Global Electric Aircraft Market is Estimated to Reach $14.87 Million
Global report published by Accurize Market Research forecast that the global market is expected to reach $14.87 Million by 2025; growing at a CAGR of 7.47% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Benefits of electric aircraft compared to traditional aircraft to drive the global market
Reduces aircraft noise and gas emissions, benefits of electric aircraft compared to traditional aircraft, and lower cost of ownership of electric aircraft are the global electric aircraft market trend. However, the necessity for the development of high-density battery solutions for electric aircraft is the restraint of the global electric aircraft market growth. Moreover, the electrification of large commercial jets is expected to open up new growth opportunities over the coming years.
Type, component, technology, power density, and geography are the classifications of the global electric aircraft market. The aircraft type is categorized into a light jet and ultralight aircraft. The component segment comprises an electric motor, battery, and other components. By technology, the market includes hybrid and all-electric. By power density, the market is separated into more than 500 KM, and less than 500 KM.
North America, Europe, Asia-Pacific and the Rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada, and Mexico. Europe covers countries like Russia, the U.K., Germany, France, Italy and the Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. The rest of the World (RoW) covers South America, Africa, and the Middle East.
"Ultralight accounted for the largest market share in the aircraft type segment", says Accurize
On the basis of aircraft type, ultralight aircraft segment is expected to achieve the fastest growth throughout the forecast period i.e. 2017 – 2025. The high growth in the segment is attributed to the simplistic design and construction of these aircraft. Moreover, the high demand for ultralight aircraft is anticipated to increase for training purposes. All-electric segments occupied the largest electric aircraft market share during the forecast period, as the aircraft OEMs collaborate with their suppliers to design new systems that implement new electrical-intensive architectures.
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