The “Electric Aircraft Market” by Markets and Markets, which in 2021 was estimated to be worth USD 7.9 billion, is projected to reach USD 27.7 billion by 2030, at a CAGR of 14.8% during the forecast period. The growth of this market the company report says is mainly driven by the deployment of urban air mobility aircraft and the increasing use of electric aircraft for cargo applications and different aerial mission-specific activities.
The press release reports “The sudden outbreak of the COVID-19 has taken a toll on various industrial sectors, with aviation being one of the worst affected. However, the electric aircraft market did not seem to have been impacted by the pandemic as much as the aviation industry as a whole. Electric UAVs were widely used by militaries for a variety of missions like border security, while governments and law enforcement agencies used them on an experimental basis.”
The press release then summarises some of the key findings of the “Electric Aircraft Market” report:
“Increasing adaptability of the latest technologies by civil and commercial end users is expected to fuel the growth of the light & ultralight aircraft market during the forecast period.
“The light & ultralight aircraft segment is expected to grow the largest, based on platform of electric aircraft. Various technological advancements and aircraft modernization programs are expected to boost the market for electric aircraft. Low noise electric UAVs are increasingly adopted in civil and military applications. An increase in corporate activities and the need for aircraft with low carbon footprints are to drive demand for electric aircraft.
“The Hybrid wing segment is projected to witness the highest CAGR during the forecast period.
“Based on type, the rotary wing segment is projected to be the highest CAGR rate for the electric aircraft market during the forecast period. The evolution in the missions’ complexity of both military aircraft and unmanned aerial vehicles (UAVs) and the increase in civilian air traffic, with limited runways, will lead to increasing adoption of these wing type.
“The battery segment is projected to witness the highest CAGR during the forecast period.
“Based on the system, the battery segment is projected to grow at the highest CAGR rate for the electric aircraft market during the forecast period. Batteries are the most common onboard energy storage components of electric aircraft due to their relatively high storage capacity. Modern batteries are mostly rechargeable and are lithium-based. Advancements in battery power density would be the driving factor for this segment
“The VTOL segment is projected to witness the highest CAGR during the forecast period
“Based on the technology, the VTOL segment is projected to grow at the highest CAGR rate for the aircraft landing gear market during the forecast period. Large deployment in civil applications, including air taxi and ems services, will drive this segment. Most of the civil eVTOL aircraft are designed for urban air mobility, air taxis, medical assistance, and personnel passenger transportation.
“The Civil segment is projected to witness the highest CAGR during the forecast period
“Based on application, the Civil segment is projected to grow at the highest CAGR rate for the aircraft landing gear market during the forecast period. As urban planners, public transit agencies, and walking and biking advocates work to steer cities away from a future congested with cars and as others discuss ethics, realities, and regulations of autonomous vehicles, increasing developments in urban mobility applications will drive this segment.
“The North American market is projected to contribute the largest share from 2021 to 2026
“Electric Aircraft market in North America is projected to hold the highest market share during the forecast period. North America accounted for the largest share of 34.3% of the electric aircraft market and is expected to grow at a CAGR of 16.1% during the forecast period. The US has the largest UAV fleet used in military and civil applications. Early adoption of electric aircraft for urban air mobility is also being witnessed in the US. These factors are expected to drive the market in North America.”
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(Image: Markets and Markets)
