More Electric Aircraft Market Size
More Electric Aircraft Market size was more than USD 4.2 billion in 2022 and is expected to grow at more than 13.1% CAGR between 2023 & 2032.
The increasing emphasis on aircraft electrification is one of the key drivers of the more electric aircraft industry growth. Manufacturers & airlines are increasingly investing in technologies for electrification to lower carbon emissions & increase sustainability. Electrification enables the replacement of heavy fuel-based systems with lighter, less energy-intensive electric components. As the aviation industry focuses more and more on sustainability, the trend towards more electric aircraft driven by sophisticated electrical systems becomes critical to meeting these targets, fueling market growth & innovation.
Report Attribute Details
Base Year 2022
More Electric Aircraft Market Size in 2022 USD 4.2 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 13.1 %
2032 Value Projection USD 10 Billion
Historical Data for\t2018 to 2022
No. of Pages\t250
Tables, Charts & Figures\t380
Segments covered\tAircraft Type, System, and Application
Growth Drivers\t
Growing air travel demand
Demand for quieter & cleaner aircraft is on the rise
Growing trend towards regional & urban air mobility
Growing focus on aircraft electrification
Technology advancements in battery technology & electric motors
Pitfalls & Challenges\t
Limited electric aircraft range
Complexity of technology integration
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Although electric propulsion is eco-friendly and economical, the aircraft in question tend to have limited range capacity for long-haul flights. This drawback constrains such aircraft to shorter flight distances and regional flights, narrowing their market prospect. Mitigating this range constraint by pushing the limits of battery technology and infrastructure is imperative for the MEA market to increase its share of the market and competitiveness within the aviation market.
COVID-19 Impact
The COVID-19 pandemic severely impacted the more electric aircraft industry. It created an unprecedented recession in the airline business, and with it came dwindling passenger traffic and fiscal crises for the airlines. The conditions forced the airlines to postpone or cancel orders of MEA. Supply chain interruption also interuppted production of vital components of MEA, thereby halting production and delivery schedules. Lockdowns and travel restrictions also adversely affected testing & certification procedures for MEA technologies. The financial burden on airlines further impeded investments in new MEA solutions, retarding market growth and adoption amid the pandemic.
More Electric Aircraft Market Trends
Hello! Great things are taking place in the aviation world! We are becoming wiser in how we power them, making them more efficient and trustworthy. It comes down to the use of more electricity rather than antiquated hydraulics and pneumatics. These electric aircraft not only drink less fuel, saving airlines a fortune but also make our skies cleaner by limiting carbon emissions. No surprise airlines and plane manufacturers are investing money in research to improve electric planes further. Others are even coming up with hybrid or all-electric planes that would be even more eco-friendly. But there are a few kinks to work out before they are a reality. Governments must approve these new-fangled notions, and that can take some time. Overall, the future of flight is looking bright, thanks to these electric marvels.
More Electric Aircraft Market Analysis
Discover more about the most important segments driving this market
On the electric aircraft market, various components are segmented into categories such as power electronics, means of heat management, safety components, advanced materials, and energy storage devices. In 2022, power electronics emerged as the most sought-after sector on the market, covering 40% of it. Power electronics are highly critical for electric and hybrid-electric aircraft. It makes them more appropriate for application on aircraft since they are efficient and trustworthy. New technologies for producing semiconductors are employed to produce power electronics that are lighter, smaller, and more efficient than their predecessors. Fuel consumption and emissions are increasingly reduced, energy efficiency is enhanced, and critical airplane functions are ensured to be reliable. With the expansion of the electric aircraft industry, power electronics technology continues to improve, making the industry more innovative and successful.
Find out more about the major segments driving this market
You’re standing in line waiting to get on a plane. What do you want that experience to be like? Comforting, right? That’s why the passenger comfort aspect of the electric aircraft market will expand more quickly than any other aspect over the next decade. Why? Because electric aircraft are quieter and smoother than conventional planes. The electric motors minimize noise and vibrations, so you get to have a quiet ride. And electric airplanes also have more efficient temperature and air controls, so you’ll be comfortable, regardless of the duration of your flight. And it’s not just comfort. Electric aircraft also have improved lighting and entertainment, so your flight is even more enjoyable. So, if you want a more comfortable and enjoyable flying experience, electric aircraft are the way forward.
Need region specific information?
Electric aircraft have soared in North America! In 2022, the region boasted a massive market share of more than 30%. Why? Because North America is where many of the leading aircraft companies are spearheading this revolutionary technology. In addition, tons of air travel is taking place here both domestically and internationally. The U.S. government is also heavily investing in electric airplanes. They’re awarding grants for research and development, so even more can take place. For example, the U.S. Air Force is developing an electric fighter plane! And the U.S. Department of Energy has granted lots of money to businesses that are developing more electric aircraft technologies. So, North America is clearly well-positioned to be the leader in electric aviation’s future.
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More Electric Aircraft Market Share
Major players operating in the more electric aircraft market are;
- Airbus S.A.S
- Astronics Corporation
- Augusta Westland
- BAE Systems Plc
- Boeing Company
- Bombardier
- General Electric
- Honeywell International Inc.
- Liebherr-Elektronik GmbH,
- Lockheed Martin Corporation
- Raytheon Technologies Corporation
- Rolls-Royce Holdings plc,
- Safran S.A
- Thales Group
- United technologies Corporation
These players heavily invest in research to introduce innovative services & products and garner maximum revenue in the market.
