The global electric aircraft market size is projected to observe an extensive growth in the coming years due to increasing stringent emission norms related to aircraft industry coupled with increased investment in more efficient power electronics and high energy density batteries, and the requirement for new aircraft to meet the global air traffic demand. In addition, lower cost of ownership for the electric aircraft, is expected to boost the market in the near future.
On the basis of technology, the electric aircraft market is segmented into solar hybrid aircraft, fuel powered hybrid aircraft, and all-electric aircraft. Solar hybrid aircraft is expected to hold the major share in the market owing to the governments’ initiatives to increase the adoption of solar power to decrease air pollution, and prices of aircrafts as the prices of solar cells are expected to decrease in near future across the globe.
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Additionally, all-electric aircraft is expected to increase steadily in near future owing to growing usage of autonomous systems, improved aircraft performance, reduced gas emissions and airport noise, and reduced maintenance and operational costs. Also, the demand for fuel-efficient and eco-friendly aircraft is anticipated to be the fundamental driving factor that forces original equipment manufacturers (OEMs) to opt for more fuel-efficient alternatives in the electric aircraft market.
In North America, the U.S. is expected to be the largest electric aircraft market during the forecast period. The Environmental Protection Agency (EPA) in the U.S. had declared regulations for greenhouse gas emissions by aircraft. An aircraft accounts for more than 11% of all U.S. transportation greenhouse gas emissions and nearly 4% of entire U.S. greenhouse gas emissions.
Additionally, Asia-Pacific is anticipated to restore its technology platform in the forecast period owing to the rising military spending by governments to boost economic growth.
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The electric aircraft market is competitive and is characterized by the presence of a considerable number of established manufacturers in the market. The major players in the industry are Airbus S.A.S., Boeing Co., Safran SA, Rolls-Royce Holding PLC, Raytheon Company, United Technologies Corporation, Thales Group, Zodiac Aerospace SA, and Honeywell International Inc.