Electric aircraft, also known as electric-powered aircraft, are fixed-wing aircraft, rotorcraft, or other heavier-than-air flying machines that are powered by electricity produced on board using various means such as batteries or fuel cells. Electric aircraft drastically reduce emissions and noise pollution compared to conventional jet aircraft. The aircrafts are more efficient than traditional jet fuel aircraft and have the potential to reduce operating costs over time as battery technology improves.
The global electric aircraft market is estimated to be valued at US$ 9661.6 Mn 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 Dynamics:
Increasing government support for development of electric aviation technology is one of the major drivers for the growth of the electric aircraft market. Many governments worldwide are providing funding and subsidies to promote development and testing of electric aircraft. For instance, the U.S. government’s Federal Aviation Administration (FAA) Center of Excellence for Alternative Jet Fuels and Environment (CAAFI) is funding numerous electric aircraft projects. Similarly, the European Union (EU)’s Clean Sky 2 program allocates around €4 billion for air transport research, part of which supports electric flight initiatives.
The adoption of advanced battery technologies with higher energy density is another key factor fueling the electric aircraft market growth. Lithium-ion batteries are primarily used in current electric aircraft projects due to their higher power-to-weight ratio compared to other battery technologies. However, research is ongoing on developing next-gen batteries such as lithium-sulfur and solid-state batteries for aviation applications. These new battery types offer significantly higher energy density and would allow electric aircraft to fly longer distances.
SWOT Analysis
Strength: The electric aircraft market offers lower operating costs compared to conventional aircraft. Electric aircraft have fewer moving parts which leads to reduced maintenance costs. Additionally, electric aircraft are quieter to operate which allows them to operate in and out of airports near residential areas.
Weakness: Limited flight range due to the heavy weight of current battery technology is a major challenge for electric aircraft. Aircraft batteries require improvement to offer sufficient energy density for long-haul commercial flights. Certification of electric aircraft also requires extensive testing and validation which increases development costs.
Opportunity: Strict emission regulations provide an impetus for airlines and manufacturers to shift toward green technologies. The development of advanced battery technology with higher energy density will boost the adoption of electric aircraft for both commercial and general aviation. Growing focus on sustainability is encouraging investments in electric aviation.
Threats: Uncertainties associated with technology evolution and customer acceptance pose risks. Extended ground time for battery charging can hamper operations. Dependency on global supply chains for critical materials such as lithium can impact electric aircraft production.
Key Takeaways
The Global Electric Aircraft Market Size is expected to witness high growth over the forecast period supported by technological advancements in electric propulsion solutions. Regulatory push for decarbonization of the aviation industry is prompting investments in sustainable technologies. The global electric aircraft market is estimated to be valued at US$ 9661.6 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global electric aircraft market currently due to the presence of major manufacturers and supportive policies for electric aviation initiatives in the US and Canada. The Asia Pacific region is projected to be the fastest growing market boosted by government programs for urban air mobility in China and Japan.
Key players: 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. Electric commuter aircraft manufacturers like Pipistrel and Zunum Aero are actively working on new design concepts using alternative energy sources to enable green air travel.
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