Dublin, Oct. 18, 2021 (GLOBE NEWSWIRE) -- The "Global Electric Aircraft Market by Platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), Type, System (Batteries, Electric Motors, Aerostructures, Avionics, Software), Technology, Application, and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for electric aircraft is estimated to be valued at USD 7.9 billion in 2021, and is projected to reach USD 27.7 billion by 2030, rising at a CAGR of 14.8% during the forecast period.
The growth of this market is mainly driven by the deployment of urban air mobility aircraft and the increasing use of electric aircraft for cargo applications and different aerial mission-specific activities.
Impact of COVID-19
The sudden outbreak of the COVID-19 has taken a toll on various industrial sectors, with aviation being one of the worst affected. However, the electric aircraft market did not seem to have been impacted by the pandemic as much as the aviation industry as a whole. Electric UAVs were widely used by militaries for a variety of missions like border security, while governments and law enforcement agencies used them on an experimental basis.
Civil & commercial applications of electric aircraft include transportation of medical supplies by companies like Zipline and mostly for aerial photography. Retail and other logistics companies are increasingly looking towards the usage of electric UAVs to distribute essential items due to intermittent lockdowns and the imposition of social distancing protocols worldwide. In the US, companies like Amazon and USP have already scaled up their usage of electric drones for their deliveries. Electric drones are also witnessing an increased application in Africa, as they are being used as the art of EMS services to supply medicines and amenities as well as transport organs and blood across cities. These factors have helped the electric aircraft market to sustain the overall impact of the COVID-19 pandemic on the global economy aircraft for cargo applications and different aerial mission-specific activities.
The Light & Ultralight Aircraft segment is expected to grow the largest, based on platform of electric aircraft
Various technological advancements and aircraft modernization programs are expected to boost the market for electric aircraft. Low noise electric UAVs are increasingly adopted in civil and military applications. An increase in corporate activities and the need for aircraft with low carbon footprints are to drive demand for electric aircraft.
The Hybrid Wing segment is projected to witness the highest CAGR during the forecast period
Based on type, the rotary wing segment is projected to be the highest CAGR rate for the electric aircraft market during the forecast period. The evolution in the missions' complexity of both military aircraft and unmanned aerial vehicles (UAVs) and the increase in civilian air traffic, with limited runways, will lead to increasing adoption of these wing type.
The Battery segment is projected to witness the highest CAGR during the forecast period
Based on the system, the battery segment is projected to grow at the highest CAGR rate for the electric aircraft market during the forecast period. Batteries are the most common onboard energy storage components of electric aircraft due to their relatively high storage capacity. Modern batteries are mostly rechargeable and are lithium-based. Advancements in battery power density would be the driving factor for this segment.
The VTOL segment is projected to witness the highest CAGR during the forecast period
Based on the technology, the VTOL segment is projected to grow at the highest CAGR rate for the aircraft landing gear market during the forecast period. Large deployment in civil applications, including air taxi and ems services, will drive this segment. Most of the civil eVTOL aircraft are designed for urban air mobility, air taxis, medical assistance, and personnel passenger transportation.
The Civil segment is projected to witness the highest CAGR during the forecast period
Based on application, the Civil segment is projected to grow at the highest CAGR rate for the aircraft landing gear market during the forecast period. As urban planners, public transit agencies, and walking and biking advocates work to steer cities away from a future congested with cars and as others discuss ethics, realities, and regulations of autonomous vehicles, increasing developments in urban mobility applications will drive this segment.
The North American market is projected to contribute the largest share from 2021 to 2026
Electric Aircraft market in North America is projected to hold the highest market share during the forecast period. North America accounted for the largest share of 34.3% of the electric aircraft market and is expected to grow at a CAGR of 16.1% during the forecast period. The US has the largest UAV fleet used in military and civil applications. Early adoption of electric aircraft for urban air mobility is also being witnessed in the US. These factors are expected to drive the market in North America.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in the Electric Aircraft Market
4.2 Electric Aircraft Market, by Platform
4.3 Electric Aircraft Market, by Technology
4.4 Electric Aircraft Market, by Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need for Cleaner and Quieter Aircraft
5.2.1.2 Advances in Batteries, Electric Motors, and Power Electronics
5.2.1.3 Rise in Demand for Unmanned Aerial Vehicles
5.2.2 Restraints
5.2.2.1 Increased Aircraft Weight due to Heavy Batteries
5.2.2.2 High Voltage and Thermal Issues
5.2.3 Opportunities
5.2.3.1 Emergence of Advanced Air Mobility
5.2.3.2 Use of All-Electric Aircraft for Logistics
5.2.4 Challenges
5.2.4.1 Development of Batteries Having Higher Energy Densities
5.2.4.2 Battery Recharging Infrastructure at Airports
5.2.4.3 Designing All-Electric Manned Aircraft
5.2.4.4 Ensuring Airworthiness of Electric Aircraft
5.3 Range and Scenarios
5.4 COVID-19 Impact Analysis
5.5 Porter's Five Forces Analysis
5.6 Value Chain Analysis
5.7 Market Ecosystem Map
5.7.1 Prominent Companies
5.7.2 Private and Small Enterprises
5.7.3 End-users
5.8 Trends and Disruptions Impacting Customer's Business
5.9 Trade Data Analysis
5.10 Technology Analysis
5.10.1 Lithium-Sulfur Batteries
5.10.2 Hydrogen Fuel Cells
5.11 Tariff and Regulatory Landscape
5.11.1 The European Aviation Safety Agency Framework for VTOL Aircraft
5.11.2 Federal Aviation Administration Rules for Unmanned Aircraft System
5.11.3 Federal Aviation Administration (FAA) Guidelines for Electric Motors in Aircraft
5.12 Average Selling Price
5.13 Volume Data
6 Industry Trends
6.1 Introduction
6.1.1 Urban Air Mobility
6.1.2 Energy Harvesting
6.1.3 High Power Batteries and Motors
6.2 Case Study Analysis
6.2.1 Joby Aerospace Completes All-Electric Flight with Electric Vertical Take-Off Air Taxi
6.2.2 Eviation Offers Alice, a 9-Passenger Electric Propeller-Powered Airplane
6.2.3 Extra Aircraft's Extra 330LE Electric Plane Powered by Siemens Electric Drive System
6.2.4 Rolls Royce's First All Electric Aircraft Completes Maiden Flight
6.3 Innovation & Patent Analysis
6.4 Impact of Megatrend
7 Electric Aircraft Market, by Platform
7.1 Introduction
7.2 Regional Transport Aircraft
7.2.1 The Increasing Need for Cost-Effective Short-Haul Airliners is Expected to Fuel the Growth of this Segment
7.3 Business Jets
7.3.1 Increased Corporate Activities and the Need for Aircraft with Low Carbon Footprints Globally to Drive the Demand for These Jets
7.4 Light &Ultralight Aircraft
7.4.1 General Aircraft
7.4.1.1 Developments in the Electric Propulsion of General Aircraft are Expected to Drive this Segment
7.4.2 Trainer Aircraft
7.4.2.1 Short Takeoff and Landing Capability is Driving the Trainer Aircraft Segment
7.4.3 UAVs
7.4.3.1 Low Noise Footprint of Electric UAVs Fuel Their Adoption in Civil and Military Applications
7.4.4 Advanced Air Mobility
7.4.4.1 Electrical EVTOLs are Used Majorly in AAM Applications
8 Electric Aircraft Market, by Type
8.1 Introduction
8.2 Fixed Wing
8.2.1 Fixed Wing Electric Aircraft are Witnessing Adoption for Commercial Passenger Transportation
8.3 Rotary Wing
8.3.1 Rotary Wing Electric Aircraft are Adopted for Urban Air Mobility
8.4 Hybrid Wing
8.4.1 Mission Complexity and Congested Air Traffic are Fueling the Growth of Hybrid Wing Aircraft
9 Electric Aircraft Market, by System
9.1 Introduction
9.2 Batteries
9.2.1 Advancements in Battery Power Density Would be the Driving Factor for this Segment
9.3 Electric Motors
9.3.1 Electric Motors Provide Better Power to Weight Ratio of Aircraft
9.4 Aerostructures
9.4.1 Advanced Aerostructures Help Enhance Aircraft Performance, Conserve Energy, and Lower Costs
9.5 Avionics
9.5.1 Urban Air Mobility Aircraft Encouraging Advancements in Avionics Systems
9.6 Software
9.6.1 Advanced Software Systems are Required to Run Complicated Systems of Urban Air Mobility Aircraft
9.7 Others
10 Electric Aircraft Market, by Technology
10.1 Introduction
10.2 CTOL
10.2.1 Increasing Developments in Business Jet and Regional Transport Aircraft Will Drive this Segment
10.3 STOL
10.3.1 Increasing Developments in Hybrid Wing Aircraft is Expected to Fuel the Growth of the STOL Segment
10.4 VTOL
10.4.1 Large Deployment of VTOL Aircraft for Air Taxi and EMS Services Will Drive this Segment
11 Electric Aircraft Market, by Application
11.1 Introduction
11.2 Civil
11.2.1 Increasing Developments in Urban Mobility Applications Will Drive this Segment
11.3 Military
11.3.1 The Need for Low Noise ISR Missions Will Boost the Military Segment
12 Regional Analysis
13 Competitive Landscape
13.1 Introduction
13.2 Market Share Analysis, 2020
13.3 Revenue Analysis of Top 5 Market Players
13.4 Company Evaluation Quadrant
13.4.1 Star
13.4.2 Emerging Leader
13.4.3 Pervasive
13.4.4 Participant
13.5 Startups/SME Evaluation Quadrant
13.5.1 Progressive Companies
13.5.2 Responsive Companies
13.5.3 Dynamic Companies
13.5.4 Starting Blocks
13.6 Competitive Scenario
13.6.1 Deals
13.6.2 Product Launches
13.6.3 Others
14 Company Profiles
14.1 Key Players
14.1.1 Airbus SE
14.1.2 Elbit Systems Ltd.
14.1.3 Aerovironment, Inc.
14.1.4 ECA Group
14.1.5 Ehang Holdings Ltd.
14.1.6 Israel Aerospace Industries
14.1.7 Embraer SA
14.1.8 Pipistrel
14.1.9 Eviation Aircraft
14.1.10 Lilium GmbH
14.1.11 Joby Aviation, Inc.
14.1.12 Archer Aviation Inc.
14.1.13 Volocopter GmbH
14.1.14 SZ DJI Technology Co. Ltd.
14.1.15 Yuneec International
14.1.16 Aurora Flight Sciences
14.1.17 Vertical Aerospace Group Ltd.
14.1.18 Heart Aerospace
14.2 Other Players
14.2.1 Wright Electric, Inc.
14.2.2 Bye Aerospace
14.2.3 Beta Technologies
14.2.4 Delorean Aerospace
14.2.5 Electric Aircraft Corporation
14.2.6 Extra Aircraft
14.2.7 Wisk Aero LLC
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/4se6h2
