Global Electric Aircraft Market by Technology (Hybrid Aircraft, All Electric Aircraft), Power Source (Battery, Solar Cells, Fuel Cells, Others), by Range (Less than 600 Km, More than 600 Km), Application (Commercial, Military), and by Region - Forecast Till 2023

Market Scenario

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. Increase in per capita income has led to a continuous rise in the number of air passengers over the past few years. This has driven the demand for aircraft, which, in turn, is driving the growth of the electric aircraft market. Electric aircraft manufacturers are looking forward to developing electric-powered aircraft that will consume no fuel, emit no CO2 or NOx, and will be considerably quieter as compared to the traditional gas-powered aircraft.

Rising fuel prices have become a major concern for the 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. This results in minimizing the hazards of global warming. This is estimated to drive the demand for the electric aircraft market.

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Electric aircraft are very innovative with respect to functioning and technology. An electric aircraft consists of a variety of autonomous electric components and systems, including structural components, smart skin, and printed electronics. The electric aircraft market growth is propelled by the rise in usage of these autonomous systems. The decrease in the operational & maintenance costs and the remarkable increase in aircraft deliveries have been a few other major factors spurring the electric aircraft market demand.

On the basis of range, less than 600 km segment is expected to lead the electric aircraft market during the forecast period. Aircraft can accomplish higher range with the introduction of advanced and high capacity batteries in the market. Due to this reason, companies are focusing on manufacturing high range aircraft which are used for commercial purpose. The electric aircraft available in the market mostly have a range within 600 km, used for training and recreational purposes.

The latest trend that is gaining momentum in the electric aircraft market include the growth of combined propulsion control for 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.

The electric aircraft market is an emerging market with fewer multinational and regional manufacturers and suppliers. These multinational players offer heterogeneous products and services. These products may sometimes be customized, particularly when it comes to military aircraft. The electric aircraft market is highly capital driven and completely based on technological developments, quality, cost, and reliability of the components. To gain a competitive advantage, the major vendors in the market respond and identify the evolving trends in geopolitical situations.

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North America is estimated to be a prominent region for the electric aircraft market during the forecast period. Rise in the 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 expected 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.

Hence, there is potential for use of electric aircraft for air transport in this region. Investments in lightweight components, highly efficient power electronics, and highly competent batteries drive the demand for the market. In addition, support from governments, in terms of tax benefits and subsidies, will support the growing demand throughout the forecast period. Therefore, the global electric aircraft market is estimated to witness a CAGR of more than 4% during the forecast period from 2018 to 2023.

Key Players

The key players in the global 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.).

The report for Global Electric Aircraft Market by Market Research Future covers extensive primary research. This is accompanied with a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.

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