Electric Aircraft Market is estimated to witness a CAGR of 4% by 2023 :
An electric aircraft is an aircraft power-driven by electric motors. Electric energy may be supplied by several methods, including ground power cables, batteries, solar cells, power beaming ultra-capacitors, and fuel cells. Rising fuel prices have become a major concern for aircraft companies. This is impelling them to look for alternatives to conventional fuel sources. Thus, the focus on electrical energy as an eco-friendly and efficient alternative to conventional fuel may increase the electric aircraft market demand over the forecast period. The use of electric aircraft will help in reducing noise, air, and ground pollution, as a result, minimizing the hazards of global warming. This is estimated to drive the rising demand for the electric aircraft market.
The latest trends gaining momentum in the electric aircraft market is the growth of combined propulsion control for the overall steadiness during normal and emergency operations in the aircraft. To achieve capable combined propulsion control, the electric power management system is connected with every process of the aircraft, which requires a stable power supply and swift turnaround response in case of an emergency landing. This will also drive the market during the forecast period.
North America is estimated to be a prominent region for the electric aircraft market during the forecast period. Rise in developments in the military sector, such as the procurement of lightweight aircraft and innovative military jets, is expected to increase the demand for the electric aircraft market in North America. In Asia Pacific, India and China are estimated to grow at a significant rate, during the forecast period, as these countries follow the Environmental Protection Agency (EPA) and International Civil Aviation Organization (ICAO) emission norms to combat air pollution.
The key players in Electric Aircraft Market are Bye Aerospace (U.S.), DeLorean Aerospace (U.S.), Eviation Aircraft (Israel), Electric Aircraft Corporation (U.S.), Lilium (Germany), PC Aero (Germany), Pipistrel (U.K), Siemens (Germany), Schempp-Hirth (Germany), Volta-Volaré (U.S.), Yuneec International (China), and Zunum Aero (U.S.).
Scope of the Report
This study provides an overview of the global Electric Aircraft Market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and the Middle East & Africa, and Latin America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Electric Aircraft market by its Technology, Power Source, Range, Application, and Region.
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- Hybrid Aircraft
- All Electric Aircraft
By Power Source
- Solar Cells
- Fuel Cells
- Less than 600 Km
- More than 600 Km
- North America
- Asia Pacific
- Middle East & Africa
- Latin America