Electric Aircraft Market by Component (Battery, Electric Motor, Others) by Technology (Hybrid, All Electric) by Type (Ultralight Aircraft, Light Jet) by Application (Power Generation, Power Distribution, Power Conversion, Energy Storage) by Power Range (Less than 500 Km, More than 500 Km): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The Electric Aircraft Market is expected to cross market value of USD 38,670 million in 2027 from USD 24,360 million in 2020. It is expected to grow at a CAGR of over 13.2% during the forecast period.

Key Market Drivers and Restraints

Rising innovations and new development of new aircraft technologies is one of the factors expected to drive the growth of the global electric aircraft market over the forecast period. Growing number of airline passengers is a factor projected to drive the growth of the global market. Moreover, electric aircraft removes usage of fossil fuel consumption and its resulting emissions, which contributes to environmental and cost benefits is another factor expected t fuel the growth of the global market.

However, some regulatory issues and macro-economic factors are expected to hinder the growth of the global market. In addition, high capital requirements and longer clearance periods are factors restraining the global electric aircraft market.

Impact of COVID 19

The COVID-19 disease is expected to sluggish growth of the market over the forecast period. Several industries have seen a significant negative change in their businesses. As all country has banned international and domestic travel, there is a decline in air travelers. Many people are staying at home and ensuing social distancing to comprise the spread of coronavirus. Several airline companies are forced to slow their airline projects because of loss in the airline business.

Europe to Dominate the global Electric Aircraft Market

The global Electric Aircraft Market covers the six regions, namely North America, Europe, Asia Pacific, Latin America, Middle East and Africa, including all the key economies in these regions. Europe market is dominated the global market and accounted for more than 58.2% of the total market. This is attributed to the advancements in technology and strong Research & Development initiatives by the significant players in these regional markets. Additional, to meet the changing demands of the shareholders in the aircraft market.

Global Electric Aircraft Market is led by the Ultralight Aircraft

Ultralight Aircraft and Light Jet, are the key type in the Electric Aircraft Market. In 2020, ultralight aircraft segment is accounted for the largest share of Electric Aircraft Market, due to its simple design and building. However, Light Jet segment is anticipated to grow at the fastest CAGR during the forecast period.

Power Distribution would continue to dominate the global Electric Aircraft Market in terms of Application

Power Generation, Power Distribution, Power Conversion and Energy Storage are some of the major types of Applications. Power distribution segment accounted for the largest share in 2020 of the Electric Aircraft Market in 2020. Increasing demand for power distribution due to fault-tolerant, highly flexible, and is controlled by a redundant microprocessor system.

Frequently asked questions about global Electric Aircraft market

Several companies in the electric aircraft were bound to halt manufacturing

Battery, Electric Motor, and Others are the most frequently through Electric Aircraft

All Electric is the most technology in Electric Aircraft

DELOREAN AEROSPACE, LLC, Joby Aviation, Elektra Solar GmbH, PIPISTREL, BYE AEROSPACE, Siemens, Safran, Honeywell International Inc., Thales Group, Lockheed Martin Corporation, Zunum Aero, Boeing, Airbus, Raytheon Technologies Corporation, YUNEEC, Bombardier, TTTech Computertechnik AG, and AgustaWestland are key players operating in this market

Power Distribution offers tremendous opportunities to players

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Published Date:  Jun 2021
Category:  Aerospace & defense
Report ID:   60396
Report Format:   PDF
Pages:   120
Rating:    4.3 (68)
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