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Electric aircraft are more sustainable and environment-friendly compared to conventional internal combustion engine aircraft as they produce negligible noise and have zero direct emissions. They utilize electric motors instead of jet engines and batteries instead of jet fuel. This reduces operating costs, minimize noise pollution, and help organizations achieve sustainability targets. Electric aircraft are well-suited for trips below 500 miles making them an ideal option for passenger and cargo travel.
The global Electric Aircraft Market is estimated to be valued at US$ 9,661.6 Mn in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the electric aircraft market is the growing focus on sustainability in the aviation industry. Major airlines and aircraft manufacturers have committed to achieving net-zero emissions by 2050. This is increasing investment and focus on developing fully electric aircraft for short-haul flights. Several startups are testing electric aircraft designs for passenger flights that can travel up to 250 miles on a single charge. Regulatory agencies are also supportive and have provided funding and route approvals to test electric aircraft viability. This focus on sustainability through electrification of aircraft is expected to boost the electric aircraft market over the forecast period.
Segment Analysis
The global electric aircraft market is dominated by the hybrid electric aircraft sub-segment. With advancements in battery technology, hybrid electric aircraft offer a lucrative middle ground as they make use of electric motors to power the aircraft for take-off and landing while relying on efficient jet turbines for cruise flight. This provides the optimum balance between fuel efficiency and electric capability. The hybrid electric sub-segment currently accounts for over 60% of the electric aircraft market share owing to its commercial and technical viability.
Key Takeaways
The global electric aircraft market is expected to witness high growth over the forecast period.
Regional analysis: North America, led by the United States, is expected to continue dominating the global electric aircraft market during the forecast period. Several pioneering electric aircraft programs are underway in the US with companies exploring hybrid electric, all-electric configurations. NASA and the US Air Force are heavily funding research to make electric flight technologies a reality. Europe is also focusing on developing electric aircraft to reduce aviation’s carbon footprint. Major European aircraft manufacturers like Airbus have unveiled hybrid electric aircraft concepts.
Key players operating in the electric aircraft market are Boeing, Airbus, Eviation, Lilium, Pipistrel, Bye Aerospace, and Wright Electric. Boeing is a prominent player focused on hybrid electric aircraft technologies with demonstration programs underway. Airbus unveiled a radical hybrid electric aircraft design called the E-Fan X in 2020, which successfully conducted its maiden flight recently. Lilium is an eVTOL startup developing an all-electric five-seater aircraft aimed at urban air mobility.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
