The global market for more electric aircraft is thoroughly examined in this research, which also includes projections for 2024 and 2031 as well as historical market figures from 2019 to 2022. With a compound annual growth rate (CAGR) of 15.40% throughout the forecast period, the market is expected to reach a valuation of USD 40,330 million by 2031 from an estimated USD 17,000 million in 2023. This expansion emphasises the significance of technical advancements in the industry and the rising need for sophisticated data management systems.
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Market Dynamics
As the aviation sector transitions to more efficient and sustainable technology, the global market for more electric aircraft (MEA) is expanding quickly. MEA refers to aeroplanes that minimise or replace conventional hydraulic, pneumatic, and mechanical systems with electric and hybrid-electric systems, which results in lower emissions and fuel consumption. The need for more electric aeroplanes is being driven by the growing emphasis on environmental sustainability, rising fuel prices, and regulatory pressure for greener options. Electric and hybrid-electric aircraft are becoming increasingly practical for both commercial and military applications thanks to developments in energy storage, electric propulsion, and battery technology.
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Segments-
By Type:
Fully Electric Aircraft
Hybrid-Electric Aircraft
Others
The By End User category, which is mainly divided into Commercial Aviation, Military Aviation, and Urban Air Mobility, focusses on the different clients and sectors embracing more electric aircraft. The greatest end-user market is anticipated to be commercial aviation, where airlines aim to lower carbon emissions and operating expenses. For regional flights, airlines are becoming more interested in hybrid and completely electric aircraft since they may save money on maintenance and fuel. Electric and hybrid-electric systems are also being adopted by military aviation, especially for lighter aircraft and unmanned aerial vehicles (UAVs) that are utilised for short-range and reconnaissance missions. Stealth operations can benefit from the reduced noise and thermal fingerprints of electric propulsion systems.
Key Players
Airbus,Boeing,Rolls-Royce,General Electric (GE) Aviation,Honeywell,International,MagniX,Pipistrel,Vertical Aerospace,Eviation Aircraft,Zunum Aero,Joby Aviation,Lilium,AeroVironment,Safran,Siemens
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