Electric Aircraft Market Size, Share, Growth, Trends | Report 2023-2032
The global electric aircraft market was estimated at USD 7.95 billion in 2022 and it is expected to surpass around USD 51.87 billion by 2032, poised to grow at a CAGR of 20.63% from 2023 to 2032.
Key Pointers
Report Scope of the Electric Aircraft Market
| Report Coverage | Details |
| Market Size in 2022 | USD 7.95 billion |
| Revenue Forecast by 2032 | USD 51.87 billion |
| Growth rate from 2023 to 2032 | CAGR of 20.63% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | Pipistrel Group, Airbus, Bye Aerospace, Aerospace Limited, Yuneec Holding Limited, Leonardo S.p.A., Faradair Aerospace Limited, Boeing, Digisky S.R.L., Groupe Gorge |
The global electric aircraft market demand is expected to witness a healthy boost over the forecast period, as aviation companies have been plagued by the soaring prices of conventional fuel, forcing them to look towards other options, of which electrical energy is an efficient and eco-friendly alternative. Electric aircraft aid in reducing air, noise & ground pollution. This results in the diminishing hazards of global warming, which is expected to drive the global market demand.
Electric aircraft are highly innovative with respect to technology and functioning. For example, helicopters can exercise safety control, while landing despite any engineering failures with the help of electric backup. This serves as a key driving force to the market. Electric aircraft paves new pathways for applications of many new electrical components and systems, including structural components, printed electronics, and smart skin, which is further anticipated to boost the market. The global electric aircraft market growth is propelled by increasing usage of autonomous systems. The need to achieve optimized aircraft performance, reduced gas emissions and airport noise, decreased operational & maintenance costs and the tremendous increase in aircraft deliveries have been a few other key factors spurring the market demand. Soaring need for fuel-efficient and greener aircraft is expected to be a cardinal driving factor that compels aircraft manufacturers to opt for more fuel-efficient alternatives.
Increasing number of airline passengers has driven the aircraft orders extensively. The market is expected to gain prominence over the next few years owing to several benefits such as increased safety, improved maneuverability, less risk of explosion or fire, and less noise. Further, electric aircraft eliminates usage of fossil fuel consumption and its resultant emissions, which in turn contributes to environmental and cost benefits. Thus, the electric aircraft market is anticipated to witness healthy growth in the near future owing to the aforementioned benefits. Several regulatory issues and other macro-economic factors are anticipated to hinder the market growth. Key challenges faced by the industry participants include reliability of electrical systems in harsh environment, thermal management, and optimization in electrical systems.
The aircraft market is classified as large body, narrow body, and wide body aircraft. The aircraft can work on commercial, UAV, and military platforms by application of various technologies. These technologies comprise power electronics, thermal management, advanced materials, and safety systems. In North America and Europe, the electric aircraft market is expected to witness significant growth despite the economic downturn. This may be attributed to the technological advancements and strong R&D initiatives by the key players in these regional markets. Further, to meet the changing demands of the stakeholders in the aircraft market, Asia Pacific is expected to restore its technology platform in the near future. Asia Pacific is also projected to grow significantly over the forecast period owing to military Keynesianism.
Platform Insights
The light and ultralight aircraft market is predicted to expand the most. Electric light jet aircraft provide quick transportation to a location and may land at any airport. Furthermore, these aircraft provide a high level of safety while still being cost-effective. Ultra-light Electric Aircraft are cost effective due to their simple design and simple production process. It also ensures the safety and easy availability of lightweight Electric Aircraft in commercial sectors, allowing the industry to increase in income. The market for Electric Aircraft is predicted to grow as a result of various technology breakthroughs and aircraft modernization plans. Electric UAVs with low noise levels are becoming more popular in civil and military applications. Electric Aircraft demand will be driven by an increase in business operations and the requirement for aircraft with low carbon footprints.
System Insights
Based on system, the global market is segmented into aero-structures, avionics, batteries, software, electric motors, and others. The batteries segment accounted for largest revenue share in 2022 due to improvement in battery power density. Batteries are the most prevalent onboard energy storage system used in electric aircraft due to their relatively large energy storage capacity. Most modern batteries are lithium-based rechargeable devices. Since lithium-ion batteries have highest power density and lowest mass of any conventional battery, they are preferred cell type for use in aircraft. However, major drawback of lithium-ion batteries is that they are susceptible to short-circuiting and thermal runaway, which can result in combustion. X-57 battery pack's task was to make sure that if one cell caught fire, it would remain confined and not cause a domino effect.
Type Insights
Based on type, the global market is segmented into hybrid wing, fixed wing, and rotary wing. The rotary wing segment accounted for largest revenue share in 2022 due to rising demand for rotary wing UAVs. In addition, UAVs with rotary wings can hover for a long time because their rotor(s) provide lift while spinning quickly under the control of an effective power source. In comparison to other forms of aircraft, rotary-wing aircraft or unmanned aerial vehicles are far more maneuverable at low speeds due to their ability to quickly and effectively change direction, especially when they are stationary or hovering. All rotary-wing UAVs produce lift by fast spinning rotors that resemble airfoils and to fly forward, they tilt their rotors in desired direction. Rotary-wing UAVs may take off and land in confined locations because they generate lift by spinning their rotors, while fuselage of aircraft remains motionless. While fixed-wing aircraft can't take off or land in confined locations because they need a runway to build up speed or slow down.
Application Insights
Based on application, the global market is segmented into civil and military. The civil segment accounted for the largest revenue share in 2022. Future airplane designs have been observed to change in step with improvements in electrical system reliability. Various manufacturers have emerged who have accepted new ideas regarding the amount of vital electrical loads due to over-reliance on electrical systems. In addition, this fundamental change in governing structure had a huge impact on other design factors, encouraging clear and reliable civil aircraft design. The ultimate goal for modern aircraft designers is to combine dependability with alternatives that could significantly increase overall effectiveness of civil aircraft while putting forth different design architectures. Multiple concerns highlighted that systematic application of redundancy and backup generation could further improve this newly growing tendency toward reliability.
Range Insights
Based on range, global electric aircraft market is segmented into less than 500 KM, and more than 500 KM. Less than 500 KM range segment accounted for largest revenue share in 2022. Currently, electric aircraft are working at less than 500 KM range due to low battery storage capacity, and low energy density.
Region Insights
The North America market accounted for the largest revenue share in 2022. In the U.S., UAV fleet deployed for both military and civilian purposes is the largest and electric aircraft are already being used for urban air mobility. These factors are expected to drive market revenue growth.
The Asia Pacific market is expected to register a rapid revenue growth rate during the forecast period. This is due to rising R&D expenditures in this region by various market players. In addition, increased safety, high agility, less noise, low carbon dioxide emissions, decreased chance of fire or explosion, and rising need for low maintenance aircraft are other factors driving market revenue growth. Moreover, there is a rise in demand for electric aircraft due to growth in number of passengers flying in Asia Pacific. Emerging countries, such as Japan and India, have noted a recent trend where middle class has enough disposable income for air travel.
The European market is expected to register a moderately fast revenue growth rate over the forecast period. The UK dominates the market for electric aircraft in Europe. The electric aircraft market in Europe is being pushed by existence of sizable market participants. Furthermore, availability of business jet travel for locals causing a rise in interest for electric aircraft in Europe and increasing favorable government policies are also expected to drive market revenue growth.
Electric Aircraft Market Segmentations:
By Platform
By System
By Type
By Technology
By Application
By Range
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Range Procurement Analysis
4.3.2. Sales and Distribution Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Electric Aircraft Market
5.1. COVID-19 Landscape: Electric Aircraft Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Electric Aircraft Market, By Platform
8.1. Electric Aircraft Market, by Platform, 2023-2032
8.1.1. Regional Transport Aircraft
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Business Jets
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Light and Ultralight Aircraft
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Electric Aircraft Market, By System
9.1. Electric Aircraft Market, by System, 2023-2032
9.1.1. Batteries
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Electric Motors
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Aerostructures
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Avionics
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. Software
9.1.5.1. Market Revenue and Forecast (2020-2032)
9.1.6. Others
9.1.6.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Electric Aircraft Market, By Type
10.1. Electric Aircraft Market, by Type, 2023-2032
10.1.1. Fixed Wing
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Rotary Wing
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Hybrid Wing
10.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Electric Aircraft Market, By Technology
11.1. Electric Aircraft Market, by Technology, 2023-2032
11.1.1. CTOL
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. STOL
11.1.2.1. Market Revenue and Forecast (2020-2032)
11.1.3. VTOL
11.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Electric Aircraft Market, By Application
12.1. Electric Aircraft Market, by Application, 2023-2032
12.1.1. Civil
12.1.1.1. Market Revenue and Forecast (2020-2032)
12.1.2. Military
12.1.2.1. Market Revenue and Forecast (2020-2032)
12.1.3. Others
12.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 13. Global Electric Aircraft Market, By Range
13.1. Electric Aircraft Market, by Range, 2023-2032
13.1.1. Less than 500 KM
13.1.1.1. Market Revenue and Forecast (2020-2032)
13.1.2. More than 500 KM
13.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 14. Global Electric Aircraft Market, Regional Estimates and Trend Forecast
14.1. North America
14.1.1. Market Revenue and Forecast, by Platform (2020-2032)
14.1.2. Market Revenue and Forecast, by System (2020-2032)
14.1.3. Market Revenue and Forecast, by Type (2020-2032)
14.1.4. Market Revenue and Forecast, by Technology (2020-2032)
14.1.5. Market Revenue and Forecast, by Application (2020-2032)
14.1.6. Market Revenue and Forecast, by Range (2020-2032)
14.1.7. U.S.
14.1.7.1. Market Revenue and Forecast, by Platform (2020-2032)
14.1.7.2. Market Revenue and Forecast, by System (2020-2032)
14.1.7.3. Market Revenue and Forecast, by Type (2020-2032)
14.1.7.4. Market Revenue and Forecast, by Technology (2020-2032)
14.1.8. Market Revenue and Forecast, by Application (2020-2032)
14.1.8.1. Market Revenue and Forecast, by Range (2020-2032)
14.1.9. Rest of North America
14.1.9.1. Market Revenue and Forecast, by Platform (2020-2032)
14.1.9.2. Market Revenue and Forecast, by System (2020-2032)
14.1.9.3. Market Revenue and Forecast, by Type (2020-2032)
14.1.9.4. Market Revenue and Forecast, by Technology (2020-2032)
14.1.10. Market Revenue and Forecast, by Application (2020-2032)
14.1.11. Market Revenue and Forecast, by Range (2020-2032)
14.1.11.1.
14.2. Europe
14.2.1. Market Revenue and Forecast, by Platform (2020-2032)
14.2.2. Market Revenue and Forecast, by System (2020-2032)
14.2.3. Market Revenue and Forecast, by Type (2020-2032)
14.2.4. Market Revenue and Forecast, by Technology (2020-2032)
14.2.5. Market Revenue and Forecast, by Application (2020-2032)
14.2.6. Market Revenue and Forecast, by Range (2020-2032)
14.2.7.
14.2.8. UK
14.2.8.1. Market Revenue and Forecast, by Platform (2020-2032)
14.2.8.2. Market Revenue and Forecast, by System (2020-2032)
14.2.8.3. Market Revenue and Forecast, by Type (2020-2032)
14.2.9. Market Revenue and Forecast, by Technology (2020-2032)
14.2.10. Market Revenue and Forecast, by Application (2020-2032)
14.2.10.1. Market Revenue and Forecast, by Range (2020-2032)
14.2.11. Germany
14.2.11.1. Market Revenue and Forecast, by Platform (2020-2032)
14.2.11.2. Market Revenue and Forecast, by System (2020-2032)
14.2.11.3. Market Revenue and Forecast, by Type (2020-2032)
14.2.12. Market Revenue and Forecast, by Technology (2020-2032)
14.2.13. Market Revenue and Forecast, by Application (2020-2032)
14.2.14. Market Revenue and Forecast, by Range (2020-2032)
14.2.14.1.
14.2.15. France
14.2.15.1. Market Revenue and Forecast, by Platform (2020-2032)
14.2.15.2. Market Revenue and Forecast, by System (2020-2032)
14.2.15.3. Market Revenue and Forecast, by Type (2020-2032)
14.2.15.4. Market Revenue and Forecast, by Technology (2020-2032)
14.2.16. Market Revenue and Forecast, by Application (2020-2032)
14.2.16.1. Market Revenue and Forecast, by Range (2020-2032)
14.2.17. Rest of Europe
14.2.17.1. Market Revenue and Forecast, by Platform (2020-2032)
14.2.17.2. Market Revenue and Forecast, by System (2020-2032)
14.2.17.3. Market Revenue and Forecast, by Type (2020-2032)
14.2.17.4. Market Revenue and Forecast, by Technology (2020-2032)
14.2.18. Market Revenue and Forecast, by Application (2020-2032)
14.2.18.1. Market Revenue and Forecast, by Range (2020-2032)
14.3. APAC
14.3.1. Market Revenue and Forecast, by Platform (2020-2032)
14.3.2. Market Revenue and Forecast, by System (2020-2032)
14.3.3. Market Revenue and Forecast, by Type (2020-2032)
14.3.4. Market Revenue and Forecast, by Technology (2020-2032)
14.3.5. Market Revenue and Forecast, by Application (2020-2032)
14.3.6. Market Revenue and Forecast, by Range (2020-2032)
14.3.7. India
14.3.7.1. Market Revenue and Forecast, by Platform (2020-2032)
14.3.7.2. Market Revenue and Forecast, by System (2020-2032)
14.3.7.3. Market Revenue and Forecast, by Type (2020-2032)
14.3.7.4. Market Revenue and Forecast, by Technology (2020-2032)
14.3.8. Market Revenue and Forecast, by Application (2020-2032)
14.3.9. Market Revenue and Forecast, by Range (2020-2032)
14.3.10. China
14.3.10.1. Market Revenue and Forecast, by Platform (2020-2032)
14.3.10.2. Market Revenue and Forecast, by System (2020-2032)
14.3.10.3. Market Revenue and Forecast, by Type (2020-2032)
14.3.10.4. Market Revenue and Forecast, by Technology (2020-2032)
14.3.11. Market Revenue and Forecast, by Application (2020-2032)
14.3.11.1. Market Revenue and Forecast, by Range (2020-2032)
14.3.12. Japan
14.3.12.1. Market Revenue and Forecast, by Platform (2020-2032)
14.3.12.2. Market Revenue and Forecast, by System (2020-2032)
14.3.12.3. Market Revenue and Forecast, by Type (2020-2032)
14.3.12.4. Market Revenue and Forecast, by Technology (2020-2032)
14.3.12.5. Market Revenue and Forecast, by Application (2020-2032)
14.3.12.6. Market Revenue and Forecast, by Range (2020-2032)
14.3.13. Rest of APAC
14.3.13.1. Market Revenue and Forecast, by Platform (2020-2032)
14.3.13.2. Market Revenue and Forecast, by System (2020-2032)
14.3.13.3. Market Revenue and Forecast, by Type (2020-2032)
14.3.13.4. Market Revenue and Forecast, by Technology (2020-2032)
14.3.13.5. Market Revenue and Forecast, by Application (2020-2032)
14.3.13.6. Market Revenue and Forecast, by Range (2020-2032)
14.4. MEA
14.4.1. Market Revenue and Forecast, by Platform (2020-2032)
14.4.2. Market Revenue and Forecast, by System (2020-2032)
14.4.3. Market Revenue and Forecast, by Type (2020-2032)
14.4.4. Market Revenue and Forecast, by Technology (2020-2032)
14.4.5. Market Revenue and Forecast, by Application (2020-2032)
14.4.6. Market Revenue and Forecast, by Range (2020-2032)
14.4.7. GCC
14.4.7.1. Market Revenue and Forecast, by Platform (2020-2032)
14.4.7.2. Market Revenue and Forecast, by System (2020-2032)
14.4.7.3. Market Revenue and Forecast, by Type (2020-2032)
14.4.7.4. Market Revenue and Forecast, by Technology (2020-2032)
14.4.8. Market Revenue and Forecast, by Application (2020-2032)
14.4.9. Market Revenue and Forecast, by Range (2020-2032)
14.4.10. North Africa
14.4.10.1. Market Revenue and Forecast, by Platform (2020-2032)
14.4.10.2. Market Revenue and Forecast, by System (2020-2032)
14.4.10.3. Market Revenue and Forecast, by Type (2020-2032)
14.4.10.4. Market Revenue and Forecast, by Technology (2020-2032)
14.4.11. Market Revenue and Forecast, by Application (2020-2032)
14.4.12. Market Revenue and Forecast, by Range (2020-2032)
14.4.13. South Africa
14.4.13.1. Market Revenue and Forecast, by Platform (2020-2032)
14.4.13.2. Market Revenue and Forecast, by System (2020-2032)
14.4.13.3. Market Revenue and Forecast, by Type (2020-2032)
14.4.13.4. Market Revenue and Forecast, by Technology (2020-2032)
14.4.13.5. Market Revenue and Forecast, by Application (2020-2032)
14.4.13.6. Market Revenue and Forecast, by Range (2020-2032)
14.4.14. Rest of MEA
14.4.14.1. Market Revenue and Forecast, by Platform (2020-2032)
14.4.14.2. Market Revenue and Forecast, by System (2020-2032)
14.4.14.3. Market Revenue and Forecast, by Type (2020-2032)
14.4.14.4. Market Revenue and Forecast, by Technology (2020-2032)
14.4.14.5. Market Revenue and Forecast, by Application (2020-2032)
14.4.14.6. Market Revenue and Forecast, by Range (2020-2032)
14.5. Latin America
14.5.1. Market Revenue and Forecast, by Platform (2020-2032)
14.5.2. Market Revenue and Forecast, by System (2020-2032)
14.5.3. Market Revenue and Forecast, by Type (2020-2032)
14.5.4. Market Revenue and Forecast, by Technology (2020-2032)
14.5.5. Market Revenue and Forecast, by Application (2020-2032)
14.5.6. Market Revenue and Forecast, by Range (2020-2032)
14.5.7. Brazil
14.5.7.1. Market Revenue and Forecast, by Platform (2020-2032)
14.5.7.2. Market Revenue and Forecast, by System (2020-2032)
14.5.7.3. Market Revenue and Forecast, by Type (2020-2032)
14.5.7.4. Market Revenue and Forecast, by Technology (2020-2032)
14.5.8. Market Revenue and Forecast, by Application (2020-2032)
14.5.8.1. Market Revenue and Forecast, by Range (2020-2032)
14.5.9. Rest of LATAM
14.5.9.1. Market Revenue and Forecast, by Platform (2020-2032)
14.5.9.2. Market Revenue and Forecast, by System (2020-2032)
14.5.9.3. Market Revenue and Forecast, by Type (2020-2032)
14.5.9.4. Market Revenue and Forecast, by Technology (2020-2032)
14.5.9.5. Market Revenue and Forecast, by Application (2020-2032)
14.5.9.6. Market Revenue and Forecast, by Range (2020-2032)
Chapter 15. Company Profiles
15.1. Pipistrel Group
15.1.1. Company Overview
15.1.2. Product Offerings
15.1.3. Financial Performance
15.1.4. Recent Initiatives
15.2. Airbus
15.2.1. Company Overview
15.2.2. Product Offerings
15.2.3. Financial Performance
15.2.4. Recent Initiatives
15.3. Bye Aerospace
15.3.1. Company Overview
15.3.2. Product Offerings
15.3.3. Financial Performance
15.3.4. Recent Initiatives
15.4. Aerospace Limited
15.4.1. Company Overview
15.4.2. Product Offerings
15.4.3. Financial Performance
15.4.4. Recent Initiatives
15.5. Yuneec Holding Limited
15.5.1. Company Overview
15.5.2. Product Offerings
15.5.3. Financial Performance
15.5.4. Recent Initiatives
15.6. Leonardo S.p.A.
15.6.1. Company Overview
15.6.2. Product Offerings
15.6.3. Financial Performance
15.6.4. Recent Initiatives
15.7. Faradair Aerospace Limited
15.7.1. Company Overview
15.7.2. Product Offerings
15.7.3. Financial Performance
15.7.4. Recent Initiatives
15.8. Boeing
15.8.1. Company Overview
15.8.2. Product Offerings
15.8.3. Financial Performance
15.8.4. Recent Initiatives
15.9. Digisky S.R.L.
15.9.1. Company Overview
15.9.2. Product Offerings
15.9.3. Financial Performance
15.9.4. Recent Initiatives
15.10. Groupe Gorge
15.10.1. Company Overview
15.10.2. Product Offerings
15.10.3. Financial Performance
15.10.4. Recent Initiatives
Chapter 16. Research Methodology
16.1. Primary Research
16.2. Secondary Research
16.3. Assumptions
Chapter 17. Appendix
17.1. About Us
17.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers