Electric Aircraft Market by Component (Battery, Electric Motor, Others) by Technology (Hybrid, All Electric) by Type (Ultralight Aircraft, Light Jet) by Application (Power Generation, Power Distribution, Power Conversion, Energy Storage) by Power Range (Less than 500 Km, More than 500 Km): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The Electric Aircraft Market is expected to cross market value of USD 38,670 million in 2027 from USD 24,360 million in 2020. It is expected to grow at a CAGR of over 13.2% during the forecast period.

Key Market Drivers and Restraints

Rising innovations and the new development of new aircraft technologies are one of the factors expected to drive the growth of the global electric aircraft market over the forecast period. In addition, a growing number of airline passengers is projected to drive the development of the global market. Moreover, electric aircraft remove usage of fossil fuel consumption, and its resulting emissions, which contribute to environmental and cost benefits, are another factor expected t fuel the growth of the global market.

However, some regulatory issues and macroeconomic factors are expected to hinder the growth of the global market. In addition, high capital requirements and longer clearance periods are factors restraining the global electric aircraft market.

Impact of COVID 19

The COVID-19 disease is expected to cause sluggish growth in the market over the forecast period. Several industries have seen a significant adverse change in their businesses. As all country has banned international and domestic travel, there is a decline in air travelers. Many people are staying at home, and ensuing social distancing comprises the spread of coronavirus. Several airline companies are forced to slow their projects because of losses in the airline business.

Europe to Dominate the global Electric Aircraft Market.

The global Electric Aircraft Market covers six regions, namely North America, Europe, Asia Pacific, Latin America, Middle East, and Africa, including all the key economies in these regions. However, the Europe market is dominated by the global market and accounts for more than 58.2% of the total market. This is attributed to the significant players in these regional markets' technological advancements and strong Research & Development initiatives. Additionally, to meet the changing demands of the shareholders in the aircraft market.

Global Electric Aircraft Market is led by the Ultralight Aircraft

Ultralight Aircraft and Light Jet are the key types in the Electric Aircraft Market. In 2020, the ultralight aircraft segment accounted for the largest share of the Electric Aircraft Market due to its simple design and building. However, the Light Jet segment is anticipated to grow at the fastest CAGR during the forecast period.

Power Distribution would continue to dominate the global Electric Aircraft Market in terms of Application.

Power Generation, Power Distribution, Power Conversion, and Energy Storage are some major types of Applications. The power distribution segment accounted for the largest share 2020 of the Electric Aircraft Market 2020. Increasing demand for power distribution due to fault-tolerant, highly flexible, and controlled by a redundant microprocessor system.