Global Electric Aircraft Market Report, published by Variant Market Research, forecast that the global electric aircraft market size is expected to reach $14.87 Million by 2025. In this report, the global electric aircraft market forecast says that the market is growing at a CAGR of 7.47% from 2017 to 2025. By geography, Europe is expected to grow at the fastest CAGR during the forecast period. An electric aircraft is powered by electric motors. Electricity can be provided by many methods with batteries, solar cells, ground power cables, ultracapacitors, fuel cells as well as power beaming. Development of the electric aircraft is measured one of the biggest opportunities of the aerospace sector. It is due to rising fuel costs, finite oil stocks and environmental concerns. it is becoming clear that new technologies are needed to meet future emission regulations, whereas lowering costs, as current technologies reach their limits.
Electric Aircraft Market (By Aircraft Type; Light Jet, and Ultralight Aircraft; By Component: Electric Motor, Battery, and Other Components; By Technology: Hybrid, and All Electric; By Power Density: More Than 500 KM, and Less Than 500 KM; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Benefits of electric aircraft compared to traditional aircraft fuels the global electric aircraft market
Reduces aircraft noise and gas emissions, benefits of electric aircraft compared to traditional aircraft, and lower cost of ownership of electric aircraft are the global electric aircraft market trend. However, necessity for development of high-density battery solutions for electric aircraft is the restraint of the of the global electric aircraft market growth. Moreover, electrification of large commercial jets is expected to open up new growth opportunities over the coming years.
Type, component, technology, power density, and geography are the classifications of the global electric aircraft market. Aircraft type is categorized into light jet, and ultralight aircraft. Component segment comprises electric motor, battery, and other components. By technology, the market includes hybrid, and all electric. By power density, the market is separated into more than 500 KM, and less than 500 KM.
On the basis of geography, global electric aircraft market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW) North America is further split in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Germany, Russia, France, Italy, and Rest of Europe. Asia-Pacific is segmented into China, India, South Korea, Japan and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Ultralight aircraft, by aircraft type is witnessed to lead the global market over the forecast period
On the basis of aircraft type, ultralight aircraft segment is expected to achieve the fastest growth throughout the forecast period i.e. 2017 – 2025. The high growth in the segment is attributed to the simplistic design and construction of these aircraft. Moreover, high demand for ultralight aircraft is anticipated to increase for training purposes.
By technology, all electric segment is anticipated to gain the fastest CAGR between 2017 and 2025
All electric segment occupied the largest electric aircraft market share during the forecast period, as the aircraft OEMs collaborate with their suppliers to design new systems that implement new electrical-intensive architectures.
Europe is expected to dominate the global market during the forecast period
Europe occupied the major market share driven by factors such as aiming to use new advanced materials, i.e. single crystals and gamma-titanium aluminides, with enhanced mechanical properties, these advanced engines support aircraft reduce its fuel consumption, noise, among carbon emissions, among others.
The key players operating in the market are Yuneec International, Zunum Aero, PC Aero, Pipistrel, Lilium, Eviation Aircraft, Schempp-Hirth, Volta-Volaré, Electric Aircraft Corporation, and Bye Aerospace, among others.