Electric Aircraft Market To Reach USD 138.8 Billion In 2027 | CAGR 3.5% - Forencis Research

Global Electric Aircraft Market: Key Highlights

• According to the new market research report “Electric Aircraft Market by Type (Light Jet, Ultra-Light Aircraft) by Technology (All Electric, Full Hybrid, More Electric Hybrid) by Component (Electric Motor, Battery, Power Electronics) by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast From 2019 To 2027”, the global electric aircraft market is estimated to reach USD 138.8 Billion in 2027 at a CAGR of 3.5% during forecast period 2020-2027.
• Increasing the need for lightweight, fuel-efficient, and durable aircraft along with reducing operating and maintenance costs has expected to drive the growth electric aircraft market. This was attributed to the cost of electricity which is cheaper than that of conventional fuel.
• Life and weight of the battery are the major factors that may hinder the growth of the electric aircraft market. Lithium-ion batteries are used in electric aircraft which make it heavier. Additionally, these batteries can be operated for shorter distances as they discharge soon. This can be overcome by developing infrastructure where batteries can be charged.

Global Electric Aircraft Market: Key Market Dynamics

• According to the International Air Transport Association (IATA), in 2017 airlines carried 4.1 billion passengers on scheduled service, an increase of 7.3% over 2016 and is expected to grow in the coming years. An increase in demand for air travel has led to awareness to reduce air emissions. Electric aircraft help to reduce greenhouse gas emissions boosting the market growth.
• Increasing efforts to reduce the dependency on the use of traditional fuels owing to the increase in fuel price and reduction in the production of fossil fuel. This was attributed to the use electric aircraft to reduce fuel costs.
• Big OEMs such as Airbus S.A.S and Boeing are investing in the electric plane market. For instance, Boeing has partnered with startup Zunum which will help to get some exposure in the industry.

Global Electric Aircraft Market: Regional Overview

• North America

Presence of major player such as Boeing owing to the higher concentration of aircraft manufactures which are engaged in developing more electric aircraft.  Moreover, NASA was one of the first to investigate electric aircraft propulsion (EAP), in an effort to reduce emissions and noise pollution. Thus, these factors are contributing towards the growth of electric aircraft market in the region.

• Europe

According to the European Union, aviation account for about 3% of the EU’s total greenhouse gas emissions and more than 2% of global emissions. Aviation being a fastest-growing source of greenhouse gas emission, European Union is taking actions to reduce the aviation emission. Use of electric aircraft helps to reduce the emission of greenhouse gas such as Carbon Dioxide, and others. Thus, stringent regulations to reduce the emission has expected to boost the growth of the market in the region.

Global Electric Aircraft Market: Key Players Overview

•  Ampaire Inc.:

AMPAIRE INC. is a focusing on six, nine, and nineteen passenger aircraft initially. Ampaire successfully tested a five-passenger aircraft with a retrofitted electric motor which can travel up to 200 miles on a single charge and uses 55% less fuel. In July 2019, Ampaire Offered first hybrid electric aircraft for sale to general aviation pilots.

• Bye Aerospace:

Bye Aerospace is one of the leader and innovator in electric and solar-electric aircraft. The company was incorporated in 2007 and provides aerospace industry with engineering service from conceptual development, composite structural design, and analysis to preliminary design consultation. In Aug 2019, Bye Aerospace made an agreement with U.S. based startup air taxi operator Quantum Air for 22 four-seat eFlyer 4 electric aircraft.

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