Chicago, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The report "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", is estimated to be USD 7.9 billion in 2021 and is projected to reach USD 27.7 billion by 2030, 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.
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Scope of the Report
| Report Metric | Details |
| Market size available for years | 2017–2030 |
| Base year considered | 2020 |
| Forecast period | 2021-2030 |
| Forecast units | Value (USD Million) |
| Segments covered | By Type, By System, By Platform, By Technology, By Application |
| Geographies covered | North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
| Companies covered | Airbus SE (Netherlands), Elbit Systems Ltd. (Israel), and AeroVironment, Inc (US), ECA Group (France), Ehang (China) |
Browse in-depth TOC on " Electric Aircraft Market"
157 – Tables
37 – Figures
197 – Pages
AIRBUS SE has been committed to offering zero-emission flights. In 2010, Airbus developed the world’s first all-electric, four engine aircraft, CriCri. Since then, the company has made significant progress in the electrification of flight. Its all-electric, twin-propeller aircraft E-fan successfully crossed the English Channel in 2015. Its eVTOL demonstrator projects, Vahana and CityAirbus, have completed many hours of rigorous and comprehensive flight-testing programs to ensure safety and high performance. It has also successfully developed the first solar-electric High Altitude Platform Station, Zephyr. Its persistence enables a capability of flying continuously for months at a time, at around 70,000ft, above weather and conventional air traffic.
ELBIT SYSTEMS LTD is an international technology company engaged in a range of programs across the world. The company develops and supplies a portfolio of airborne, land, and naval systems and products for defense, homeland security, and commercial aviation applications. The design of unmanned aircraft systems is based on decades of operational experience, and systems are in service with numerous military and security forces worldwide. The UAS is the backbone of the Israel Defense Forces (IDF). Elbit Systems’ extensive experience and innovative approach to all aspects of UAS development, production, fielding, and support result in outstanding UAS performance and highly effective operational yields around the globe.
AEROVIRONMENT, INC. designs, develops, produces, supports, and operates a portfolio of products and services for government agencies, businesses, and consumers. The company operates through the Unmanned Aircraft Systems (UAS) segment, which focuses primarily on the design, development, production, support, and operation of UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects. The company supplies UAS, tactical missile systems, and related services primarily to organizations within the US Department of Defense (DoD). The company provides intelligent, multi-domain robotic systems, from small and medium unmanned aircraft systems to tactical missile systems.
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Opportunities: Use of all-electric aircraft for logistics
The logistics sector has been concerned about the emissions resulting from cargo airplanes and is in a race toward zero-emission logistics. Stakeholders in the logistics sector are investing in electric modes of transportation to reduce the carbon footprint. Therefore, the use of all-electric aircraft as a mode of transport in logistics opens new avenues for electric aircraft manufacturers. Cargo aircraft or freight aircraft are used for carrying logistics that can be operated by civil passengers or cargo airlines by private individuals or defense forces of individual countries. According to Statista, the global volume of air freight has increased significantly in the last few years and reached 55.9 million metric tons in 2020. The global volume is expected to increase, owing to the rise of e-commerce.
Challenges: Development of batteries having higher energy densities
One of the biggest challenges that electric aircraft manufacturers face in terms of long-distance flights is the low energy density of batteries. The energy density for aircraft propulsion is usually measured in watt-hours per kilogram (Wh/kg). The existing lithium-ion batteries have an energy density of around 250 Wh/kg, which is way lesser than the energy density provided by conventional jet fuel or kerosene of around 12,000 Wh/kg. Thus, all-electric long-haul commercial flights are still a distant reality as conventional fossil fuels are about 14 times more energy-rich than battery-powered alternatives.
Hence, aircraft would require electric batteries that weigh 30 times more than their current fuel intake to achieve the range of distances covered by fossil fuels. This is a major challenge that aircraft manufacturers must address if they want to achieve the goal of all-electric commercial flights. Advancements such as lithium-sulfur batteries significantly increase the energy density to 500 Wh/kg or 600 Wh/kg. However, some industry experts claim that batteries that will enable all-electric commercial flights will not be available until the late 2030s to early 2040s. It will take a considerable amount of time to build batteries sufficient to electrify the medium and long-range flights that make up the bulk of commercial aviation, which is a big challenge faced by electric aircraft manufacturers.
Recent Developments
- In August 2021, DHL Express ordered 12 electric cargo aircraft from start-up Eviation for delivery by 2024 and planned to build the world's first electric air cargo network.
- In August 2021, Archer Aviation Inc. announced to work with REEF to develop plans for urban takeoff and landing sites. REEF’s network lends itself well to Archer’s plans for developing vertiports in dense urban areas. With proximity to high-traffic city hubs, Archer is planning to establish operations in locations that will benefit most from access to the company’s planned urban air mobility network.
- In July 2021, Lilium GmbH partnered with CUSTOMCELLS, the German manufacturer of customer-specific lithium-ion battery cells. CUSTOMCELLS, which supplies international aviation, automotive and military customers, including Porsche AG, will be one of Lilium’s prime suppliers, manufacturing lithium-ion batteries at scale for the all-electric 7-Seater Lilium Jet.
Related Reports:
Unmanned Aerial Vehicle (UAV) Market by Point of Sale, Systems, Platform (Civil & Commercial, and Defense & Governement), Function, End Use, Application, Type, Mode of Operation, MTOW, Range, and Region - Global Forecast to 2026
Urban Air Mobility Market by Component (Infrastructure, Platform), Platform Operation (Piloted, Autonomous), Range (Intercity, Intracity), Platform Architecture, Unmanned Platform Systems, End User and Region - Global Forecast to 2030
