(MENAFN- Ameliorate Digital Consultancy) The Electric Aircraft market was at US$ 8 Billion in 2021 and is growing to approx US$ 33 Billion by 2030, with a CAGR growth of 16% between 2027 and 2030.
The Global Electric Aircraft Market size was estimated at USD 8 Billion in 2021 and is expected to reach USD 10.77 billion in 2022 and is expected to hit around USD 33 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 16% from 2022 to 2030.
The report examines the Electric Aircraft market's drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Aircraft market.
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Electric Aircraft Market: Overview
Electric aeroplanes have the potential to change air travel by lowering their carbon footprint and fuel costs. The necessity for sustainable aviation and strict emission standards are the reasons for the strong demand for electric aircraft. However, it is anticipated that the need for adequate charging infrastructure and the expensive cost of electric aircraft will limit market expansion.
Using electric aircraft has the added benefit of producing less noise. Jet engines, which are quieter than conventional piston engines, are operated by electric aviation. This is a crucial reason why commercial airline operators worldwide are increasingly adopting electric aircraft.
Electric Aircraft Market: Growth Drivers
Fuel and gasoline are needed in significant 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 electric aircraft is expanding due to consumer preference for technologically advanced goods.
Escalating environmental concerns also fuel the market expansion for electric aircraft. The usage of electric aircraft contributes to a decrease in pollution. Additionally, this leads to a reduction in the harmful impacts of global warming. Additionally, electric aeroplanes are thought of as environmentally benign transportation options. Governments across various nations are attempting to reduce the consequences of greenhouse gas emissions and carbon emissions. Over the forecast period, this factor promotes the expansion and growth of the global market for electric aircraft.
Technology advancements in the aviation sector are another element boosting the growth of the global market for electric aircraft. Numerous technologies are used in the production of aeroplanes. In addition, autonomous systems are being used with electric aeroplanes. Some electric aircraft are also used in the defence and military industries. These elements are accelerating the global market growth for electric aviation.
Electric Aircraft Market: Key Insights
A) As per the analysis shared by our research analyst, the Electric Aircraft market is estimated to grow annually at a CAGR of around 16% over the forecast period (2022-2030).
B) In terms of revenue, the Electric Aircraft market was valued at around USD 8 Billion in 2021 and is projected to reach USD 33 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The Electric Aircraft market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
D) The study includes data on the significant market drivers, challenges, and opportunities and their effects.
E) The study elaborates on the SWOT analysis and Porter's Five Forces model.
F) The market study's value chain analysis gives a comprehensive picture of the stakeholder's responsibilities.
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Electric Aircraft Market: Regional Landscape
Due to rising environmental concerns and expanding government initiatives, North America will account for the most significant revenue share in 2021, fueling the market for electric aircraft. Additionally, many individuals and business owners in the North American region travel extensively by business aircraft. Due to this aspect, the demand for electric aircraft is expanding in North America.
The Asia Pacific region's electric aircraft market is expanding due to numerous major market players and their rising expenditure in R&D activities. Furthermore, demand for electric aircraft is boosted by expanding commercial aviation in nations like India. Additionally, it is anticipated that China and Japan will contribute significantly to the region's revenue development.
Electric Aircraft Market: Key Players
Pipistrel Group
Bye Aerospace
Airbus
Aerospace Limited
Leonardo S.p.A.
Yuneec Holding Limited
Faradair Aerospace Limited
Boeing
Groupe Gorge
Digisky S.R.L.
The Electric Aircraft Market is segmented as follows:
By Type
Light Jet
Ultra-light
By Component
Aircraft Battery
Electric Motors
Others
By Technology
All Electric
Hybrid
By Range
More than 500 Km
Less than 500 Km
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