Electric Aircraft Market is Estimated to Develop at a Stellar 20% CAGR through 2031 | SkyQuest Technology
Westford USA, Aug. 15, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the electric aircraft market will attain a value of USD 45.41 billion by 2031, with a CAGR of 20% over the forecast period (2024-2031). Growing emphasis on emission reduction from the aviation industry and high investments in the electrification of aircraft are projected to bolster the demand for Electric Aircraft going forward. The launch of innovative new electric aircraft propulsion systems will create new opportunities for market growth in the future.
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Browse in-depth TOC on “Electric Aircraft Market”
- Pages – 157
- Tables – 172
- Figures – 79
Electric Aircraft Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 10.6 Billion |
| Estimated Value by 2031 | $ 45.41 Billion |
| Growth Rate | Poised to grow at a CAGR of 20% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Platform, System, Type, Technology, Application, Range, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising emphasis on aircraft electrification |
| Key Market Drivers | Growing demand for sustainable aviation solutions |
Development of Lightweight Aerostructures to Improve Efficiency of Electric Aircraft Brings in Most Revenue
Electric aircraft manufacturers are projected to invest heavily in the development of new aerostructures that are made from durable yet lightweight materials. Use of lightweight aerostructures to improve range and efficiency of electric aircraft will help this segment dominate the global market. Electric aircraft have completely different propulsion systems and components, which is why they require unique aerostructures.
Rotary Wing Electric Aircraft Remains at the Center of Global Electric Aircraft Market Growth
Unique abilities of rotary wing aircraft to vertically take off and land are helping them become the most preferred type of electric aircraft. Growing emphasis on reforming the urban transportation landscape and increasing investments in the development of new rotary-wing electric aircraft are also expected to help this segment emerge as the fastest-growing as well as dominant one.
Imposition of Stringent Emission Mandates to Conserve Environment Help North America Lead Electric Aircraft Demand
North America is home to some of the most prominent aircraft manufacturers in the world and the emphasis of these companies in creating sustainable aircraft will help this region dominate the market. Moreover, the imposition of strict environment conservation mandates is also expected to boost the demand for electric aircraft in this region. Efforts of the airline industry to reduce their carbon footprint will also help the United States spearhead electric aircraft sales in this region.
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Electric Aircraft Market Insights:
Drivers
- Growing demand for sustainable aviation solutions
- Advancements in electric propulsion technologies
Restraints
- Limited range of electric aircraft
- High costs of development as compared to traditional aircraft
Prominent Players in Electric Aircraft Market
The following are the Top Electric Aircraft Companies:
- Airbus SE (France)
- Elbit Systems Ltd. (Israel)
- AeroVironment Inc. (US)
- Eve Air Mobility (US)
- Ehang Holdings Ltd. (China)
- Israel Aerospace Industries (Israel)
- Eviation Aircraft Inc. (US)
- Joby Aviation Inc. (US)
- Archer Aviation Inc. (US)
- SZ DJI Technology Co. Ltd. (China)
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Key Questions Answered in Electric Aircraft Market Report
- What drives the global electric aircraft market growth?
- Who are the leading electric aircraft providers in the world?
- Which region leads the demand for electric aircraft in the world?
This report provides the following insights:
- Analysis of key drivers (emphasis on reduction of carbon footprint of the aviation industry, rising investments in development of sustainable aviation, advancements in electric propulsion technologies), restraints (limited range of electric aircraft, high costs of electric aircraft development), and opportunities (growing emphasis on aircraft electrification), influencing the growth of Electric Aircraft market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Electric Aircraft market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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