Electric Aircraft Market to Reach Valuation of USD 17.3 Billion by 2028 - The Deployment of Urban Air Mobility Aircraft and the Increasing use of Electric Aircraft for Cargo Applications and Various Airborne Mission-Specific Activities are Driving the Growth of this Market

Vantage Market Research

May 28, 2022

From the period of 2022 to 2028, the Global Electric Aircraft Market is expected to reach USD 17.3 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 14.5%.

Electric planes are technologically and operationally cutting-edge. Electric backup can be used by helicopters, for example, to maintain safety control when landing despite any engineering issues. This is a big market driving force. The usage of Electric Aircraft creates new potential for a variety of novel electrical components and systems, including structural components, printed electronics, and smart skin, all of which are predicted to expand in popularity. The Global Electric Aircraft industry is being propelled forward by the increasing usage of autonomous systems. Improved aircraft performance, lower gas emissions and airport noise, lower operational and maintenance costs, and a tremendous increase in aircraft deliveries are all major factors driving market demand. Further, the increasing demand for fuel-efficient and environmentally friendly aircraft is expected to drive aircraft manufacturers to pursue more fuel-efficient solutions.

Key Highlights from the Report

  • The market is divided into three categories based on platform: regional transport aircraft, business jets, and light and ultralight aircraft. The market for light and ultralight aircraft is expected to grow the most. Electric light jet aircraft can land at any airport and provide speedy transportation. These aircraft also offer a high level of safety while remaining cost-effective. Due to their simple design and production method, ultra-light Electric Aircraft are cost effective. It also ensures the safety and accessibility of lightweight Electric Aircraft in the commercial sector, helping the industry to grow. As a result of different technological developments and aircraft modernization initiatives, the market for Electric Aircraft is expected to grow.

  • The market is divided into Batteries, Electric Motors, Aero structures, Avionics, Software, and others based on System Type. Electric motors are becoming more popular as a result of their numerous benefits, such as low maintenance and good performance. Electric motors are incredibly dependable since they have few moving parts and hence require little maintenance. The design is simple, and friction between moving parts wastes very little energy. This feature increases the efficiency of electric motors.

  • Asia Pacific is the fastest regional segment in terms of growth. The presence of many prominent market players, as well as their increased expenditure in Research and Development (R&D), are driving the Electric Aircraft Market in Asia Pacific. Electric Aircraft demand is growing in countries like India, thanks to increased commercial aviation activity. Furthermore, China and Japan are likely to provide a large portion of the Asia Pacific region's revenue increase.

Market Dynamics:

Increasing Need for Airplanes that are Cleaner and Quieter

These figures are anticipated to rise much more as the size of the global aircraft fleet and air travel grows. As a result, there has been a pressing demand for Electric Aircraft to assist reduce the aviation industry's carbon impact. Organizations and governing bodies such as the International Civil Aviation Organization, the Federal Aviation Administration, and the European Union Aviation Safety Agency have called for sustainable aircraft fuel alternatives, estimating that by 2050, aircraft-generated emissions will have tripled in volume. Electric engines produce no airplane noise since they do not produce the noises associated with jet or combustion engines. By replacing hydraulically operated systems with electric systems, producers of Electric Aircraft hope to improve efficiency.

Logistics with all - Electric Aircraft

The logistics industry has been concerned about cargo plane emissions and is racing to achieve zero-emission logistics. To lower their carbon impact, logistics stakeholders are investing in electric forms of transportation. As a result, the use of all-Electric Aircraft in logistics opens up new opportunities for Electric Aircraft producers. Cargo or freight aircraft are used to transport logistics and can be operated by civil passengers, cargo airlines, private people, or national defense forces. Due to the expansion of e-commerce, the global volume is likely to expand.