Electric Aircraft Market Size Expected to Reach $ 9,566 Million by 2027 at a CAGR of 4.6%



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BANGALORE from India, 22 December 2021 / PRNewswire / – Electric aircraft market Segment by Type – Pure Electric, Hybrid Power, by Application – Personal Use, Commercial Use. Global Opportunity Analysis and Industry Forecast 2021 – 2027. It is published in Evaluate reports under the Logistic transport Category.

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The size of the global electric aircraft market is expected to reach $ 9,566 million by 2027, from $ 6,753.8 million in 2020, at a CAGR of 4.6% in 2021-2027.

The main growth factors of the electric aircraft market are

Factors such as increased aircraft deliveries, lower operating and maintenance costs, and the need for fuel-efficient aircraft with lower carbon emissions, are driving the electric aircraft market.

In addition, the deployment of urban air mobility aircraft, along with the increasing use of electric aircraft for cargo applications and other specific air mission activities, is also fueling the growth of the electric aircraft market.

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TRENDS AFFECTING THE GROWTH OF THE ELECTRIC AIRCRAFT MARKET

Growing environmental concerns have increased demand for fuel efficient airliners, creating a lucrative growth opportunity for the electric aircraft market. The growing demand for low-maintenance, lightweight and durable aircraft propels the industry forward. The industry is undergoing a massive transformation, with traditional components such as hydraulic, mechanical and pneumatic systems being replaced by electrical systems that provide greater operational efficiency while dramatically reducing carbon emissions.

An increase in the number of global aircraft fleet sizes coupled with a growing demand for cleaner, quieter aircraft is expected to drive the electric aircraft market. Organizations and governing bodies such as the International Civil Aviation Organization, the Federal Aviation Administration and the European Union Aviation Safety Agency have called for more sustainable aviation fuel alternatives, believing that emissions from aircraft will triple by 2050. Because electric motors do not produce the noise associated with jet or combustion engines, they do not contribute to aircraft noise levels. Low noise electric unmanned aerial vehicles (UAVs) are becoming increasingly popular in civil and military applications. In addition, various technological advancements and aircraft modernization programs are expected to advance the electric aircraft market.

The increasing adoption of electric aircraft by logistics organizations is expected to increase the growth of the electric aircraft market. The logistics industry has worried about the emissions produced by cargo planes and is moving towards zero-emission logistics. To reduce their carbon footprint, logistics players are investing in electric transport modes. As a result, the use of the all-electric aircraft as a mode of transportation in logistics is creating new opportunities for electric aircraft manufacturers.

Current battery technology and electric propulsion systems place significant constraints on the use of all-electric airplanes. However, several organizations, government agencies, investors and others are looking for ways to work together to develop all-electric aircraft with adequate range and payload capacity that will outweigh the constraints.

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ELECTRIC AIRCRAFT MARKET SHARE ANALYSIS

North America is expected to be the most lucrative region during the forecast period. This is attributed to the region’s early adoption of electric aircraft for urban air mobility.

On the basis of the type, the pure electric airplane is expected to be the most lucrative. The main driver of the increased growth and adoption of all-electric aircraft over hybrid aircraft is the focus on developing zero-emission, noise-free air mobility.

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Electric Aircraft Market by Company

Electric Aircraft Market by Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

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