerospace in Rockford, Illinois, and Wright Electric. Two main components of electric aircraft are batteries and electric motors. Lithium-ion batteries are the most common choice due to their high energy density and long cycle lifetimes. UAVs and drones have already made significant strides in electric aviation. However, the future lies in larger aircraft, such as regional jets and single-aisles. Companies like Duxford, Eviation, Lilium, Pipistrel Aircraft, and Embraer are leading the charge in this area. The Federal government is also investing in electric aviation, recognizing its potential to reduce CO2 emissions. Hybridelectric aircraft and electric VTOLs are also gaining attention for their potential to revolutionize regional aviation and commercial aviation, respectively. Aircraft manufacturers are exploring various battery technologies to improve performance and reduce costs. SAF (Sustainable Aviation Fuel) is another area of focus, as it can be used in conjunction with electric motors to further reduce emissions. Electric aircraft are poised to transform the aviation industry, with companies like Overair, Supernal, Ellis Associates, Pipistrel, and Uber leading the way. The future of aviation is electric, and it's an exciting time to be a part of it.
Market Scope |
|
Report Coverage |
Details |
Page number |
137 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.76% |
Market growth 2024-2028 |
USD 7.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.55 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 45% |
Key countries |
US, China, Germany, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Airbus SE, Bye Aerospace, DBT Aero Inc., Delorean Aerospace LLC, DIGISKY srl, E-PROPS, Equator Aircraft AS, Evektor spol sro, Eviation Aircraft, Gust Inc., Joby Aviation Inc., Lilium GmbH, PIPISTREL doo, Schempp-Hirth Flugzeug-Vertriebs GmbH, Siemens AG, The Boeing Co., Volta Volare, Watt Flight, Wright Electric, and Zunum Aero |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.