LONDON – According to a recent report, the size of the world electric aircraft market is set to hit almost US$40 billion by the end of the decade.
The research report by Market Research Future (MRFR), “Electric Aircraft Market Information by Platform, System, Type, Technology, Application and Region – Forecast till 2030”, says the market size is estimated to grow at a 15.4% CAGR from 2022 to 2030, touching USD 39.61 Billion by 2030.
Electric aircraft have the potential to improve air travel by lowering fuel prices and carbon footprint. The high demand for electric aircraft is related to the need for sustainable aviation and strict emission standards.
Another benefit of employing electric aircraft is the reduction in noise. Jet engines are used by electric aircraft, which are quieter than regular piston engines.
This is a crucial aspect that has led to a rise in the use of electric aircraft by commercial airline operators around the world.
Electric aircraft can operate in noise-sensitive regions, such as in close proximity to airports, thanks to the lower noise levels. Another important reason fuelling the expansion of the market for electric aircraft is the fact that they use less fuel than conventional aircraft.
Electric vertical takeoff and landing (evTOL) aircraft are further capable of operations in tight or small vertiports.
The major vendors in the global market are
- Airbus SE (Netherlands)
- Elbit Systems Ltd. (Israel)
- AeroVironment, Inc (US)
These firms are striving to bolster their geographical reach while also focusing on introducing newer, and more advanced products via numerous strategies, such as partnerships, acquisitions, collaborations, and new launches.
In order to provide eco-friendly home-to-airport transportation, Delta Airlines announced a partnership with Joby Aviation, a manufacturer of electric vertical takeoff and landing (eVTOL) aircraft. The deal includes a $60 million investment in Joby with the option to increase the funding to $200 million. It will launch in New York and Los Angeles.
Saudi Arabian Airlines (Saudia) and German air taxi manufacturer Lilium have entered an agreement for up to 100 of Lilium’s electric aircraft for Saudia’s domestic network.
Primary Growth Boosters
Fuel and gasoline are needed in great quantities by the aircraft. This increases the cost of producing aeroplanes for the aviation sector. This element is propelling the widespread adoption and acceptance of electric aircraft.
Additionally, the market for eVTOL and electric aircraft is expanding due to consumer preference for technologically advanced goods.
The market expansion for electric aircraft is also being fuelled by escalating environmental concerns. The usage of electric aircraft contributes to a decrease in pollution.
Additionally, this leads to a decrease in the harmful impacts of global warming. Additionally, electric aeroplanes are thought of as environmentally benign transportation options.
The governments of both developed and developing nations are making attempts to reduce the consequences of greenhouse gas emissions and carbon emissions.
Technology advancements in the aviation sector are another element boosting the growth of the global market for electric aircraft.
Several technologies are used in the production of aircraft. Autonomous systems are being used with electric aeroplanes and eVTOL aircraft.
Some electric aircraft are also used in the defence and military industries. These elements are accelerating the global market growth for electric aircraft.
The lack of modern infrastructure in many nations is anticipated to be a major problem in the upcoming years.
Although developing countries like India, Nigeria, Malaysia, and China show great promise for the development of electric aircraft, their development is constrained by the absence of a contemporary infrastructure.
In these nations, many cities lack adequate transportation, and many regions lack airports and aerodromes.
A number of industrial sectors have been negatively impacted by the COVID-19 pandemic’s abrupt and unexpected spread and outbreak, with aviation, hit the hardest.
The pandemic did not appear to have affected the market for electric aircraft as much as it did the aviation sector as a whole, though.
Electric UAVs were known to be extensively employed by militaries for a variety of tasks and purposes, such as border security, whereas international governments and law enforcement organisations used them sparingly at first.
A full copy of the Report is available here.