Global Electric Aircraft Market - Growth, Trends, and Forecast (Outlook to 2030)

Advances in technology in creating efficient business models, adoption by new market verticals to utilize drones and electric airplanes, and pressing need for more sustainable urban air mobility are considered to be the key drivers of the global electric aircraft market.

Electric aircraft need absolutely no internal combustion engine or jet propulsion system. Instead, they get their energy from electricity stored in batteries on board, then provided to the electric motor and rotors. With hybrid aircraft, batteries provide support with additional energy.

Aviation accounts for over 12% of total transportation emissions, growing at the fastest rate on the way to doubling by 2050. Further, the air travel experience is progressively deteriorating due to more flight congestion, long waiting hours, longer last-mile travel to the final destination, and a higher risk of transmission of airborne disease. Due to these issues, the various governing bodies in the aviation sector are stressing to accelerate the world's transition to sustainable aviation.

Start-ups dominate the electric aviation market in the current scenario. Some start-ups have completed numerous test flights and are expecting to launch their electric airplanes in 2024. For instance, Lilium GmbH, a German aerospace company, successfully flew the prototype of what will eventually be a five-seater, vertical take-off aircraft they're calling an "air taxi." The commercial operations are projected to begin in 2024 and operate in different regions by 2025.

The emergence of More Electric Aircraft market (MEA) and the tremendous technological advancements in the MEA sector is aiding the transition to all electric air travel and assuring a future of all electric flight.

The electric UAVs (Unmanned Aerial Vehicles) already have a good presence in the global market. Commercial drones are dominating the electric aircraft market and is expected to grow further. The growing application areas of drones are simultaneously propelling the demand for these electric UAVs. Some application areas are 

• Mapping and Surveying
• Agriculture and horticulture
• Professional media
• Monitoring and surveillance
• Asset inspection
• Wildlife monitoring

Restraints to Electric Aircraft Market Growth

The batteries are often too heavy, which is an essential criterion for aircraft manufacturers: every kilogram less means more fuel efficiency. Another challenge for electric aircraft is the low power density of the batteries: they can store only three percent of the energy that is in one kilogram of jet fuel. Electrification of aviation does not mean manufacturing of electric aircraft alone, but also the development of charging infrastructure to cater to the need of electric aircraft; hence significant charging technology has to be deployed for smooth functioning of the electric aircraft fleet.

Opportunities

The growing prominence of ESG (Environment, Social and Governance) performance and rise in e-commerce are forcing the logistics sector stakeholders to invest in electric modes of transportation to reduce their carbon footprint. Electric cargo aircraft and drones can be used in the short-haul cargo segment to reduce carbon emissions and operation costs.

For instance, Ehang cooperated with DHL-Sinotrans to jointly launch the fully automated smart drone delivery solution. Also, partnership with Yonghui (supermarket chain) to build world's first flagship store for "areal grocery services and smart retailing."

Recent Developments in Electric Aircraft Market 

• Norway plans to replace all the short-haul planes with electric by 2040. Norway's public corporation Avinor has been assigned with this work. The government also has an incentive program to encourage corporate investment in developing electric aircraft.
• A start-up called ZeroAvia received a GBP 2.7 million grant from the UK government last September to pursue the development of a carbon-neutral plane powered not by lithium-ion batteries (like the MagniX or Eviation models) but by hydrogen fuel cells.
• Winemakers are flying Delair's sophisticated UX11 drones, laden with custom software that lets them monitor plots for sick plants, predict output, and map vineyards down to the size of a grape.
• Airbus is exploring hydrogen fuel and hydrogen fuel cell technologies to power their future zero-emission aircraft known as ZEROe. 

Blackridge Research's Global Electric Aircraft Market report provides insights into the current global and regional market demand scenario and its outlook.

The study offers a detailed analysis of various factors instrumental in affecting the Electric Aircraft Market's growth. The study also comprehensively analyses the electric aircraft market by segmenting it based on geography (North America, Europe, Asia Pacific, Rest of the World), by application (Commercial, Military, and General aviation), and by aircraft type.

The report also addresses present and future market opportunities, trends, developments, Covid 19 impact on the electric aircraft market, critical commercial developments, key companies, trends, regions, and segments poised for the fastest-growth, competitive landscape.

Further, electric aircraft market size, demand forecast, growth rates, and trade (imports and exports) will also be provided in the report.