Electric aircraft propulsion systems provide various advantages over conventional aircraft propulsion systems such as reduced noise, lower emissions and higher fuel efficiency. Electric motors, batteries and power electronics are key components of electric aircraft propulsions systems. Electric aircraft propulsion systems help reduce operating costs and increase payload capacity with its lightweight and higher efficiency nature.
The global Electric Aircraft Market is estimated to be valued at US$ 9,661.6 million in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased efficiency of electric aircraft propulsion systems is one of the key factors accelerating the growth of electric aircraft market. Advancements in battery technology have significantly improved the energy density and life cycle of batteries, thereby increasing the maximum range of electric aircraft. Lithium-ion batteries with high energy density allow electric aircraft to fly longer distances on single charge. Moreover, electric motors provide constant power over wide RPM ranges and regenerative braking further boosts efficiency. The increasing adoption of more efficient electric propulsion systems is expected to drive the demand for electric aircraft during the forecast period.
Segment Analysis
The global electric aircraft market is dominated by the electric commuter air taxis/electric air vehicles segment. This segment currently holds more than 25% of the total market share due to the increasing deployment of these aircraft for air taxi services globally. Majority of urban air mobility projects and air taxi demonstrators in recent years have relied on electric propulsion systems for short-haul commuter flights, making it the fastest growing segment.
Key Takeaways
The Global Electric Aircraft Market Growth is expected to witness high over the forecast period of 2023 to 2030. The global Electric Aircraft Market is estimated to be valued at US$ 9,661.6 million in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.
Regional analysis
North America currently dominates the global electric aircraft market and is expected to maintain its dominance through 2030. This can be attributed to heightened investments by market players as well as government initiatives to develop Regional Electric Air Mobility (REAM) networks in the US. For instance, companies such as Joby Aviation, Archer Aviation, and Lilium have conducted several test flights of their electric aircraft across California.
Key players related content
Key players operating in the electric aircraft market are Boeing, Airbus, Raytheon Technologies Corporation, Honeywell International Inc., Thales Group, Lockheed Martin Corporation, Zunum Aero, YUNEEC, Elektra Solar GmbH, PIPISTREL, BYE AEROSPACE, DELOREAN AEROSPACE, LLC, Joby Aviation, Siemens, Safran, Bombardier, TTTech Computertechnik AG, and AgustaWestland. Joby Aviation is one of the leading developers of all-electric vertical take-off and landing (eVTOL) aircraft.
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