Changes in the demographics of developing countries and increasing urbanization are expected to boost global air traffic as well as urban traffic. The aviation industry has seen increased orders for commercial as well as military aircraft. It is expected to witness further growth due to the increasing fleet size of commercial airliners, rotorcraft, and cargo freighters in developing countries, subsequently fueling the growth of the electric aircraft market. The rise in the popularity of urban air mobility and advanced air mobility vehicles will further drive the demand for efficient and advanced electric aircraft. There is a long way to go until electric aircraft become mainstream and are used for commercial purposes. However, with increased technological innovations and trends witnessed during the past few years, commercial electric flights seem possible to be commercialized in the coming years.
The Electric Aircraft market is expected to grow from USD 8.8 billion in 2022 to USD 37.2 billion in 2030, at a CAGR of 19.8% during the forecast period. The dynamics of the electric aircraft market are influenced by events in the aerospace industry and global trade. With advancements in technology, electric aircraft can be more efficient and safe for adoption in transportation. The need for sustainable transportation solutions is the primary focus for many regions, hence these factors drive the demand for electric aircraft market.
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Contracts, agreements, investments, new product launches and acquisitions are among some of the key strategies adopted by the leading market players and various stakeholders to strengthen and sustain their position in the electric aircraft market. For instance, In December 2022, Eviation Aircraft was awarded a contract by Air New Zealand for the supply of up to 23 aircraft as part of its Mission NextGen Aircraft program. The airline is the first national flag carrier to sign a letter of intent to order as part of its ambitious initiative to lead the rollout of zero-emission airplanes.
Major players operating in the electric aircraft market include Airbus SE (France), Eve Air Mobility (Brazil), Elbit Systems Ltd. (Israel), EHang Holdings Ltd. (China), and AeroVironment, Inc. (US) among others. These key players offer electric aircraft and other solutions to different key stakeholders. These leading players have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, and Asia Pacific.
Airbus SE is one of the pioneers in providing sustainable aerospace solutions. The company has constantly invested in innovation to provide efficient and advanced technology solutions in aerospace, defense, and connected services. In commercial aircraft, Airbus offers advanced and fuel-efficient aircraft and associated services. Airbus is also the European leader in defense and security and one of the world’s leading space businesses. As part of its eVTOL demonstrator projects, the CityAirbus aircraft has completed many hours of comprehensive flight-testing programs to ensure safety and high performance.
ELBIT SYSTEMS LTD. Is an international technology company that develops and supplies products and solutions for airborne, land, and naval systems and products for defense, homeleand security, and commercial aviation applications. The company has expertise based on decades of operational experience developing unmanned aircraft systems with the systems being in operation across multiple military and security forces.
EHANG HOLDINGS LTD. is an autonomous aerial vehicle technology platform company. The company designs, develops, manufactures, and sells AAVs and their supporting systems and infrastructure for a broad range of industries and applications, including passenger transportation, logistics, smart city management, and aerial media solutions.
AEROVIRONMENT, INC. designs and develops unmanned aircraft systems for government agencies, businesses, and consumers. The company mainly operates through the Unmanned Aircraft Systems segment, which focuses primarily on the design, development, production, support, and operation of UAS and tactical missile systems. The company supplies systems and services to organizations withing the US Department of Defense (DoD).
EVE AIR MOBILITY (Eve) is a subsidiary of Embraer SA, a jets manufacturer based in Brazil. It produces electric vertical take-off and landing aircraft and urban air mobility infrastructure. It is the brand created by the innovation division of Embraer called EmbraerX. Eve develops a full portfolio of solutions for the urban air mobility ecosystem, including the progression and certification of the company’s eVTOL vehicle, the associated comprehensive services and support network, and the creation of urban air traffic management solutions.
Electric Aircraft Market by platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), Type, System (Batteries, Electric Motors, Aerostructures, Avionics, Software), Technology, Application and Region - Forecast to 2030
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