Electric Aircraft Market Forecasts to 2028 - Global Analysis By Type (Fixed Wing, Rotary Wing and Hybrid Wing), Platform (Business Jets, Regional Transport Aircraft, General Aircraft, Trainer Aircraft, Unmanned Aerial Vehicle (UAV) and Advanced Air Mobility), System, Component, Range, Technology, Application and By Geography
Estimated Year Value (2022)
US $8.8 BN
Projected Year Value (2028)
US $25.72 BN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Electric Aircraft Market is accounted for $8.8 billion in 2022 and is expected to reach $25.72 billion by 2028 growing at a CAGR of 19.57% during the forecast period. Electric aircraft are powered by electric motors, in which the electricity is supplied via multiple methods including batteries, solar cells, fuel cells, power beaming, and ground power cables. Electric aircraft promise huge advantages in regards to degrade the issues of air and noise pollutions and harmful emissions. In addition, electric motors have low maintenance and operational costs. These potential benefits of electric aircraft make them more adoptable over fuel-based aircraft.
According to the World Tourism Organization, a specialized agency of the United Nations, the arrival of tourists in Maldives in January 2021 stood at 92,103. This count grew to 99,397 by 3rd February 2021. The rising count of tourists is creating immense scope for the aviation sector.
Growing concerns regarding environment
Electric aircraft are anticipated to become more popular as they have less carbon impact than conventional aircraft. In tandem with rising air travel, the size of the world's fleet of airplanes is growing, which raises carbon dioxide emissions. Given the pressing need to reduce emissions, electric aircraft are now in high demand. These aircraft eliminate the need of non-renewable fuels which has negative impact on the environment and therefore fuelling the market growth.
Low energy density of batteries
The largest obstacle for the market for electric aircraft is low battery energy density. The energy density of aircraft batteries is substantially lower than that of traditional fossil fuels. The adoption of electric aircraft is hampered by the lengthy development process for high-density batteries needed for medium- and long-distance travel.
Growing air traffic
Domestic air travel has increased significantly in both developed and developing nations, which is mostly to credit for the increase in air traffic. The number of travellers using airplanes for short holiday journeys is fast expanding throughout many nations of the world due to increased disposable income and improving the tourist industry. The market's growth is being propelled by an increase in the number of passengers flying throughout the world.
The initial deployment is being hampered by the high manufacture and maintenance expenses of eVTOLs as a result of the unknown overall cost. The majority of the manufacturing costs are related to the acquisition of new materials required to build effective and lightweight electric aircraft. The early introduction of air taxi services is being seriously delayed by the low aircraft count, a lack of sufficient charging stations, and airspace accommodations which are hampering market expansion.
The COVID-19 pandemic's fast and unexpected spread and breakout have had a negative impact on the smooth operation of several industrial sectors, with aviation being one of the most affected due to the continual need for the industry and its services. Significant reductions in passenger numbers have resulted in flights being cancelled or planes flying empty between airports, which in turn massively reduced revenues for airlines and forced many airlines to lay off employees or declare bankruptcy.
The aerostructures segment is expected to be the largest during the forecast period
The aerostructures segment is estimated to have a lucrative growth, due to its advancements. The majority of the entire cost of developing an airplane is made up of aerostructures. In order to be lightweight while preserving their structural strength, newly developed electric aircraft, notably eVTOL aircraft requires some of the most cutting-edge materials. These elements play considerable role in the segment growth.
The hybrid wing segment is expected to have the highest CAGR during the forecast period
The hybrid wing segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its fuel-powered engines and batteries. It offers a design that is impractical with just fuel-powered engines. It facilitates noise free vertical landings and takeoffs. It also has a significant number of electric propellers, which aid in effective aerodynamics. Also, it greatly lowers fuel costs, and the aviation sector is anticipated to save money, which is fueling the segment's expansion.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to the raising urban air mobility. The US region has the largest UAV fleet used in military and civil applications. Many environmentally conscious individuals in this region are travelling short distances by electric airplanes. Several key market players are increasing investment toward research and development (R&D).
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the presence of major market participants. This region is being facilitated by favourable government policies. Additionally, the ability of the residents of this region to fly on business jets is fostering a surge in interest in electric aircraft in Europe.
Key players in the market
Some of the key players profiled in the Electric Aircraft Market include Airbus, Bye Aerospace, Pipistrel Group, Leonardo S.p.A., Aerospace Limited, Boeing, Faradair Aerospace Limited, Yuneec Holding Limited, Digisky S.R.L., PDL Electric Aircrafts, Groupe Gorge, Delfort Group AG, Republic Technologies, Papcel, Glatz, China Tobacco Maudit, Nippon Paper Papylia. and Hufeng.
In February 2023, Boeing announced the launch of its first global support center (GSC) in India and also plans to invest in a new logistics center to cater to its regional customers.
In February 2023, The Tata Group-owned Air India has announced its commitment to order 250 Airbus aircraft to boost its domestic and international operations. The commitment includes 140 A320neo and 70 A321neo single-aisle aircraft as well as 34 A350-1000 and six A350-900 wide-body jets that will mark a new era for the country as the all-new, long-range aircraft celebrates its debut in the Indian market.
• Fixed Wing
• Rotary Wing
• Hybrid Wing
• Business Jets
• Regional Transport Aircraft
• General Aircraft
• Trainer Aircraft
• Unmanned Aerial Vehicle (UAV)
• Advanced Air Mobility
• Aircraft Configuration & Management System
• Flight Control & Mission Management System
• Air Pressurisation & Conditioning System
• Power Generation & Management System
• Electric Motors
• Other Components
• < 500 KM
• 500 KM
• Conventional Take-Off & Landing (CTOL)
• Short Take-Off & Landing (STOL)
• Vertical Take-Off & Landing (VTOL)
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Competitive Benchmarking
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Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Electric Aircraft Market, By Type
5.2 Fixed Wing
5.3 Rotary Wing
5.4 Hybrid Wing
6 Global Electric Aircraft Market, By Platform
6.2 Business Jets
6.3 Regional Transport Aircraft
6.4 General Aircraft
6.5 Trainer Aircraft
6.6 Unmanned Aerial Vehicle (UAV)
6.7 Advanced Air Mobility
7 Global Electric Aircraft Market, By System
7.2 Aircraft Configuration & Management System
7.3 Flight Control & Mission Management System
7.4 Air Pressurisation & Conditioning System
7.5 Power Generation & Management System
8 Global Electric Aircraft Market, By Component
8.2 Electric Motors
8.8 Other Components
9 Global Electric Aircraft Market, By Range
9.2 < 500 KM
9.3 > 500 KM
10 Global Electric Aircraft Market, By Technology
10.2 Conventional Take-Off & Landing (CTOL)
10.3 Short Take-Off & Landing (STOL)
10.4 Vertical Take-Off & Landing (VTOL)
11 Global Electric Aircraft Market, By Application
11.4 Other Applications
12 Global Electric Aircraft Market, By Geography
12.2 North America
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.5 Other Key Strategies
14 Company Profiling
14.2 Bye Aerospace
14.3 Pipistrel Group
14.4 Leonardo S.p.A.
14.5 Aerospace Limited
14.7 Faradair Aerospace Limited
14.8 Yuneec Holding Limited
14.9 Digisky S.R.L.
14.10 PDL Electric Aircrafts
14.11 Groupe Gorge
14.12 Delfort Group AG
14.13 Republic Technologies
14.16 China Tobacco Maudit
14.17 Nippon Paper Papylia.
List of Tables
1 Global Electric Aircraft Market Outlook, By Region (2020-2028) ($MN)
2 Global Electric Aircraft Market Outlook, By Type (2020-2028) ($MN)
3 Global Electric Aircraft Market Outlook, By Fixed Wing (2020-2028) ($MN)
4 Global Electric Aircraft Market Outlook, By Rotary Wing (2020-2028) ($MN)
5 Global Electric Aircraft Market Outlook, By Hybrid Wing (2020-2028) ($MN)
6 Global Electric Aircraft Market Outlook, By Platform (2020-2028) ($MN)
7 Global Electric Aircraft Market Outlook, By Business Jets (2020-2028) ($MN)
8 Global Electric Aircraft Market Outlook, By Regional Transport Aircraft (2020-2028) ($MN)
9 Global Electric Aircraft Market Outlook, By General Aircraft (2020-2028) ($MN)
10 Global Electric Aircraft Market Outlook, By Trainer Aircraft (2020-2028) ($MN)
11 Global Electric Aircraft Market Outlook, By Unmanned Aerial Vehicle (UAV) (2020-2028) ($MN)
12 Global Electric Aircraft Market Outlook, By Advanced Air Mobility (2020-2028) ($MN)
13 Global Electric Aircraft Market Outlook, By System (2020-2028) ($MN)
14 Global Electric Aircraft Market Outlook, By Aircraft Configuration & Management System (2020-2028) ($MN)
15 Global Electric Aircraft Market Outlook, By Flight Control & Mission Management System (2020-2028) ($MN)
16 Global Electric Aircraft Market Outlook, By Air Pressurisation & Conditioning System (2020-2028) ($MN)
17 Global Electric Aircraft Market Outlook, By Power Generation & Management System (2020-2028) ($MN)
18 Global Electric Aircraft Market Outlook, By Component (2020-2028) ($MN)
19 Global Electric Aircraft Market Outlook, By Electric Motors (2020-2028) ($MN)
20 Global Electric Aircraft Market Outlook, By Batteries (2020-2028) ($MN)
21 Global Electric Aircraft Market Outlook, By Avionics (2020-2028) ($MN)
22 Global Electric Aircraft Market Outlook, By Software (2020-2028) ($MN)
23 Global Electric Aircraft Market Outlook, By Aerostructures (2020-2028) ($MN)
24 Global Electric Aircraft Market Outlook, By Other Components (2020-2028) ($MN)
25 Global Electric Aircraft Market Outlook, By Range (2020-2028) ($MN)
26 Global Electric Aircraft Market Outlook, By < 500 KM (2020-2028) ($MN)
27 Global Electric Aircraft Market Outlook, By > 500 KM (2020-2028) ($MN)
28 Global Electric Aircraft Market Outlook, By Technology (2020-2028) ($MN)
29 Global Electric Aircraft Market Outlook, By Conventional Take-Off & Landing (CTOL) (2020-2028) ($MN)
30 Global Electric Aircraft Market Outlook, By Short Take-Off & Landing (STOL) (2020-2028) ($MN)
31 Global Electric Aircraft Market Outlook, By Vertical Take-Off & Landing (VTOL) (2020-2028) ($MN)
32 Global Electric Aircraft Market Outlook, By Application (2020-2028) ($MN)
33 Global Electric Aircraft Market Outlook, By Military (2020-2028) ($MN)
34 Global Electric Aircraft Market Outlook, By Civil (2020-2028) ($MN)
35 Global Electric Aircraft Market Outlook, By Other Applications (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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