Global Electric Aircraft Market is Estimated to Reach $14.87 Million by 2025, Says Accurize Market Research
Global Electric Aircraft Market report published by Accurize Market Research forecast that the global market is expected to reach $14.87 Million by 2025; growing at a CAGR of 7.47% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Benefits of electric aircraft compared to traditional aircraft to drive the global market
Reduces aircraft noise and gas emissions, benefits of electric aircraft compared to traditional aircraft, and lower cost of ownership of electric aircraft are the global electric aircraft market trend. However, necessity for development of high-density battery solutions for electric aircraft is the restraint of the of the global electric aircraft market growth. Moreover, electrification of large commercial jets is expected to open up new growth opportunities over the coming years.
Type, component, technology, power density, and geography are the classifications of the global electric aircraft market. Aircraft type is categorized into light jet, and ultralight aircraft. Component segment comprises electric motor, battery, and other components. By technology, the market includes hybrid, and all electric. By power density, the market is separated into more than 500 KM, and less than 500 KM.
North America, Europe, Asia-Pacific and rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa and Middle East.
"Ultralight accounted for the largest market share in the aircraft type segment", says Accurize
On the basis of aircraft type, ultralight aircraft segment is expected to achieve the fastest growth throughout the forecast period i.e. 2017 – 2025. The high growth in the segment is attributed to the simplistic design and construction of these aircraft. Moreover, high demand for ultralightaircraft is anticipated to increase for training purposes. All electric segments occupied the largest electric aircraft market share during the forecast period, as the aircraft OEMs collaborate with their suppliers to design new systems that implement new electrical-intensive architectures.
"Europe dominated the global market with the highest market share over the forecast period", says Accurize
Europe occupied the major market share driven by factors such as aiming to use new advanced materials, i.e. single crystals and gamma-titanium aluminides, with enhanced mechanical properties, these advanced engines support aircraft reduce its fuel consumption, noise, among carbon emissions, among others..
Top players in the market
Major companies operating in the market include Yuneec International, Zunum Aero, PC Aero, Pipistrel, Lilium, Eviation Aircraft, Schempp-Hirth, Volta-Volaré, Electric Aircraft Corporation, and Bye Aerospace, among others.
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