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
The global market for electric aircraft 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 aircThe sudden outbreak of the COVID-19 has taken a toll on various industrial sectors, with aviation being one of the worst affected. However, the electric aircraft market did not seem to have been impacted by the pandemic as much as the aviation industry as a whole. Electric UAVs were widely used by militaries for a variety of missions like border security, while governments and law enforcement agencies used them on an experimental basis.
Civil & commercial applications of electric aircraft include transportation of medical supplies by companies like Zipline and mostly for aerial photography. Retail and other logistics companies are increasingly looking towards the usage of electric UAVs to distribute essential items due to intermittent lockdowns and the imposition of social distancing protocols worldwide. In the US, companies like Amazon and USP have already scaled up their usage of electric drones for their deliveries. Electric drones are also witnessing an increased application in Africa, as they are being used as the art of EMS services to supply medicines and amenities as well as transport organs and blood across cities. These factors have helped the electric aircraft market to sustain the overall impact of the COVID-19 pandemic on the global economy aicraft for cargo applications and different aerial mission-specific activities.
The light & ultralight aircraft segment is expected to grow the largest, based on platform of electric aircraft. Various technological advancements and aircraft modernization programs are expected to boost the market for electric aircraft. Low noise electric UAVs are increasingly adopted in civil and military applications. An increase in corporate activities and the need for aircraft with low carbon footprints are to drive demand for electric aircraft.
“The Hybrid wing segment is projected to witness the highest CAGR during the forecast period.”
Based on type, the rotary wing segment is projected to be the highest CAGR rate for the electric aircraft market during the forecast period. The evolution in the missions’ complexity of both military aircraft and unmanned aerial vehicles (UAVs) and the increase in civilian air traffic, with limited runways, will lead to increasing adoption of these wing type.
“The battery Segment is projected to witness the highest CAGR during the forecast period.”
Based on the system, the battery segment is projected to grow at the highest CAGR rate for the electric aircraft market during the forecast period. Batteries are the most common onboard energy storage components of electric aircraft due to their relatively high storage capacity. Modern batteries are mostly rechargeable and are lithium-based. Advancements in battery power density would be the driving factor for this segment
“The VTOL segment is projected to witness the highest CAGR during the forecast period”
Based on the technology, the VTOL segment is projected to grow at the highest CAGR rate for the aircraft landing gear market during the forecast period. Large deployment in civil applications, including air taxi and ems services, will drive this segment. Most of the civil eVTOL aircraft are designed for urban air mobility, air taxis, medical assistance, and personnel passenger transportation.
“The Civil segment is projected to witness the highest CAGR during the forecast period”
Based on application, the Civil segment is projected to grow at the highest CAGR rate for the aircraft landing gear market during the forecast period. As urban planners, public transit agencies, and walking and biking advocates work to steer cities away from a future congested with cars and as others discuss ethics, realities, and regulations of autonomous vehicles, increasing developments in urban mobility applications will drive this segment.
“The North American market is projected to contribute the largest share from 2021 to 2026”
Electric Aircraft market in North America is projected to hold the highest market share during the forecast period. North America accounted for the largest share of 34.3% of the electric aircraft market and is expected to grow at a CAGR of 16.1% during the forecast period. The US has the largest UAV fleet used in military and civil applications. Early adoption of electric aircraft for urban air mobility is also being witnessed in the US. These factors are expected to drive the market in North America.
Breakdown of primaries The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
By Company Type: Tier 1–49%; Tier 2–37%; and Tier 3–14%
By Designation: C Level–55%; Directors–27%; and Others–18%
By Region: North America–55%; Europe–27%; Asia Pacific–9%; and Rest of the World–9%
The electric aircraft market is dominated by a few globally established players such as Airbus SE (Netherlands), Elbit Systems Ltd. (Israel), and AeroVironment, Inc (US).
The study covers the electric aircraft market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on platform, type, system, technology, application, and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons to Buy this Report
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall Electric Aircraft Market and its segments. This study is also expected to provide region wise information about the end use, and wherein electric aircraft are used. This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market
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