The Electric Aircraft Market was valued at USD 96.3 Million in 2017 and is projected to reach USD 121.8 Million by 2023, at a CAGR of 4.17% during the forecast period. The objectives of this study are to analyze the market, along with the provision of its statistics. It also aims to define, describe, and forecast the electric aircraft market on the basis of the aircraft type, technology, component, range, and region. The year 2017 has been considered the base year for this study, whereas 2018 to 2023 is considered as the forecast period.
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Based on the aircraft type, this market has been segmented into ultralight aircraft and light jet. The ultralight aircraft segment is expected to lead the market in 2018. The ownership of ultralight aircraft is cost-effective due to the simplistic design and construction of these aircraft. With the increase in fuel prices, the demand for ultralight aircraft is expected to increase for training purposes.
Based on the component, this market has been segmented into battery, electric motor, and others. The others segment include electric ducted fans and power electronics. Power electronics are used to power all crucial aircraft components, including flight control actuation, environmental control systems, utility functions, and cabin pressurization, which were conventionally controlled by hydraulic and pneumatic means. Electric ducted fans use multiple propeller blades attached to a single electric motor in an aircraft.
Based on technology, the electric aircraft market has been segmented into hybrid and all electric. The all electric segment of the market is projected to lead during the forecast period. The trend for the all-electric aircraft is growing over the forecast period as aircraft OEMs collaborate with their suppliers to design new systems that hybridize traditional propulsion systems and implement new electrical-intensive architectures.
Based on region, the electric aircraft market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe is expected to lead the market in 2018, the aircraft and its component industry in Europe is aiming to use new advanced materials, such as gamma-titanium aluminides and single crystals, with improved mechanical properties, these advanced engines help aircraft reduce its fuel consumption, carbon emissions and noise, among others.
The significant investment incurred in the development of different types of electric aircraft is a major factor restraining the growth of the market across the globe. Significant investments are required at different stages of the value chain of the electric aircraft industry (especially in R&D, manufacturing, system integration, and assembly stages).
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