The global electric aircraft market is estimated to be valued at US$ 9661.6 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electric aircraft use electric motors and batteries instead of internal combustion engines to power aircraft propulsion. They provide significant operational cost advantages over traditional fuel powered aircraft along with zero operational emissions.
Market key trends:
Unlike batteries, hydrogen fuel cells can provide extended flight ranges needed for commercial aviation without needing to stop to recharge. Several companies are working on developing hydrogen powered aircraft prototypes that can store hydrogen onboard in liquid or gaseous form to power electric motors. Wider adoption of hydrogen fuel cell technology has the potential to transform the electric aircraft industry and accelerate the shift towards sustainable aviation.
Segment Analysis
The Global Electric Aircraft Market Size is dominated by the commercial electric aircraft segment. This segment accounts for over 60% of the total market share due to the growing demand for sustainable air travel from the burgeoning middle-class population globally. Commercial electric aircraft with low operational costs and zero emissions are being intensely focused on by OEMs and startups to capture this rapidly growing demand for short-haul air travel.
Key Takeaways
Market size: The global electric aircraft market is expected to witness high growth, exhibiting a CAGR of 14% over the forecast period, due to the stringent emission norms and regulations framed by global regulatory bodies to curb carbon emissions from the aviation sector.
Regional analysis: North America dominated the global electric aircraft market in 2022, accounting for over 35% of the total share due to the presence of prominent OEMs, including Boeing, Airbus, and startup companies like Joby Aviation in the region. Europe is expected to witness the fastest growth due to growing investments by European governments in developing electric aircraft technology.
Key players: Key players operating in the electric aircraft market are Boeing, Airbus, Raytheon Technologies Corporation, Honeywell International Inc., Thales Group, Lockheed Martin Corporation, Zunum Aero, YUNEEC, Elektra Solar GmbH, PIPISTREL, BYE AEROSPACE, DELOREAN AEROSPACE, LLC, Joby Aviation, Siemens, Safran, Bombardier, TTTech Computertechnik AG, and AgustaWestland. Boeing and Airbus dominate the commercial electric aircraft segment, while startups such as Joby Aviation and Zunum Aero are intensely focusing on electric VTOL aircraft development.
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