Dublin, April 21, 2023 (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 Electric Aircraft Market is expected to grow from USD 8.8 billion in 2022 to USD 37.2 billion in 2030, at a CAGR of 19.8% during the forecast period. The integration of technologies such as IoT, artificial intelligence, and machine learning has helped increase the efficiency of electric aircraft.
With advancements in chemical technologies in the form of lithium/fluorinated carbon (Li/CFx) batteries, manufacturers and innovators have been successful in developing high energy-to-weight ratio aircraft batteries that increase the range of electric aircraft and allow more MTOW. Manufacturers are focusing their R&D efforts on developing electrodes and cell separators that increase the reliability and safety of battery systems for prolonged service life in rigorous environments.
The development of integrated battery monitoring systems is a prime example of the advancements and measures undertaken by the aircraft battery industry to ensure the optimal performance of batteries and associated products. These technological advancements will reduce restrictions and challenges related to the adoption of electric aircraft in the future.
Light and Ultralight segment expected to have a larger market share during the forecast period
By platform, light and ultralight segment is expected to have a larger market share during the forecast period. Electric Regional transport aircraft and business jet aircraft are expected to have witness introduction into the market in late 2026 early 2027. Until this period the light and ultralight aircraft like UAVs, General Aircraft, Trainer Aircraft will contribute more to the market. Due to these factors light and ultralight segment would have larger market share during this period.
Rotary Wing segment to dominate the market during the forecast period
Based on type, rotary wing segment is witnessing largest market share across the forecast period. Major developments are being made in the Rotary wing segment mainly eVTOL aircraft. Rotary wing UAVs are majorly electric in nature and are widely used across many applications in commercial, government and military. With the advent of Urban air travel due to the ease of operation and maneuverability, eVTOLs are the choice of technology that is witnessing larger adoption.
Market Dynamics
Drivers
- Growing Need for Cleaner and Quieter Aircraft
- Advances in Batteries, Electric Motors, and Power Electronics
- Rise in Demand for Unmanned Aerial Vehicles
Restraints
- Increased Aircraft Weight due to Heavy Batteries
- High Voltage and Thermal Issues
Opportunities
- Emergence of Advanced Air Mobility
- Use of All-Electric Aircraft for Logistics
Challenges
- Development of High Energy Density Batteries
- Battery Recharging Infrastructure at Airports
- Designing All-Electric Manned Aircraft
- Ensuring Airworthiness of Electric Aircraft
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 265 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $8.8 Billion |
| Forecasted Market Value (USD) by 2030 | $37.2 Billion |
| Compound Annual Growth Rate | 19.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Electric Aircraft Market, by Platform
7.1 Introduction
7.2 Regional Transport Aircraft
7.2.1 Increasing Need for Cost-Effective Short-Haul Airliners Expected to Drive Segment
7.3 Business Jets
7.3.1 Increased Corporate Activities and Need for Aircraft with Low Carbon Footprint to Drive Demand
7.4 Light & Ultralight Aircraft
7.4.1 General Aircraft
7.4.1.1 Developments in Electric Propulsion of General Aircraft Expected to Drive Segment
7.4.2 Trainer Aircraft
7.4.2.1 Short Take-Off and Landing Capability to Drive Segment
7.4.3 UAVs
7.4.3.1 Low Noise Footprint of Electric UAVs to Fuel Their Adoption in Civil and Military Applications
7.4.4 Advanced Air Mobility
7.4.4.1 Most EVTOL Aircraft Used in AAM Applications
8 Electric Aircraft Market, by Type
8.1 Introduction
8.2 Fixed Wing
8.2.1 Fixed Wing Electric Aircraft Witnessing Adoption for Commercial Passenger Transportation
8.3 Rotary Wing
8.3.1 Rotary Wing Electric Aircraft Adopted for Urban Air Mobility
8.4 Hybrid Wing
8.4.1 Mission Complexity and Congested Air Traffic to Fuel Demand for Hybrid Wing Aircraft
9 Electric Aircraft Market, by System
9.1 Introduction
9.2 Batteries
9.2.1 Advancements in Battery Power Density to Drive Segment
9.3 Electric Motors
9.3.1 Electric Motors Provide Better Power-To-Weight Ratio in Aircraft
9.4 Aerostructures
9.4.1 Advanced Aerostructures Help Enhance Aircraft Performance, Conserve Energy, and Lower Costs
9.5 Avionics
9.5.1 Development of Urban Air Mobility Aircraft to Encourage Advancements in Avionics Systems
9.6 Software
9.6.1 Advanced Software Systems 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 Need for Long-Range Aircraft to Drive Demand for Business Jets and Regional Transport Aircraft
10.3 STOL
10.3.1 Increasing Developments in Hybrid Wing Aircraft to Drive Segment
10.4 VTOL
10.4.1 Large Deployment of VTOL Aircraft for Air Taxi and EMS Services to Drive Segment
11 Electric Aircraft Market, by Application
11.1 Introduction
11.2 Civil
11.2.1 Increasing Developments in Urban Mobility Applications to Drive Segment
11.3 Military
11.3.1 Need for Low-Noise Aircraft in ISR Missions to Boost Segment
12 Electric Aircraft Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Appendix
Companies Mentioned
- AeroVironment, Inc.
- Airbus SE
- Archer Aviation Inc.
- Aurora Flight Sciences
- Beta Technologies
- Bye Aerospace
- Delorean Aerospace
- EHang Holdings Ltd.
- Elbit Systems Ltd.
- Electric Aircraft Corporation
- Eve Air Mobility
- Eviation Aircraft Inc.
- Extra Aircraft
- Heart Aerospace
- Israel Aerospace Industries
- Jaunt Air Mobility
- Joby Aviation, Inc.
- Lilium N.V.
- Pipistrel
- Rolls Royce
- Siemens
- SZ DJI Technology Co. Ltd.
- Vertical Aerospace Group Ltd.
- Volocopter GmbH
- Wisk Aero LLC
- Wright Electric, Inc.
- Yuneec International
For more information about this report visit https://www.researchandmarkets.com/r/3ibwbt
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