Electric Aircraft Market Size to Reach $23.5 Billion, Globally, by 2031 at 10.9% CAGR: Allied Market Research
The increase in environmental concerns, technological advancement in batteries and electric propulsion systems, rise in demand for short range regional routes, and surge in efforts to reduce overall carbon footprint and operational cost of aviation industry drive the growth of the global electric aircraft market
PORTLAND, Ore., April 11, 2023 -- Allied Market Research published a report, titled, "Electric Aircraft Market by Takeoff Type (Conventional Takeoff and Landing, Short Takeoff and Landing, Vertical Takeoff and Landing), by Component (Batteries, Electric Motors, Aerostructures, Avionics, Others), by End Use (Commercial, Military), by Platform (Fixed Wing, Rotary Wing): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global electric aircraft industry generated $8.5 billion in 2021, and is anticipated to generate $23.5 billion by 2031, witnessing a CAGR of 10.9% from 2022 to 2031.
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Prime determinants of growth
The increase in environmental concerns, technological advancement in batteries and electric propulsion systems, rise in demand for short range regional routes, and surge in efforts to reduce overall carbon footprint and operational cost of aviation industry drive the growth of the global electric aircraft market. However, several challenges such as the requirement of large and bulky batteries to generate required power, the need to charge the aircraft frequently before scheduled flight path, and limited infrastructure capabilities restrict the market growth. Moreover, the rise in efforts by major companies across the globe to develop electric aircraft capabilities, supported by their research and development budgets, is presenting new opportunities in the coming years.
- The outbreak of the Covid-19 pandemic had a negative impact on the global electric aircraft market, owing to the halt in aircraft manufacturing and restrictions on air travel and aircraft operations which led to decline the demand for electric aircraft during the lockdown.
- However, post pandemic, as consumers attempt to make up for two years of missed travel possibilities, the aviation industry has witnessed the long-anticipated rise in reservations with the relaxation of numerous border restrictions. International revenue passenger kilometer (RPKs) increased 331.9% compared to April 2021, accelerating the 289.9% increase from March 2022 to the previous month.
The vertical takeoff and landing segment to maintain its leadership status throughout the forecast period
Based on takeoff type, the vertical takeoff and landing segment held the highest market share in 2021, accounting for nearly half of the global electric aircraft market, and is estimated to maintain its leadership status throughout the forecast period. Increase in requirement of drones for commercial and non-commercial market support the growth of the VTOL segment in the electric aircraft market. Moreover, integration of electric propulsion system in helicopters and tiltrotors further support business opportunities within the segment. However, the conventional takeoff and landing segment is projected to manifest the highest CAGR of 12.5% from 2022 to 2031, due to rise in demand for small and regional aircraft to cater tourism and private aerial operations.
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The aerostructures segment to maintain its leadership status throughout the forecast period
Based on component, the aerostructures segment held the highest market share in 2021, accounting for nearly one-third of the global electric aircraft market. Aerostructures are one of the most crucial components of electric aircraft. The efficiency of electric propulsion system coupled with aerodynamics of an aircraft will play a major role in deciding the flight length of an aircraft. However, the batteries segment is projected to manifest the highest CAGR of 12.6% from 2022 to 2031, and is estimated to maintain its leadership status throughout the forecast period. New design concepts and innovation in manufacturing technologies to manufacture aircrafts with improved aerodynamics is one of the major factors supporting the business segment growth.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global electric aircraft market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 12.3% from 2022 to 2031, owing to presence of significant number of companies in the region. Technological advancement in North America is intended to ensure secure, cost-effective, and efficient channels of electric aircraft manufacturing processes.
Leading Market Players: -
- Ampaire Inc.,
- Elbit Systems Ltd.,
- Embraer SA,
- Joby Aviation,
- VOLOCOPTER GMBH,
- PIPISTREL d.o.o.,
- AeroVironment, Inc.,
- EHang Holdings Ltd.,
- Rolls Royce Plc,
- Wright Electric, Inc.
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The report provides a detailed analysis of these key players of the global electric aircraft market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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