Electric Aircraft Market is Estimated to Surpass USD 29.79 Billion by 2028 at a CAGR of 15.4% from 2022-2028; Major Technological Advancements in Electric Motors, Batteries, and Power Electronics to Boost Market Growth
SkyQuest Technology Consulting Pvt. Ltd.
6 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest's report on the electric aircraft market is a comprehensive analysis that provides reliable insights into the market. The report uses a robust methodology, including a SWOT analysis, technology assessment, economic evaluation, product benchmarking, recent developments, and accurate forecasting, to offer a deep understanding of the current market scenario. The report enables readers to identify the key players operating in the market and analyze their market share, strategies, and key developments. In addition, it provides accurate forecasting to help businesses make informed decisions and stay ahead of the competition.
Westford, USA,, March 15, 2023 (GLOBE NEWSWIRE) -- The electric aircraft market is poised for significant growth, with North America expected to maintain its dominant position. This is attributed to the increasing demand for fuel-efficient modes of transportation and stringent government regulations promoting the adoption of clean technologies. Another advantage of electric aircraft is their reduced noise levels, making them suitable for operating in noise-sensitive areas such as airports. Additionally, electric aircraft are more fuel-efficient than traditional aircraft, contributing to their popularity and growth in the market. Furthermore, the logistics sector is emerging as a significant market driver, creating lucrative growth opportunities. As a result, electric aircraft are gaining traction as a more sustainable and eco-friendly transportation option in various industries.
According to a recent study by SkyQuest, global passenger traffic increased by 34.23% between 2018 and 2021. The surge in global passenger traffic has pressured airlines to update their fleets with more fuel-efficient and eco-friendly aircraft. As a result, many airline operators are turning to electric aircraft as a viable solution.
Electric aircraft are planes that use electric motors powered by batteries instead of traditional fossil fuels. This innovative technology is rapidly gaining popularity as the aviation industry looks for ways to reduce its carbon footprint and dependence on non-renewable energy sources. Additionally, electric aircraft have lower operating costs than traditional planes, as they require less maintenance and have fewer moving parts. They also operate more quietly, reducing noise pollution around airports and nearby communities.
Prominent Players in Electric Aircraft Market
Airbus
Bye Aerospace
Elbit Systems Ltd.
Pipistrel Group
Aerospace Limited
Digisky S.R.L.
Yuneec Holding Limited
EHang Holdings Limited
AeroVironment, Inc.
Faradair Aerospace Limited
Boeing
Groupe Gorge
Leonardo S.p.A.
Light & Ultralight Aircraft Segment Contribute High as Electric Aircraft have Lower Operating Costs than Their Conventional Counterparts
According to recent research, the electric aircraft market saw higher revenue growth in the light and ultralight aircraft segment in 2021. The current trend is predicted to continue over the next few years, with the light and ultralight segment continuing to dominate the market from 2022 to 2028. The growth of the light and ultralight segment can be attributed to several factors. Firstly, these aircraft types are more accessible and affordable for consumers, making them a popular choice for personal use. In addition, their smaller and lighter weight also makes them ideal for short-range trips and recreational flying.
As per recent analysis, North America emerged as the primary driving force for the growth of the electric aircraft market in 2021. With advanced technological developments and increased investments in the electric aircraft industry, North America is expected to maintain its leading position until 2028. Furthermore, North America's favorable government policies and initiatives to promote the adoption of electric aircraft have played a crucial role in boosting market growth. For example, the US Federal Aviation Administration (FAA) has been actively working to integrate electric aircraft into the national airspace system, thereby facilitating the widespread adoption of electric aircraft in the region.
Browse summary of the report and Complete Table of Contents (ToC):
Electric Motors Segment to Drive Higher Sales Thanks to Its Combination of Efficiency, Weight Savings, Noise, and Vibration Reduction
According to a recent research analysis, the electric motors segment emerged as the dominant player in the electric aircraft market in 2021. It is expected to continue its growth trajectory in the coming years. This segment is projected to be the most promising one from 2022 to 2028, thanks to its numerous benefits and advantages over traditional aircraft engines. One of the key advantages of electric motors is their superior energy efficiency, which allows for longer flight times and reduced operating costs. Moreover, electric motors are much quieter than conventional engines, producing less noise pollution and having a smaller environmental impact. These factors make electric motors an attractive option for airlines and aircraft manufacturers looking to reduce their carbon footprint and operate more sustainably.
The electric aircraft market saw significant growth in Europe during 2021, with the Asia Pacific region closely following suit. This indicates a global trend toward adopting electric aircraft technology as a viable alternative to traditional fuel-powered aircraft. Europe has been at the forefront of electric aircraft development and testing, with several companies and organizations working on electric aircraft projects. The region has also seen an increase in manufacturers and suppliers, indicating a growing demand for electric aircraft.
SkyQuest, a renowned research firm, has recently published a report on the electric aircraft market. The report sheds light on how these regional variations affect the market's revenue growth in different regions. By providing insights into the market demand and supply dynamics, the report helps market players to make informed decisions about their investment strategies. The report also offers an in-depth overview of the market's competitive landscape, analyzing the strengths and weaknesses of the leading players in the market.
Key Developments in Electric Aircraft Market
Beta Technologies, an innovative aerospace company, has announced that it has secured orders for its fixed-wing electric aircraft. This development is a significant milestone for the company, which has been working hard to bring electric aviation to the forefront of the aerospace industry. The fixed-wing electric aircraft is a new addition to Beta Technologies' portfolio, which includes its signature Alia eVTOL aircraft.
The United Arab Emirates (UAE) has taken a step towards eco-friendly transport by issuing an electric cargo aircraft license. This development is part of the UAE's efforts to shift towards more sustainable and environmentally-friendly modes of transport. The General Civil Aviation Authority (GCAA) issued the license to the company Beta Technologies, a US-based aerospace company. Beta Technologies' electric cargo aircraft, Alia, can carry up to 1,500 kilograms of cargo and travel up to 300 kilometers on a single charge.
Vertical, a leading aerospace technology company, has recently announced the opening of the Vertical Energy Centre, which is deemed to be the most advanced aerospace battery facility in the United Kingdom. This state-of-the-art facility will be instrumental in advancing the development of aerospace batteries, which play a vital role in the performance and safety of aircraft.
How are market trends impacting the growth rate and valuation estimates of the target market, and what is their overall impact on market performance?
Which sub-segments of the target market are expected to outperform, and what are the key drivers behind their growth?
How do demand and supply vary across different regions in the target market, and how does this affect revenue growth in these regions?
What factors contribute to the success or challenges of the leading players in the target market, and how do they differentiate themselves from their competitors?
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
