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The global electric aircraft market size was USD 7.80 Billion in 2021 and is expected to register a revenue CAGR of 15.5% during the forecast period, according to the latest analysis by Emergen Research. The market for electric aeroplanes is expanding quickly, propelled by developments in battery technology, a push for more environmentally friendly modes of transportation, and financial incentives from the government to cut carbon emissions. An aeroplane that uses electric motors and batteries that can be recharged with renewable energy sources is referred to as an electric aircraft. By lowering carbon emissions, noise pollution, and operational costs, this technology has the potential to revolutionise the aviation sector.
The need to lessen carbon emissions and fight climate change is one of the main forces behind the market for electric aircraft. Electric aircraft can assist to cut greenhouse gas emissions from the aviation sector by up to 50%. The aviation sector contributes significantly to global warming. Electric motors, which are far more energy efficient and emit no pollutants, are used in place of conventional fuel-powered engines to reduce emissions. The market for electric aircraft is anticipated to increase as governments continue to enact measures to minimise carbon emissions.
The development of battery technology is another factor that is driving the demand for electric aircraft. As they store the energy required to run the electric motors, batteries are an essential part of electric aircraft. Significant advances in battery technology over the past few years have produced batteries that are more effective, lightweight, and cost-effective. These developments have made it possible to create electric aeroplanes that are more powerful, capable of carrying more passengers, and have longer ranges.
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The market for electric aircraft is growing, but there are certain obstacles as well. The high cost of electric aircraft, which is now significantly greater than traditional fuel-powered aircraft, is one of the main constraints. This is a result of both the lack of economies of scale in the production process and the high cost of batteries and other components. As a result, only short-haul and specialised uses are now feasible for electric aircraft.
The lack of charging stations and maintenance facilities in the infrastructure for electric aeroplanes is another barrier. This is especially difficult for electric aeroplanes because they need specialised charging equipment and maintenance knowledge. It is anticipated that agreements between governments, energy providers, and aircraft manufacturers would help to solve the infrastructure problem.
Electric Aircraft Market Segmentation:
Emergen Research has provided a comprehensive segmentation of the electric aircraft market based on several factors. The first factor is the type of aircraft, which includes hybrid wing, fixed wing, and rotary wing aircraft. Hybrid wing aircraft use a combination of traditional fuel-powered engines and electric motors, while fixed wing aircraft are powered entirely by electric motors. Rotary wing aircraft, on the other hand, use rotary blades to generate lift and propulsion.
The second factor is the system used in electric aircraft. The systems include aero-structures, avionics, batteries, software, electric motors, and others. Aero-structures refer to the physical components of the aircraft, such as the airframe, wings, and fuselage. Avionics refer to the electronic systems used in the aircraft, such as navigation and communication systems. Batteries are a critical component of electric aircraft, as they store the energy needed to power the electric motors. Software refers to the programs and algorithms used to control the aircraft, while electric motors provide the propulsion needed to fly the aircraft.
The third factor is the application of electric aircraft, which includes civil and military applications. Civil applications refer to commercial passenger and cargo transport, while military applications include unmanned aerial vehicles (UAVs) and other military aircraft. Electric aircraft have the potential to revolutionize the aviation industry, by reducing carbon emissions, noise pollution, and operating costs.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
- The rotary wing segment is expected to register a significantly fast revenue growth rate during the forecast period due to one of the main drivers of this growth is the increasing demand for rotary wing aircraft in various sectors, such as military, medical, and transportation. In the military sector, there is a growing need for rotary wing aircraft for reconnaissance, transport, and search and rescue operations. Similarly, in the medical sector, helicopters are increasingly being used for emergency medical services, organ transportation, and other critical operations. furthermore, the transportation sector is also witnessing an increasing demand for helicopters for various applications such as offshore oil and gas exploration, tourism, and law enforcement.
- The batteries segment is expected to register a substantially fast revenue growth rate over the forecast period due to increasing demand for batteries across various industries, including consumer electronics, electric vehicles, and renewable energy systems. As the world moves towards a more sustainable future, the demand for batteries that can store renewable energy for use during times of low generation is increasing.
- The civil segment of the space launch services market is expected to witness a moderately fast revenue growth rate over the forecast period. This can be attributed to various factors such as the growing demand for satellite-based navigation systems, communication systems, and earth observation systems. These systems are being used extensively in the civil sector for various applications such as weather monitoring, disaster management, and environmental monitoring.
- The North America market in the space launch services industry is expected to register a considerably fast revenue growth rate during the forecast period. This can be attributed to several factors such as the presence of major players in the market, along with the increasing investments by the government and private organizations in space exploration programs. Moreover, the region has a well-established infrastructure for space exploration and a high level of technological advancement, which is expected to drive the growth of the space launch services market.
- Some major companies in the market report include Eviation Aircraft, Airbus SE, Pipistrel, Lilium GmbH, Elbit Systems Ltd., Israel Aerospace Industries, Aerovironment Inc., Joby Aviation Inc., Vertical Aerospace Group Ltd., and Ehang Holdings Ltd.
- In accordance with a contract signed on October 25, 2022, Saudi Arabian Airlines (Saudia) would buy up to 100 electric aircraft from Lilium for use on Saudia's domestic network.
About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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