Latest News- Electric Aircraft Market: Hybrid is expected to lead the Technology segment during 2024-2028

The Electric Aircraft Market is being driven by Increasing requirement for clean and quiet aircraft

The Electric Aircraft Market is expected to grow at a CAGR of 14.76% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7199.1 million. In the aircraft manufacturing sector, there is a growing emphasis on producing lightweight aircraft that can carry substantial loads while maintaining or enhancing overall performance. This trend is driven by the need to reduce the weight of aircraft, particularly in the context of electric aircraft where batteries account for approximately 65% of the total weight. To address this challenge, manufacturers are turning to advanced materials such as carbon fiber reinforced polymers (CFRP). CFRP offers the mechanical strength of metal but is significantly lighter and more malleable, enabling designers to create innovative, lighter aircraft configurations. By utilizing CFRP and other lightweight materials, manufacturers can reduce the overall weight of electric aircraft, making them commercially viable and competitive in the market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Hybrid
  • All electric
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing requirement for clean and quiet aircraft
• Performance benefits over conventional power aircraft
• Combined expertise expected to generate rapid results

However, the market also witnesses some limitations, which are as follows:

• Limitations of existing battery technology
• Relatively immature technologies
• Operating power and heat management challenges

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Market Scope in Electric Aircraft Market Research Report

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Research Analysis Overview

The Electric Aircraft Market is experiencing significant growth with the integration of electric motors and advanced batteries in aircraft, including UAVs and drones. Manufacturers like Collins Aerospace in Rockford, Illinois, and Wright Electric are leading this transition. Takeoff types vary from electric-only to hybridelectric, with components from Ampaire, Duxion, Eviation, Joby Aviation, Lilium, and Pipistrel Aircraft. Energy density and cycle lifetimes are crucial factors, along with regional jets, single-aisles, and battery technologies for electric VTOLs. The International Energy Agency anticipates a bright future for this sector.

Market Research Overview

The electric aircraft market is a significant segment within the broader aerospace and defense industry, focusing on sustainable aviation technology. This sector encompasses the development and production of hybrid-electric and zero-emission aircraft, propelled by electric propulsion systems. Companies specializing in electric aircraft components, batteries, and eVTOL manufacturing are at the forefront of aviation decarbonization. These startups and established players are investing in research and innovation, including electric aircraft engines and sustainable aviation fuel, to reduce carbon emissions and promote green aviation. The global electric aircraft market is a burgeoning capital goods sector, contributing to the revenue of manufacturers and providers in industries such as aerospace and defense, electrical equipment, and machinery.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/