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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Electric aircraft is a type of aircraft, which is powered by electric motors. Electricity can be supplied through various methods such as solar cells, fuel cells, ultra capacitors, batteries, ground power cables, batteries, and others. Batteries are the most commonly used energy carrier by electric aircraft due to its high capacity. Earlier, batteries were very heavy and inconvenient to use. However, due to advancements in technologies, demand for rechargeable and lighter batteries have increased. There are many advantages offered by electric aircraft such as reduced risk of fire and explosion, improved and enhanced maneuverability, increased safety, and others. Electric aircraft also helps in protecting the environment by eliminating the need for using fossil fuels to run the engine of the aircraft. The electric aircraft market is expected to maintain steady growth during the forecast period, owing to the introduction of a battery-powered electric propulsion system in the aerospace industry. Furthermore, advancements in technologies such as shifting preference to turbo-electric propulsion from gas turbines and also shift from hydraulic landing gear to electric gear can provide lucrative growth opportunities for the market.

The global electric aircraft market is expected to witness significant growth during the forecast period (2020–2027) due to rising environmental concerns, increasing awareness regarding safety issues, and increased research & development in the aerospace industry. The use of electric aircraft helps in reducing maintenance and aircraft cost by saving fuel combustion, and also helps in reducing air and noise pollution. For instance, in September 2020, Airbus introduced a new concept for zero-emission by using hydrogen as a primary source of power. In fact, most of the electric aircraft are low in weight and have less harmful emission of gases.  For instance, in June 2020, The European Aviation Safety Agency (EASA) completed the type-certification of Pipistrel aircraft built by an aerospace company in Slovenia. Pipistrel aircraft is powered by an electric motor that helps in reducing noise pollution and emission of harmful gases in order to improve the sustainability of the aviation. Moreover, electric aircraft are developed with highly innovative technologies that ensure proper safety and have less impact on the environment. For instance, in November 2019, Etihad Airways, an Abu Dhabi-based second-largest airline, announced a partnership with Boeing, the U.S.-based aerospace company. Through this partnership, companies focused on innovation and minimizing the impact of aviation on the environment. Furthermore, in 2020, Etihad Airways and Boeing launched sustainable test flights that will improve airplane efficiency, reduce fuels, and cut CO2 emissions.

Lack of skilled resources is expected to hamper the electric aircraft market growth. There is a requirement of high technical expert resources who know how to repair batteries in case of any danger. Furthermore, it is mandatory to prevent the degradation of batteries in order to maintain the performance of the batteries. These factors are expected to hamper the market growth during the forecast period.

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Electric Aircraft Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 1111.6 Mn
Historical Data for: 2017 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 18.9% 2027 Value Projection: US$ 3731.3 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:
  • By Type: Ultralight Aircraft and Light Jet
  • By Component: Battery, Electric Motor, and Others
  • By Technology: Hybrid and All Electric
  • By Power Range: Less than 500 Km and More than 500 Km
  • By Application: Commercial, Military, and Others
Companies covered:

Boeing, Airbus, Raytheon Technologies Corporation, Honeywell International Inc., Thales Group, Lockheed Martin Corporation, Zunum Aero, YUNEEC, Elektra Solar GmbH, PIPISTREL, BYE AEROSPACE, DELOREAN AEROSPACE, LLC, Joby Aviation, Siemens, Safran, Bombardier, TTTech Computertechnik AG, and AgustaWestland

Growth Drivers:
  • The rising environmental concerns, increasing awareness regarding safety issues, and increased research & development in the aerospace industry
  • Increasing number of passengers
Restraints & Challenges:
  • Lack of skilled resources

Electric Aircraft Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 pandemic is expected to slow down growth of the market during the forecast period. Due to the Covid-19 pandemic, many industries have witnessed a significant negative shift in their businesses. As every country has banned international and domestic travel, there is a decline in air travelers. Most of the people are staying at home and following social distancing to contain the spread of coronavirus. Many airline companies are forced to slow down their airline projects due to loss in the airline industry. For instance, in September 2020, Raytheon Technologies Corporation, the U.S.-based aerospace & defense company, slowed down their hybrid-electric airline project called project 804 due to the coronavirus pandemic. Furthermore, in June 2020, according to The International Air Transport Association (IATA), the global air transport industry is expected to experience a loss of US$ 84,300 million in 2020. These factors are expected to have a huge negative impact on the electric aircraft market.

North America is expected to hold dominant position in the global electric aircraft market during the forecast period

Statistics:

North America held dominant position in the global electric aircraft market in 2019, accounting for 41.2% share in terms of value, followed by Europe and Asia Pacific.

Figure 1: Global Electric Aircraft Market Share (%), By Region, 2019

Electric Aircraft  | Coherent Market Insights

North America is expected to account for the largest market share during the forecast period, owing to the presence of key players in the region such as Boeing, Raytheon Technologies Corporation, Honeywell International Inc., Thales Group, and Lockheed Martin Corporation. For instance, in September 2019, Boeing, a U.S.-based largest aerospace company and Safran, a French-based high technology group, announced joint investment in Electric Power Systems International Inc., a U.S.-based company that supply electric power to develop highly automated batteries for electric aircraft.

Europe region is expected to exhibit highest growth during the forecast period, owing to the use of highly advanced materials such as gamma-titanium aluminides with improved mechanical properties. These advanced engines help electric aircraft to reduce its fuel consumption, carbon emissions, noise pollution, and others. For instance, on September 21, 2020, Airbus launched the first zero emission commercial aircraft. This aircraft uses hydrogen in synthetic fuels to reduce the harmful emission.

Ultralight aircraft segment is expected to drive the market growth during the forecast period

Among type, the ultralight aircraft segment is expected to hold dominant position in the global electric aircraft market during the forecast period. The possession of ultralight aircraft is economically viable due to its simple design and building. Moreover, rising safety concerns during training period have also increased demand for this aircraft. For instance, in September 2018, Lift Aircraft Inc. launched ultralight aircraft equipped with various safety measures.

Figure 2: Global Electric Aircraft Market Value (US$ Mn) Analysis and Forecast, 2017 - 2027

Electric Aircraft  | Coherent Market Insights

The global electric aircraft market was valued at US$ 1111.6 Mn in 2019 and is expected to reach US$ 3731.3 Mn by 2027 at a CAGR of 18.9% between 2020 and 2027.

Major players operating in the global electric aircraft market include Boeing, Airbus, Raytheon Technologies Corporation, Honeywell International Inc., Thales Group, Lockheed Martin Corporation, Zunum Aero, YUNEEC, Elektra Solar GmbH, PIPISTREL, BYE AEROSPACE, DELOREAN AEROSPACE, LLC, Joby Aviation, Siemens, Safran, Bombardier, TTTech Computertechnik AG, and AgustaWestland.

Electric aircraft is driven by the use of electric motors and are equipped with electrical systems. These aircraft are light in weight with less fuel usage and reduced emissions. The non-propulsive power systems such as mechanical, hydraulic, and pneumatic are replaced with an electrical system that helps in reducing the operating cost of the electric aircraft. The absence of heavy machines that require proper maintenance provides better efficiency and it makes electrical system a suitable option for both aircraft manufacturers and aircraft carriers. Electric aircraft are highly innovative with respect to technology and functioning. Electric aircraft uses different sources of energy in order to preserve non-renewable energy and it is considered better than traditional aircraft, which is expected to drive the market growth during the forecast period.

Market Dynamics

The global electric aircraft market is expected to grow significantly during the forecast period, owing to the increasing airline passengers. This is attributed to the rising disposable income of people in emerging and developed countries. For instance, in China, according to the National Bureau of Statistics (NBS), rural and urban per capita disposable income reached US$ 5,658.45 from US$ 2,107.2 in 2018. Moreover, according to the U.S. Bureau of Economic Analysis (BEA), disposable personal income increased to US$ 16,706.40 million in December 2019 from US$ 16,675.80 million in November 2019 in the U.S. Furthermore, the tourism industry continues to expand and it became vital for manufacturers to find alternatives that will not only boost the capacity of electric aircraft and also protect the environment from air, noise, and ground pollution due to increased air traffic. For instance, regulatory bodies such as International Civil Aviation Organization (ICAO), International Air Transport Association (IATA), and Federal Aviation Administration (FAA) introduced several regulatory policies to minimize carbon emission. Furthermore, in February 2020, Thales Group launched PUREFLYT, a flight management system (FMS) that is designed to provide safety, security, reduces the consumption of fuel, and increase operational efficiency. Due to this, electric aircraft manufacturers are integrating a single electric system into planes instead of a heavy mechanical system that consist of several individual parts.

Moreover, several global players across different regions are focusing on developing new products with new features and technologies to gain a competitive edge in the market. Industries are focusing on developing new products with new features to cater to the demand from the end users. For instance, in April 2019, Collins Aerospace, a subsidiary of Raytheon Technologies Corporation, the largest supplier of aerospace & defense products, launched The Grid, the most advanced electric power system laboratory. Various systems such as high-power generators are designed and tested in this laboratory.

Key features of the study:

  • This report provides in-depth analysis of the global electric aircraft market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020– 2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading  market players
  • It profiles leading players in the global electric aircraft market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
  • Companies covered as a part of this study include Boeing, Airbus, Raytheon Technologies Corporation, Honeywell International Inc., Thales Group, Lockheed Martin Corporation, Zunum Aero, YUNEEC, Elektra Solar GmbH, PIPISTREL, BYE AEROSPACE, DELOREAN AEROSPACE, LLC, Joby Aviation, Siemens, Safran, Bombardier, TTTech Computertechnik AG, and AgustaWestland
  • Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
  • The global electric aircraft market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global electric aircraft market

Detailed Segmentation

  • Global Electric Aircraft Market, By Type:
    • Ultralight Aircraft
    • Light Jet
  • Global Electric Aircraft Market, By Component:
    • Battery
    • Electric Motor
    • Others
  • Global Electric Aircraft Market, By Technology:
    • Hybrid
    • All Electric
  • Global Electric Aircraft Market, By Power Range:
    • Less than 500 Km
    • More than 500 Km
  • Global Electric Aircraft Market, By Application:
    • Commercial
    • Military
    • Others
  • Global Electric Aircraft Market, By Region:
    • North America
      • By Type:
        • Ultralight Aircraft
        • Light Jet
      • By Component:
        • Battery
        • Electric Motor
        • Others
      • By Technology:
        • Hybrid
        • All Electric
      • By Power Range:
        • Less than 500 Km
        • More than 500 Km
      • By Application:
        • Commercial
        • Military
        • Others
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Type:
        • Ultralight Aircraft
        • Light Jet
      • By Component:
        • Battery
        • Electric Motor
        • Others
      • By Technology:
        • Hybrid
        • All Electric
      • By Power Range:
        • Less than 500 Km
        • More than 500 Km
      • By Application:
        • Commercial
        • Military
        • Others
      • By Country:
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Type:
        • Ultralight Aircraft
        • Light Jet
      • By Component:
        • Battery
        • Electric Motor
        • Others
      • By Technology:
        • Hybrid
        • All Electric
      • By Power Range:
        • Less than 500 Km
        • More than 500 Km
      • By Application:
        • Commercial
        • Military
        • Others
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Latin America
      • By Type:
        • Ultralight Aircraft
        • Light Jet
      • By Component:
        • Battery
        • Electric Motor
        • Others
      • By Technology:
        • Hybrid
        • All Electric
      • By Power Range:
        • Less than 500 Km
        • More than 500 Km
      • By Application:
        • Commercial
        • Military
        • Others
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East and Africa
      • By Type:
        • Ultralight Aircraft
        • Light Jet
      • By Component:
        • Battery
        • Electric Motor
        • Others
      • By Technology:
        • Hybrid
        • All Electric
      • By Power Range:
        • Less than 500 Km
        • More than 500 Km
      • By Application:
        • Commercial
        • Military
        • Others
      • By Country/Region:
        • GCC Countries
        • South Africa
        • Rest of Middle East and Africa
  • Company Profiles
    • Boeing*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments/ Updates
    • Airbus
    • Raytheon Technologies Corporation
    • Honeywell International Inc.
    • Thales Group
    • Lockheed Martin Corporation
    • Zunum Aero
    • YUNEEC
    • Elektra Solar GmbH
    • PIPISTREL
    • BYE AEROSPACE
    • DELOREAN AEROSPACE, LLC
    • Joby Aviation
    • Siemens
    • Safran
    • Bombardier
    • TTTech Computertechnik AG
    • AgustaWestland

 “*” marked represents similar pointers for each company.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Type
      • Market Snippet, By Component
      • Market Snippet, By Technology
      • Market Snippet, By Power Range
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New system Launch/Approvals
      • Value Chain Analysis
      • Porter’s Analysis
      • PEST Analysis
    • Impact of COVID-19
  4. Global Electric Aircraft Market, By Type, 2020-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Segment Trends
    • Ultralight Aircraft
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Light Jet
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  5. Global Electric Aircraft Market, By Component, 2020-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Segment Trends
    • Battery
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Electric Motor
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. Global Electric Aircraft Market, By Technology, 2020-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Segment Trends
    • Hybrid
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • All Electric
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  7. Global Electric Aircraft Market, By Power Range, 2020-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Segment Trends
    • Less than 500 Km
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • More than 500 Km
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  8. Global Electric Aircraft Market, By Application, 2020-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Segment Trends
    • Commercial
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Military
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  9. Global Electric Aircraft Market, By Region, 2020-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
      • Million)
      • Market Size and Forecast, By Component, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Power Range, 2020–2027 (US$ Million) Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
      • Million)
      • Market Size and Forecast, By Component, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Power Range, 2020–2027 (US$ Million) Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2027 (%)
        • U.K.
        • Germany
        • Spain
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
      • Million)
      • Market Size and Forecast, By Component, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Power Range, 2020–2027 (US$ Million) Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
      • Million)
      • Market Size and Forecast, By Component, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Power Range, 2020–2027 (US$ Million) Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
      • Million)
      • Market Size and Forecast, By Component, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Power Range, 2020–2027 (US$ Million) Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country/Region, 2020 and 2027 (%)
        • South Africa
        • GCC Countries
        • Rest of the Middle East and Africa
  10. Competitive Landscape
    • Company Profiles
      • Boeing
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Airbus
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Raytheon Technologies Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Honeywell International Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Thales Group
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Lockheed Martin Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Zunum Aero
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • YUNEEC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Elektra Solar GmbH
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • PIPISTREL
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • BYE AEROSPACE
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • DELOREAN AEROSPACE, LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Joby Aviation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Siemens
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Safran
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Bombardier
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • TTTech Computertechnik AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • AgustaWestland
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Analyst Views
  11. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 60 market data tables and 40 figures on "Electric Aircraft Market - Global forecast to 2027”.

Frequently Asked Questions

The global electric aircraft market is expected to reach US$ 1121.5 million by 2022.
The market is expected to witness a CAGR of 18.9% during the forecast period (2020-2027).
The rising environmental concerns, increasing awareness regarding safety issues, and increased research & development in the aerospace industry are expected to drive growth of the electric aircraft market during the forecast period.
The ultralight aircraft segment held the largest market share among type, contributing 35.2% in terms of value in 2019.
North America region held the largest share in the global electric aircraft market in 2019, accounting for 41.2% share in terms of value.
Key players operating in the global electric aircraft market include Boeing, Airbus, Raytheon Technologies Corporation, Honeywell International Inc., Thales Group, Lockheed Martin Corporation, Zunum Aero, YUNEEC, Elektra Solar GmbH, PIPISTREL, BYE AEROSPACE, DELOREAN AEROSPACE, LLC, Joby Aviation, Siemens, Safran, Bombardier, TTTech Computertechnik AG, and AgustaWestland.
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