Aircraft Electrification Market size is estimated to register a CAGR of over 13% between 2023 and 2032

Aircraft Electrification Market Size

Aircraft Electrification Market was USD 6.5 billion in 2022 and is anticipated to grow at a CAGR of more than 13% from 2023 to 2032.

As there is growing awareness about climate change and the necessity to lower greenhouse gas emissions, the aviation sector is compelled to adopt greener methods.

Goodbye to loud jet engines and hello to a quieter future with electric aircraft! These aircraft have the potential to make a significant impact in lowering air pollution, particularly carbon emissions, which is excellent news for the planet and those who reside around airports. Due to improvements in battery technology, such as the type used in your phone but larger, electric aircraft have become more convenient and reliable than ever. The batteries are safer, lighter, and hold more energy, so electric planes stay aloft longer and use less energy. Another bonus? Electric planes are much quieter than traditional jet engines. That means less noise pollution near airports and a quieter environment for those who live around them. It also makes them an ideal candidate for Urban Air Mobility, essentially a flying taxi service, and for noise-sensitive areas. Scientists and firms are striving to make electric planes even more efficient. They’re inventing new electric motors, power systems, and materials to get planes to fly faster, longer, and with even quieter engines. So, buckle up for a brighter, cleaner, and quieter tomorrow with electric planes in the air!

Aircraft Electrification Market Report Attributes
Report Attribute Details
Base Year 2022
Aircraft Electrification Market Size in 2022 USD 6.5 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 13%
2032 Value Projection USD 23 Billion
Historical Data for 2018 – 2022
No. of Pages 300
Tables, Charts & Figures 291
Segments covered Component & Application
Growth Drivers:
Technological developments in batteries, electric motors, and power electronics
Growing demand for electric aircraft
Increased adoption of aircraft systems in new markets
Government initiatives towards developing and using electric aircraft
Environmental regulations becoming stricter

Pitfalls & Challenges
Heavy investment
Heavy thermal concerns of aircraft electric systems

Electric airplanes are hot stuff – literally. Their engines and electronics spew out a lot of heat, which can be hazardous if not properly handled. If it gets too hot, parts may melt down and lead to a crash. That’s a huge problem for engineers who are attempting to design these aircraft. In addition to that, electric aircraft can’t travel as far as conventional aircraft because their batteries don’t hold as much energy as jet fuel. So, it’s difficult to make long flights with electric aircraft. Researchers are trying to develop better batteries, but currently, it’s a huge obstacle. The COVID-19 pandemic has also caused a wrench to be thrown into the works. Travel restrictions and disruptions have made it more difficult to create and test electric planes. But even with these challenges, engineers are still persevering, because electric planes can be cleaner and more efficient than conventional aircraft.

The COVID-19 pandemic affected the aviation sector and the area of aircraft electrification severely. A number of electric aircraft programs were delayed as there was less funding and resource allocation. Research & development activities were hampered as companies shifted their attention toward resolving short-term financial issues and sustaining the current fleet.

Aircraft Electrification Market Trends
Electric power systems such as electric motors and batteries are being used more and more in all kinds of aircraft, ranging from small electric drones to urban air mobility vehicles. These systems are more efficient in terms of energy and emit less compared to conventional combustion engines. Hybrid-electric aircraft integrate conventional gas turbine engines with electric power systems. This reduces fuel usage and emissions while keeping the range & performance needed for larger commercial aircraft. All-electric aircraft, like light electric trainers and regional aircraft, have all-electric propulsion for the entire flight envelope. These aircraft are ideal for short ranges and city air mobility use cases.

Aircraft Electrification Market Analysis
Discover more about the important segments defining this market

The aircraft electrification parts market represents a broad base of components ranging from electric motors, batteries, and power electronics to sensors, wiring, and environmental control systems. Amongst these, the largest market segment in 2022 was represented by electric motors with a lion’s share of 20%. And by the year 2032, forecasts are that even the electric motors segment alone might touch over $4 billion revenue. Electric motors are the lifeblood of electric and hybrid-electric aircraft and serve as the driving force behind aircraft electrification. Electric motors convert electrical power into the thrust that propels the aircraft. They’re also brilliant with their high efficiency, minimal maintenance requirements, and quiet operation. And with their lower emissions, they’re an environmentally friendlier option. Developing lightweight, super-efficient electric motors is a top priority in the quest to electrify aircraft. These motors pave the way for a greener future, allowing us to ditch traditional gas-guzzling engines for cleaner, more sustainable alternatives.

Learn more about the key segments shaping this market

In the case of electric aircraft, the market is a combination of various components, such as electric motors, power systems, batteries, actuators, fuel cells, generators, and so on. Electric propulsion, or electric motors that drive airplanes, is the largest segment of the market, occupying over a quarter of it in 2022. By 2032, it will generate over 6 billion dollars! These electric motors are much more efficient and more cost-effective to operate than conventional jet motors. And, to top it off, they don’t produce any polluting emissions, which makes them more environmentally friendly. Now in the future, the electric propulsion market is only going to expand with tighter regulations regarding pollution, improved technology, and an increased number of people wanting to take electric aircraft. Governments are also pushing for electric propulsion, which will help the industry grow even more.

Aircraft Electrification Market Share

MagniX is a trailblazer in making planes electric! They’ve got a bunch of different electric engines that can power planes of all sizes, from small Cessnas and airliners to even cargo giants. They’re making waves in the world of electric aviation. Just take Eviation, for example. They used MagniX’s powerful magni650 engines to give their Alice plane its first test flight in September 2022. This Alice is going to be the first all-electric plane to fly people around when it starts flying in 2025. So, who are the bigwigs in this electric aviation game?

• Honeywell (U.S.)
• General Electric (U.S.)
• Collins Aerospace (U.S.)
• Safran (France)
• MagniX (U.S.)
• Eviation (Isreal)
• Joby Aviation (U.S.)