Global Electric Aircraft Market by Technology (Hybrid Aircraft, All Electric Aircraft), Power Source (Battery, Solar Cells, Fuel Cells, Others), by Range (Less than 600 Km, More than 600 Km), Application (Commercial, Military), and by Region - Forecast Till 2023
Electrification in the aerospace sector is soaring at a rapid velocity due to various policies encouraging this phenomenon. Novel fiats by countries encouraging the adoption of electric and hybrid vehicles can be a factor which can influence aircraft manufacturers. The global electric aircraft market is poised to reach a striking valuation at a CAGR more than 4% from 2018 to 2023 (forecast period), according to Market Research Future (MRFR).
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The global electric aircraft market is expected to thrive owing to the development of new aircraft amid rising fuel prices. Furthermore, demand for airplanes with low noise and carbon emissions is likely to work in favor of the market. According to the European Union, the aviation sector accounted for 3% of greenhouse gas emissions. The move by aircraft manufacturers to contribute their share in reducing global warming can lead to developments in the electric aircraft market.
Alternatives to kerosene and installation of electric-run generators can be monumental in boosting market growth. Companies are investing in simulation software for adhering to safety standards in order to gauge the performance in various real-life situations using computational fluid dynamics. In addition, low ticket prices and pressure on fuel-powered aircraft can boost the adoption of electric aircraft.
Reliability of batteries within these planes can pose a challenge to market growth.
The electric aircraft market is segmented by technology, power source, range, and application.
By technology, it is segmented into hybrid aircraft and all-electric aircraft.
By power source, it is segmented into battery, fuel cells, solar cells, ultra capacitors, and others.
By range, it is split into less than 600 km and more than 600 km. The less than 600 km segment can be touted to dominate the global electric aircraft market over the forecast period. This can be credited to the manufacture of aircraft coupled with installation of high capacity powered engines.
By application, it is segmented into commercial and military.
North America is estimated to be lucrative for the electric aircraft market over the assessment timespan owing to developments in lightweight military aircraft. Developments in such aircraft is likely to lead to heavy investments by the military for engaging in combat missions.
The Asia Pacific (APAC) market is bound to be fruitful owing to several policies outlined by International Civil Aviation Organization (ICAO) and Environmental Protection Agency (EPA). China and India are countries which can contribute significant revenue owing to lax policies, subsidies, and development of electronic components.
Europe can exhibit a remarkable growth rate over the assessment period owing to policies by countries such as Norway to cut down emission rates. The intention of the country to electrify all short-haul airlines by 2040 is projected to drive regional market growth. This is instanced by the development of more than 100 electric aircraft, with the most prominent being Taurus G4, a four-seater electric aircraft.
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Key market players include Siemens,Schempp-Hirth, Yuneec International, Zunum Aero, DeLorean Aerospace, Volta-Volaré, Eviation Aircraft, Electric Aircraft Corporation, Lilium, Bye Aerospace, PC Aero, and Pipistrel. The electric aircraft market is a sunrise industry with few multinational and regional manufacturers and distributors. Players would offer customized components in the case of military aircraft. Incumbent aircraft developers such as Rolls-Royce, Siemens, and Airbus are working on solutions to electrify the fleet. For instance, Airbus’ E-Fan X project is currently planning to develop aircraft capable of flying 100 passengers over 621 miles.
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