Global Electric Aircraft Market to Hit USD 17.3 Billion by 2028; Electric Aircraft Industry CAGR of 14.5% between 2022-2028; Exclusive Insight Report by Vantage Market Research

WASHINGTON, May 30, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Electric Aircraft Market finds that the increasing demand for urban air mobility aircraft and rising usage of electric aircraft for cargo applications & different aerial mission-specific activities are some major parameters that bolster the growth of Electric Aircraft Market in recent years. In addition, the increasing requirement for cleaner and quieter aircraft is another key point that augmented the growth of the Electric Aircraft Market during forecast years.

However, a long clearance period and high investment are some impediments to the growth of the Electric Aircraft Market during forecast years. Whereas, increasing demand for electric aircraft for logistics will provide various growth opportunities for the Electric Aircraft Market in near future.

The Global Market revenue value stood at a revenue of USD 7.7 Billion in the year 2021. The total Global Electric Aircraft Market is estimated to reach USD 17.3 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 14.5%, states Vantage Market Research, in a report, titled “Electric Aircraft Market Size, Share & Trends Analysis Report by Platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), by System (Batteries, Electric Motors, Aerostructures, Avionics), by Type (Fixed Wing, Rotary Wing, Hybrid Wing), by Technology (CTOL, STOL, VTOL), by Application (Civil, Military), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Market Dynamics:

Driver: Rising Innovation and Development Activities of New Aircraft Technologies Drive the Market

Nowadays, the demand for cleaner and quieter aircraft has increased, which in turn, propagates various key investors to develop/launch innovative products in the market. Thus, increasing innovation and development activities of new aircraft technologies are incorporated to boost the growth of the Electric Aircraft Market in recent years. For instance, Honeywell International Inc., an American publicly traded, multinational conglomerate corporation, developed a compact fly-by-wire system to enhance the stability of the aircraft. Also, Boeing, an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide, introduced unique no-bleed system architecture in the Boeing 787 Dreamliner to replace the existing conventional power source for bleed air functions with electrical power.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Electric Aircraft market is predicted to grow at a CAGR of roughly 14.5% during the forecast period.
• The Electric Aircraft market was estimated to be worth roughly USD 7.7 Billion in 2021 and is expected to reach USD 17.3 Billion by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide Electric Aircraft market.
  

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Segmentation of the Global Electric Aircraft Market:

• Platform
  • Regional Transport Aircraft
  • Business Jets
  • Light & Ultralight Aircraft
• System
  • Batteries
  • Electric Motors
  • Aerostructures
  • Avionics
  • Software
  • Others
• Type
  • Fixed Wing
  • Rotary Wing
  • Hybrid Wing
• Technology
  • CTOL
  • STOL
  • VTOL
• Application
  • Civil
  • Military
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Restraint: High Investment and High Clearance Period Hampers the Market Growth

In order to set up machinery, skilled workforce, integration platforms, state-of-the-art technical equipment, and manufacturing capabilities; aircraft manufacturers require high capital at an initial stage. In addition, a developed product requires high authority’s approval before installation. For instance, the Federal Aviation Administration (FAA) persists in the use of conventional systems in certain aircraft classes. As the approval process consists of various tests and procedures, this process is tedious and time-consuming. Thus, a high clearance period and huge initial capital investment are expected to hamper the growth of the Electric Aircraft Market during the forecast period.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

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The Report on Electric Aircraft Market Highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates, and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Regional Analysis:

North America Holds Largest Market Share

North America held the largest market share for Electric Aircraft Market in 2021. This growth is attributed to the availability of a maximum UAV fleet in the region that is used in military and civil applications. In addition, the adoption of electric aircraft for urban air mobility happened first in this region, which also helps in augmenting the growth of the Electric Aircraft Market in this region.

Furthermore, a high number of deliveries of aircraft, the presence of necessary infrastructure, and a strong emphasis on research and development activities are some other factors that bolster the growth of the Electric Aircraft Market in this region. For instance, Lockheed Martin delivered 142 F-35 fighter jets to the United States and its allies.

List of Prominent Players in the Electric Aircraft Market:

• Airbus S.E.
• Elbit Systems Ltd.
• AeroVironment Inc
• ECA Group
• Ehang
• Pipistrel
• Yuneec International
• Lilium

Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Electric Aircraft Market Size, Share & Trends Analysis Report by Platform (Regional Transport Aircraft, Business Jets, Light & Ultralight Aircraft), by System (Batteries, Electric Motors, Aerostructures, Avionics), by Type (Fixed Wing, Rotary Wing, Hybrid Wing), by Technology (CTOL, STOL, VTOL), by Application (Civil, Military), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/electric-aircraft-market-331378

Recent Developments:

June, 2021: American Airlines funded $ 25 million in Vertical Aerospace Group, working on a small, electric-powered aircraft that could carry people from city centers to airports by taking off and landing vertically like helicopters.

July, 2021: Pratt & Whitney Canada (P&WC) announced that the company is working with De Havilland Aircraft of Canada Limited (De Havilland Canada) to integrate hybrid-electric technology into a De Havilland Canada Dash 8-100 flight demonstrator.

April, 2021: Airbus will replace the mechanical rudder controls on A320neo-family aircraft, switching to a full electric rudder system by early 2024. The modification will coincide with the entry into service of the long-range A321XLR developed with the ‘E-rudder’ architecture in mind.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Electric Aircraft Market?
• How will the Electric Aircraft Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Electric Aircraft Market?
• What is the Electric Aircraft market drivers and restrictions?
• What will be the CAGR and size of the Electric Aircraft Market throughout the forecast period?

This market titled “Electric Aircraft Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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