The latest market report published by Credence Research, Inc. “Global Electric Aircraft Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Electric Aircraft Market generated revenue of around USD 24,360 million in 2020 and anticipated to grow at a CAGR of over 13.2% during the forecast period from 2021 to 2027 to reach around USD 38,670 million in 2027.
Global Electric Aircraft Market, 2020 – 2027 (USD Million)
Browse the full report at https://www.credenceresearch.com/report/electric-aircraft-market
An electric aircraft is driven by electricity, always through more than electric motors that drive propellers. This electricity completes by a variability of methods, the such as solar cells or batteries. Since 1970s, the electrically model aircraft have been developed into UAV or drones, which in the 23 centuries have become generally used for several purposes. In addition, electric passenger aircraft has grown-up, for personal air vehicles and commercial airliners.
Key Trends in Global Electric Aircraft Market
Reduced Noise Pollution and Emissions
Growing number of airline passengers is one of the factors expected to drive the growth of the global market during the forecast period. In addition, improved maneuverability, increased safety, less risk of explosion, and less noise is another factor expected to drive the growth of the global electric aircraft market. Furthermore, these electric aircraft remove usage of fossil fuel consumption and its resulting emissions, in turn pays to ecofriendly and cost benefits.
Impact of COVID 19 on Electric Aircraft Market
The COVID-19 disease has impacted the electric aircraft, due to the end of borders and air travel limitations worldwide, several companies in the electric aircraft were forced to stop manufacturing. This break in business operations is straight prompting the revenue of the electric aircraft. Also, some industries continuous processes, suspensions in raw material supplies and the restricted supply of produced goods stopped production and reduced volume utilization rates. The aviation industry will depend on how governments contain the outbreak and how fruitful their efforts are. Also, delays in the aircraft deliveries and cancellations of existing orders have impacted aircraft manufacturers worldwide.
Global Electric Aircraft Market by Component Insights
Battery, Electric Motor, and Others are some of the major components through Electric Aircraft. Electric Motor segment accounted for the largest share in 2020 of the Electric Aircraft Market in 2020.
Global Electric Aircraft Market by Technology Insights
Hybrid and All Electric are the technology of Electric Aircraft market. In 2020, All Electric accounted for the largest share of Electric Aircraft Market.
Global Electric Aircraft Market by Type Insights
Global Electric Aircraft Market is segmented based on type as Ultralight Aircraft and Light Jet. Ultralight Aircraft accounted for the largest share of the Electric Aircraft Market in 2020.
Global Electric Aircraft Market by Application Insights
Global Electric Aircraft Market is segmenGlobal Electric Aircraft Market by Regional Insightsted based on Application as Power Generation, Power Distribution, Power Conversion, and Energy Storage. Power Distribution accounted for the most lucrative segment of the Electric Aircraft Market in 2020.
The Europe market is accounted for the highest revenue share and is expected to dominate the global market over the forecast period. This is attributed to consumers are able to afford travel in electric flights such as the short-haul flight by Easy Jet from London to Paris, which has announced a partnership with Wright Electric to promotion its electric aircraft offerings. Asia Pacific Electric Aircraft market is expected to register the fastest growth rate in the global market, due to rising investments in the modernization of airport and construction of latest regional airports.
Global Electric Aircraft Market Competitive Landscape
Most prominent players in the global Electric Aircraft Market include DELOREAN AEROSPACE, LLC, Joby Aviation, Elektra Solar GmbH, PIPISTREL, BYE AEROSPACE, Siemens, Safran, Honeywell International Inc., Thales Group, Lockheed Martin Corporation, Zunum Aero, Boeing, Airbus, Raytheon Technologies Corporation, YUNEEC, Bombardier, TTTech Computertechnik AG, and AgustaWestland. The report covers very detailed profiles of these key players.
Global Electric Aircraft Market by Component, 2015 – 2027
· Electric Motor
Global Electric Aircraft Market by Technology, 2015 – 2027
· All Electric
Global Electric Aircraft Market by Type, 2015 – 2027
· Ultralight Aircraft
· Light Jet
Global Electric Aircraft Market by Application, 2015 – 2027
· Power Generation
· Power Distribution
· Power Conversion
· Energy Storage
Global Electric Aircraft Market by Power Range, 2015 – 2027
· Less than 500 Km
· More than 500 Km
Global Electric Aircraft Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Electric Aircraft Market: Key Players
· DELOREAN AEROSPACE, LLC
· Joby Aviation
· Elektra Solar GmbH
· BYE AEROSPACE
· Honeywell International Inc.
· Thales Group
· Lockheed Martin Corporation
· Zunum Aero
· Raytheon Technologies Corporation
· TTTech Computertechnik AG