Electric Aircraft Market size was valued at USD 8.8 Billion in 2022 and is poised to grow from USD 10.6 Billion in 2023 to USD 45.41 Billion by 2031, at a CAGR of 20% during the forecast period (2024-2031).
The aviation industry is under a lot of stress to reduce its carbon footprint, and electric aircraft seems a perfect fit for this feat. A growing number of air travelers and rising awareness regarding the harmful impact of aviation fuel on the environment are projected to promote the demand for electric aircraft over the coming years.
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Top Player’s Company Profiles
- Airbus SE (France)
- Elbit Systems Ltd. (Israel)
- AeroVironment, Inc. (US)
- Eve Air Mobility (US)
- Ehang Holdings Ltd. (China)
- Israel Aerospace Industries (Israel)
- Eviation Aircraft Inc. (US)
- Joby Aviation, Inc. (US)
- Archer Aviation Inc. (US)
- SZ DJI Technology Co., Ltd. (China)
- Yuneec International (China)
- Vertical Aerospace (UK)
- Heart Aerospace (Sweden)
- Wright Electric, Inc. (US)
- Bye Aerospace (US)
- Beta Technologies (US)
- Delorean Aerospace (US)
- Electric Aircraft Corporation (US)
- Extra Aircraft (Croatia)
- Jaunt Air Mobility (US)
Electric aircraft manufacturers are projected to invest in the development of new aerostructures and electric propulsion systems to maximize their business scope in the future. Electric aircraft companies can also partner or collaborate with leading battery manufacturers to develop specialized batteries for their products whilst improving their range and power density characteristics as well. New companies have a chance to penetrate the market by developing novel electric aircraft components as the development of electric aircraft is still in its initial stages.
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Segments covered
Platform
Regional Transport Aircraft, Business Jets, and Light & Ultralight Aircraft (General Aircraft, Trainer Aircraft, UAVs and Advanced Air Mobility)
System
Electric Motors, Batteries, Avionics, Aerostructures, and Others
Type
Fixed Wing, Rotary Wing, and Hybrid Wing
Technology
CTOL, STOL, VTOL
Application
Civil, and Military
Range
Less than 500 km, and More than 500km
Launch of New Electric Aircraft and its Components – Prime Focus of All Electric Aircraft Companies
From components to the complete electric aircraft, all market players are heavily investing in the development of the launch of the same. Companies are continually investing in the testing and development of electric aircraft to fast-track their commercialization and launch efforts. Batteries, motors, and new aerostructures are key components that electric aircraft manufacturers are focusing on developing. Novel electric propulsion systems are also expected to provide opportunities for electric aircraft providers in the future. Electric aircraft companies can also target the development of charging infrastructure for electric aircraft to improve their revenue generation potential in the future.
- Lilium, a renowned German company focusing on developing electric aircraft revealed its plans to launch its electric airplane in July 2024. The announcement came after Lilium completed its first series of tests for its electric jet propulsion system that will power its aircraft capable of traveling around 109 miles on a single charge.
- In March 2024, AeroVolt, a company focusing on developing charging infrastructure for aircraft announced the launch of the world’s first electric aircraft charging network in the United Kingdom at Dunkeswell airfield in Devon.
- Back in April 2024, Air New Zealand announced its plans for its commercial electric aircraft flights to carry cargo in the year 2026. The flights are planned to use Wellington Airport as its home base and a charging infrastructure for these next-generation aircraft is also being established in Wellington and Marlborough airports. Initial flights will be carrying cargo for New Zealand Post.
- ZeroAvia, a new company founded in 2017 announced the launch of its new components for hydrogen-electric engines back in April 2024. The company also revealed its manufacturing ambitions, which are projected to maximize the production of multiple electric aviation components.
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With more and more airlines leaning towards the idea of electrification of the aviation industry, the global electric aircraft market is projected to be highly opportune for all market players. New companies have a plethora of opportunities to explore while established electric aircraft providers need to improve their offerings to maximize their market share. Collaborating with companies already working in the aviation industry will give a major advantage to new entrants into the electric aviation space.
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