The global electric aircraft market size is expected to reach USD 226.6 million at a CAGR of 8.2% in 2030
Electric Aircraft Market Size – USD 103.5 Million in 2020, Market Growth – at a CAGR of 8.2%, Market Trends – Increasing R&D Activities in Aerospace Industry
LONDON, GREATER LONDON, ENGLAND, USA, Feb. 19, 2022 /EINPresswire.com/ — Rising environmental concerns and rising passenger numbers are driving electric aircraft market revenue growth
The global electric aircraft market size is expected to reach USD 226.6 million in 2030 and register a CAGR of 8.2% during the forecast period, according to the latest report from Reports and Data. Growing demand for low-maintenance aircraft is driving the revenue growth of the electric aircraft market.
Electric aircraft reduce an aircraft’s carbon footprint and this feature is expected to increase adoption. The size of the global aircraft fleet is increasing due to the increase in air travel, which consequently leads to an increase in carbon dioxide emissions. Therefore, a pressing need for electric aircraft has been generated to minimize emissions. In addition, these aircraft eliminate the need for fossil fuels to maintain the engines, which seriously affects the environment.
Reduced noise levels are another benefit of using electric aircraft. Electric planes deploy jet or combustion engines, and these engines do not emit noise. Hydraulic systems are replaced by electrical systems in these aircraft, which improves efficiency. There are several other benefits that are driving the demand for electric aircraft, such as increased maneuverability, improved safety, and low risk of fire and explosion. The deployment of electric motors in electric aircraft has increased its reliability as electric motors are simply designed with fewer moving parts. Therefore, aircraft using electric motors require little maintenance, resulting in low operating costs.
The increasing deployment of electric aircraft in the logistics industry is another driver of its market growth. Emissions from cargo planes have been a concern for the logistics sectors. Therefore, participants in this sector are transparently investing in electric modes of transportation to minimize carbon dioxide emissions. The logistics company DHL Express, a subsidiary of Deutsche Post AG, applied for 12 all-electric cargo planes from a start-up, Eviation, in August 2021. The objective of this initiative was to develop the first network of electric air cargo in the world. This would open new opportunities for electric aircraft in the logistics sector.
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Companies featured in the global market report include Airbus, Yuneec Holding Limited, Pipistrel Group, Bye Aerospace, Digisky SRL, Leonardo SpA, Groupe Gorgé, EHang Holdings Limited, Faradair Aerospace Limited and Boeing.
Some highlights of the report
• In June 2021, Volocopter GmbH, a German aircraft manufacturer, performed its first flight of an electric air taxi at Le Bourget airport in France. This electric air taxi traveled a distance of 500 meters at a speed of 30 kilometers per hour, and it was 30 meters above the airport. In addition, it offers a luggage compartment and two people can be on board at a time. The objective of this air taxi is to serve the 2024 Olympic Games in Paris.
• The ultralight segment accounted for a larger share of revenue in 2020. Simple design and easy manufacturing process make electric ultralight aircraft economical. Moreover, this ensures the safety and easy availability of ultralight electric aircraft in commercial sectors, which facilitates the growth of the segment. Electric light jet planes move at high speed and can land at any airport.
• The hybrid electric aircraft segment accounted for a large share of revenue in 2020. Hybrid electric aircraft use motors and fuel batteries to drive the propellers. In some cases, it uses conventional jet engines as well as electrically driven propellers. This type of electric aircraft offers a design that is not possible with gasoline engines alone. It allows noiseless landings and vertical take-offs. Additionally, it consists of a large number of electric propellers to facilitate efficient aerodynamics.
• The increasing use of electric motors is attributed to its many advantages, which are low maintenance and high quality performance. Electric motors consist of a minimum of moving parts and therefore require little maintenance, making them very reliable. The design is simple and no energy is lost through friction between moving parts. This feature increases the efficiency of electric motors.
• The market in Europe accounted for the largest share of revenue in 2020. The region has rapidly adopted advanced materials, such as gamma-titanium aluminides. This material improves mechanical properties and reduces fuel consumption, carbon footprint and noise levels. The presence of several key market players along with their growing investments in research and development (R&D) activities are driving the growth of the electric aircraft market across various regions. Regulatory bodies, such as the European Union Aviation Safety Agency (EASA), are actively focusing on reducing emission levels, which is propelling the growth of the market in the European region. This region has a higher standard of living than other regions, so people can afford electric flights to travel short distances.
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For the purposes of this report, Reports and Data has segmented the electric aircraft market on the basis of type, component, technology, range, application and region:
Type Outlook (Revenue, USD billion; 2018-2030)
• Light spray
Components Outlook (Revenue, USD Billion; 2018-2030)
• Aircraft battery
• Electric motors
Technology Outlook (Revenue, USD Billion; 2018-2030)
• All electric
Range Outlook (Revenue, USD Billion; 2018-2030)
• Less than 500 KM
• More than 500 KM
Application Outlook (Revenue, USD Billion; 2018-2030)
Regional Outlook (Revenue, USD Billion; 2018-2030)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Key Benefits of Electric Aircraft Report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the Electric Aircraft industry
• Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
• SWOT analysis and Porter’s five forces for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
In conclusion, all aspects of the Electric Aircraft Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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