New York, NY, March 05, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Commercial Electric Aircraft Market Share, Size, Trends, Industry Analysis Report, By Power (100-500 kW and >500 kW); By Range; By Platform; By Region; Segment Forecast, 2032- 2035" published by Polaris Market.
The global commercial electric aircraft market size and share was valued at USD 145.61 million in 2027. It is anticipated to generate an estimated revenue of USD 1,513.77 million by 2035, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 21.6% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2032-2035.
Market Definition
- What are Commercial Electrical Aircrafts? How Big is Commercial Electric Aircraft Market Size & Share?
Electric aircraft, also referred to as electric planes, are aircraft powered by electricity instead of relying on aviation fuel. There are several ways in which electricity can be provided to the aircraft, including batteries. Electric flight offers numerous advantages over traditional jet fuel-powered aircraft, including lower noise and decreased operating costs. Also, these planes have the great potential to help cut down on operating costs by creating fewer emissions.
The batteries of electric aircrafts can be powered using several methods, including solar power and grid electricity. Electric aircrafts are typically hybrid. As such, they use both electric motors and aviation fuel engines to develop power. The range of the airplane is extended by following the hybrid, making them more practical for commercial applications. Also, the presence of fewer parts that may subject to wear and tear also reduces the maintenance costs and downtime. Owing to all of these benefits, the commercial electric aircraft market is projected to develop over the forecast period.
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Commercial Electric Aircraft Market Key Companies
- Archer Aviation Inc.
- Electric Aviation Group
- Embraer
- Eviation
- Heart Aerospace
- Joby Aviation
- Leonardo S.p.A.
- Lilium
- magniX
- SCYLAX GmbH
- Supernal, LLC
- Thales
- Vertical Aerospace
- Wisk Aero LLC
- Wright Electric Inc.
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Key Highlights
- The various benefits of electric aircrafts, such as zero emissions, decreased noise pollution, and low operating expenses, are expected to be the primary drivers of the commercial electric aircraft market demand.
- The market segmentation is primarily based on power, range, platform, and region.
- North America dominated the market in 2023.
Market Developments
Growth Drivers:
- Increasing environmental sustainability initiatives: Environmental sustainability is one of the major factors driving the industry growth. With rising emphasis on reducing carbon emissions, the aviation sector is increasingly turning to electric aircraft with zero-emission propulsion systems. The strategic shift towards the adoption of electric planes aligns with corporate sustainability objectives and addresses issues associated with the usage of traditional aviation fuels. Besides, it helps airlines comply with regulations and showcase their commitment to environmental sustainability. By lowering their usage of fossil fuels, organizations can reduce their carbon footprint, thereby appealing to environmentally conscious stakeholders and boosting the commercial electric aircraft market size.
Industry Trends:
- Infrastructure development: A key factor that has the potential to reshape the sector is infrastructure development. The shift towards electric aviation necessitates the presence of a robust infrastructure, which includes charging points and maintenance facilities. Infrastructure development supports two purposes. First, they address the crucial need to support the widespread adoption of electric aircrafts. Besides, it fosters economic growth and catalyzes innovation in clean energy technologies.
Restraints:
- Competition from alternative fuels: The introduction of alternative fuels presents a unique challenge for the commercial electric aircraft market growth. The exploration of alternative sustainable fuels may hinder the industry growth, though electric planes offer a promising solution to significantly lower carbon emissions. For example, hydrogen fuel has a higher density as compared to electric batteries, which can potentially expand the aircraft range and reduce refueling times.
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Segmentation Overview
- The > 500 kW Segment is Anticipated to Witness the Fastest CAGR
The > 500 kW segment is projected to grow at the fastest rate in the industry. Several factors are driving the trend, including advances in electric motor efficiency and battery technology. With technological advances, it’s now possible to develop aircrafts whose power output exceeds > 500 kW. This, in turn, enhances the performances and range capabilities of these airplanes, making them suitable for a wide range of applications. Furthermore, airline companies are increasingly looking for greener and more efficient alternatives to traditional fossil fuels, fueled by increased emphasis on environmental sustainability and regulations.
- The 200-500 Km segment Accounted for the Largest Market Share
By range analysis, the 200-500 km segment accounted for the largest commercial electric aircraft market share. Some of the primary factors driving the segment’s growth include the ongoing advancements in electric propulsion technology, enabling enhanced performance and efficiency. The growing understanding among airline operators that electric aircrafts can provide cost-effective alternatives for flights within the 200-500 km range is boosting investments and innovations in the segment. Given the advances in battery technology that extends flying ranges, the segment is anticipated to experience considerable growth within the commercial electric aircraft industry.
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Commercial Electric Aircraft Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2035 | USD 1513.77 Million |
| Market size value in 2027 | USD 145.61 Million |
| Expected CAGR Growth | 21.6% from 2032 – 2035 |
| Forecast Year | 2032 – 2035 |
| Top Market Players |
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| Segments Covered | By Power, By Range, By Platform, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Insights
North America: North America witnessed the largest commercial electric aircraft market share. The region’s robust growth can be attributed to several factors, including the presence of a robust aerospace sector, ongoing technological advancements, favorable policies, and an increased emphasis on sustainability. Besides, the collaborative environment in North America means aerospace companies, universities, and startups often undertake projects that aim at advancing electric aircraft technology. Furthermore, government initiatives aimed at promoting clean energy and reducing carbon emissions further drive investment in the region.
Europe: The commercial electric aircraft market in Europe region is projected to account for the fastest growth. This is primarily because several European nations have funding schemes that are focused on advancing electric aircraft technology. For instance, the Scandinavian Airlines has started accepting reservations for its new electric airplane that has been created in collaboration with Heart Aerospace. The launch of the new aircraft signifies the first opportunity for travelers to book seats on flights producing zero emissions.
Browse the Detail Report “Commercial Electric Aircraft Market Share, Size, Trends, Industry Analysis Report, By Power (100-500 kW and >500 kW); By Range; By Platform; By Region; Segment Forecast, 2032- 2035” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/commercial-electric-aircraft-market
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Key Questions Answered in the Report:
- What is the current market size and forecast value?
Ans: The market for commercial electric aircrafts was valued at USD 145.61 million in 2027 and is projected to reach USD 1,513.77 million by 2035.
- At what CAGR is the market projected to grow?
Ans: The market is projected to witness a healthy CAGR of 21.6% over the forecast period.
- What are the key factors driving the commercial electric aircraft market sales?
Ans: The rising initiatives for environmental sustainability are the primary factor driving market sales.
- Which are the key companies in the industry?
Ans: Archer Aviation Inc., Embraer, Heart Aerospace, Lilium, Thales, Vertical Aerospace, and Wright Electric Inc. are the major players operating in the industry.
Polaris Market Research has segmented the Commercial Electric Aircraft market report based on design, indication, phases, and region:
By Power Outlook
- 100-500 kW
- >500 kW
By Range Outlook
- 500 km
- < 200 km
- 200-500 km
By Platform Outlook
- Business Jet
- Regional Transport Aircraft
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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