Electric Aircraft Global Market Report 2024

The global electric aircraft market has grown rapidly in recent years. It will grow from $9.08 billion in 2023 to $10.41 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to urban air mobility (UAM) initiatives, rising fuel costs, demonstration flights and prototypes, environmental concerns, and government initiatives and incentives.

The global electric aircraft market is expected to see rapid growth in the next few years. It will grow to $17.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The anticipated growth in the forecast period can be attributed to the continuous rise in global air traffic, advancements in energy storage technologies, regulatory support, and streamlined certification processes, driven by the global commitment to achieve net-zero emissions. Major trends expected in this period include the development of regional and short-haul electric aircraft, ongoing advancements in battery technology to enhance electric aviation, the exploration of hybrid electric aircraft solutions, a dedicated focus on noise reduction measures, and an increase in investments directed towards the development and expansion of electric aviation technologies.

The electric aircraft market is poised for significant growth, driven by a surge in global air passenger volume. The preference for air travel, characterized by speed and increased international mobility, has led to a substantial increase in air traffic. According to the International Air Transport Association (IATA), global air traffic experienced a remarkable 76.0% increase from March 2021 to March 2022. Projections indicate that passenger numbers will reach 4.0 billion worldwide in 2024, equivalent to pre-COVID-19 levels. The demand for electric aircraft is spurred by its potential to reduce travel costs for passengers while contributing to environmental sustainability.

The electric aircraft market is anticipated to witness growth due to the increasing price volatility of conventional fuels. Conventional fuels, including aviation fuels derived from fossil fuels, have experienced significant price fluctuations. In the first half of 2022, regular motor gasoline prices surged by 49%, while diesel fuel prices increased by 55%, according to data from the Bureau of Transportation Statistics. This volatility in fuel prices is a driving force behind the adoption of electric aircraft, as they offer a more stable and sustainable alternative for aviation propulsion.

Technological advancements stand out as a key trend shaping the electric aircraft market. Major players in the industry are actively developing novel technologies to enhance aircraft capabilities, allowing for longer routes and improved performance. Rolls Royce, a prominent UK-based aero-engine maker, introduced turbogenerator technology in June 2022. This technology includes the development of a new compact engine for hybrid-electric applications, serving as an on-board power source with scalable power supplies. Rolls-Royce aims to offer a power range of 500 kW to 1200 kW, showcasing a commitment to advancing electric propulsion solutions in the aviation sector.

Major companies in the electric aircraft market are strategically partnering to facilitate the aviation industry's shift towards sustainability. Saab AB, a leading Sweden-based aerospace and defense company, announced a partnership with Heart Aerospace, a key player in commercial electric aviation. The partnership focuses on subsystem supply and explores potential areas of cooperation, such as manufacturing and certification. This collaboration underscores Saab AB's dedication to advancing technology and environmentally friendly flying solutions. Heart Aerospace, known for its expertise in electric aircraft manufacturing, benefits from Saab AB's experience to contribute to the future of sustainable aviation. The strategic partnership approach plays a pivotal role in driving innovation and progress in the electric aircraft market.

In April 2022, Textron Inc., a US-based conglomerate, successfully completed the acquisition of Pipistrel for $235 million. This strategic move integrates Pipistrel into Textron's newly established Textron eAviation division. The acquisition aligns with Textron's vision of advancing sustainable aviation, encompassing urban air mobility, general aviation, freight, and special missions. Pipistrel, a Slovenia-based electric aircraft manufacturer, brings its expertise in electric airplane design, development, and certification to enhance Textron's position in the evolving aviation landscape.

Major companies operating in the electric aircraft market report are Airbus Yuneec Holding Limited, The Boeing Company, Yuneec International Co. Ltd., Lilium GmbH, Safran SA, Bye Aerospace Inc., Raytheon Company, Honeywell International Inc., Rolls-Royce Holding PLC, Aerospace Limited, Zodiac Aerospace SA, Electric Aircraft Corporation, ACS-Itaipu Sora-E, Aero Electric Aircraft Corp., Airspace Experience Technologies LLC, Alisport Silent Club GmbH, Ampaire Inc., Ametek Inc., BAE Systems PLC, Beta Technologies Inc., Blackbird Aero, Cessna Aircraft company, DigiSky SkySpark, Electravia SARL, Elroy Air Technologies Inc., Eviation Aircraft Ltd., Flight Design General Aviation GmbH, Flightstar Aircraft Services LLC, Harbour Air Seaplanes, Heart Aerospace AB, Joby Aviation Inc., Lange Aviation GmbH, Pipistrel d.o.o Ajdovscina, RTX Corporation, Siemens AG, Vertical Aerospace Ltd., Guangzhou Xiaopeng Motors Tech. Ltd.

North America was the largest region in the electric aircraft market in 2023. The regions covered in the electric aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main categories of electric aircraft are fixed-wing, rotary-wing, and hybrid-wing. Fixed-wing aircraft encompass planes that utilize jet engines or propellers for forward movement, with wings that remain stationary. These aircraft can be further classified based on takeoff and landing capabilities, including CTOL (Conventional Takeoff and Landing), STOL (Short Takeoff and Landing), and VTOL (Vertical Takeoff and Landing). The technologies involved in electric aircraft cover various systems such as batteries, electric motors, aerostructures, avionics, software, and more. These aircraft are applicable in diverse sectors like commercial, military, and other specialized types, including regional transport aircraft, business jets, and light and ultralight aircraft.

This report provides electric aircraft market statistics, including electric aircraft industry global market size, regional shares, competitors with an electric aircraft market share, detailed electric aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the electric aircraft industry. This electric aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The electric aircraft market consists of sales of ultralight and light electric aircraft. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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