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Electric aircraft encompass a variety of aircraft forms, including electric commuter aircraft, urban air mobility vehicles such as delivery drones and air taxis, along with next-generation hybrid-electric and all-electric airliners. Electric aircraft offer environmental and performance benefits over traditional jet aircraft through the use of electric propulsion systems rather than jet engines. Electric motors and batteries can enable more efficient operation and zero emissions during flight.
The global Electric Aircraft Market is estimated to be valued at US$ 9,661.6 Mn in 2024 and is expected to exhibit a CAGR of 14. % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Next generation aircraft drive trains are integrated electric or hybrid-electric propulsion systems that replace traditional jet engines with electric motors powered by on-board batteries or generators. These drive trains utilize new electric motor configurations and high-capacity battery energy storage systems that significantly improve aircraft efficiency and enable new aircraft designs. As battery energy density continues to rise and costs fall, next generation aircraft drive trains will make hybrid and all-electric airliners and cargo aircraft commercially viable by the early 2030s. This shift towards electrified propulsion represents a major long term trend that will drive significant growth in the electric aircraft market over the forecast period from 2024 to 2031.
SWOT Analysis
Strength: Electric aircraft have zero operational emissions, which is more environment friendly compared to traditional aircraft. They are also quieter during operation.
Weakness: Electric aircraft have limited flight range due to lower energy density of batteries compared to jet fuel. Maintenance and replacement of batteries can be expensive.
Opportunity: Growing regulations regarding reducing carbon footprint of aircraft provides an opportunity to adopt electric aircraft technology. Support from governments in the form of subsidies can boost the electric aircraft market.
Threats: Battery technologies need further improvement to achieve flight ranges similar to conventional aircraft. Established aircraft OEMs have major investments in traditional technologies posing threat to electric aircraft market growth.
Key Takeaways
The global Electric Aircraft Market is expected to witness high growth over the forecast period.
North America currently dominates the market due to strong government support and presence of key players in the region. Major aircraft manufacturers based in the US are actively working on electric aircraft development programs.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
