Chicago, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The Commercial Electric Aircraft Market size is estimated to be USD 97 million in 2026 to USD 692 million in 2031 and is projected to reach USD 1,467 million by 2035, at a CAGR of 20.7 % from 2031 to 2035.
The market is driven by factors such as demand of more fuel-efficient aircraft and Technological advancements. The demand for fully electric propulsion systems to improve aircraft performance, environmental sustainability and meet evolving industry standards fuels the Commercial Electric Aircraft Industry growth.
Environmental sustainability is a primary driver behind the growth of the commercial electric aircraft market. The aviation industry, recognizing the need to reduce carbon emissions, is increasingly turning to electric aircraft with zero-emission propulsion systems. This strategic shift aligns with corporate sustainability objectives and addresses environmental concerns associated with traditional aviation fuels.
To know about the assumptions considered for the study
Major Commercial Electric Aircraft Companies Included:
- Heart Aerospace (Sweden)
- Eviation (Israel)
- Lilium (Germany)
- Wright Electric Inc. (US)
- Archer Aviation Inc. (US).
These companies have leveraged various growth strategies including new product developments, contracts, collaborations, expansions, certifications, agreements, acquisitions, and R&D activities.
Top 5 Commercial Electric Aircraft Companies Analysis:
Heart Aerospace (Sweden)
Heart Aerospace is a key player in the aviation industry and aims to address the challenges faced by regional air travel, such as high operating costs and environmental impact. It has garnered attention for its project, the ES-30 electric aircraft. The ES-30 features an all-electric propulsion system powered by electric motors and batteries. This design aligns with the growing trend in the aviation industry towards electric aircraft to address environmental concerns and promote sustainability. Its electric propulsion system was expected to offer economic benefits to airlines through reduced maintenance costs and lower fuel expenses.
Eviation (Israel)
Eviation is an aerospace company that focuses on developing and manufacturing electric aircraft for sustainable and environmentally friendly operations. The company has positioned itself at the forefront of electric aviation technology. Its flagship aircraft, the Alice, is an all-electric commuter plane designed for short to medium-haul flights. As of 2023, Alice aircraft has received a total order worth USD 5 billion.
Eviation places a strong emphasis on reducing the carbon footprint of air travel by eliminating traditional combustion engines and embracing electric propulsion. The electric powertrain of Alice reduces greenhouse gas emissions and aims to lower operational costs for airlines, making electric aviation a commercially viable option
Lilium (Germany)
Lilium specializes in the development of electric vertical take-off and landing (eVTOL) aircraft for urban air mobility. It has emerged as a prominent player in the field of electric aviation. Its vision is centered around creating a sustainable and efficient mode of regional transportation through its eVTOL aircraft.
The flagship aircraft, the Lilium Jet, can accommodate five passengers and a pilot, featuring a distinctive tilt-wing design with 36 electric jet engines embedded in its wings. It is intended for short-haul flights to connect urban and suburban areas and is positioned to address issues of congestion and environmental impact associated with traditional modes of transportation.
Wright Electric Inc. (US)
Wright Electric Inc. is at the forefront of revolutionizing air travel through innovative electric propulsion solutions. It focuses on developing electric aircraft technologies that prioritize efficiency, sustainability, and economic viability. At the core of its business is the development of electric propulsion systems tailored for commercial aircraft. With an emphasis on cutting-edge engineering, the company aims to address the environmental challenges posed by traditional aviation, such as carbon emissions and noise pollution.
Archer Aviation Inc. (US)
Archer Aviation Inc. is a leading eVTOL aircraft manufacturer dedicated to urban air mobility. It aims to provide sustainable and efficient air transportation solutions for densely populated areas. Its eVTOL aircraft, focused on regional travel, features a distinctive design with six rotors and a fixed wing. It emphasizes safety, affordability, and noise reduction in its aircraft, striving to create a seamless and environmentally friendly mode of transportation. The company has garnered attention through strategic partnerships and investments, positioning itself as a significant player in the emerging electric aviation sector.
