The global electric aircraft market was valued at US$ 1111.6 Million in 2019 and is expected to surpass US$ 3731.3 Million by 2027, according to the Global Electric Aircraft Market Report, 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), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
Technological advancements in unmanned aerial vehicles (UAVs) or drone technology is expected to propel the global electric aircraft market growth over the forecast period. The regulatory authorities have taken ample efforts to regulate the use of UAVs to ensure that safety measures are in place such as drones are operated safely, without harming public and national security. For instance, in 2018, Airbus expanded its commercial drone service named Airbus Serial in Singapore. This aerial service leverages the latest software technologies to provide information that is provided by drone, high altitude aircraft, and other sources. With its imagery services, Airbus Serial provides services to many industries such as oil & gas, agriculture, utilities, and others. There is a constant demand for commercial drones for use in various sectors including agriculture, defense, filming, and weather monitoring. Currently, the companies are focused on creating applications and software to make the safer use of drones, which will lead to normalization of drones within mainstream society and expected to drive the market growth. For instance, in September 2015, Qualcomm Technologies, a subsidiary of Qualcomm Incorporated, launched Snapdragon Flight to provide drones with the intelligence to perceive objects within their flight path for much safer navigation.
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. Most of the people are staying at home and strictly following social distancing in order to contain the spread of coronavirus and due to this, the number of air travelers have decreased and have impacted the airline industry. Many airline industries are filed for bankruptcy due to less liquidity of cash flow. For instance, in August 2020, Virgin Atlantic, a U.K.-based airline industry, filed for protection under chapter 15 of the bankruptcy code. Hence, demand for new commercial aircraft has also declined due to reduced aircraft passenger traffic. For instance, in June 2020, Boeing reported that it received nine new aircraft orders and received 18 cancellation requests for placed order. Moreover, airline manufacturers are focusing on investing in new designs in order to promote social distancing. For instance, in April 2020, HAECO Cabin Solutions launched a new product named flexible cargo stowage that allows airlines to separately book passengers on board and also utilize unsold seats for transportation of cargo.
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