The Electric Aircraft Market is expected to grow at CAGR of 5.2% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Electric Aircraft Market
Electric Aircraft Market is likely to witness an impressive CAGR of 5.2% during the forecast period. Financially viable cost of possession of electric aircraft and their merits over traditional aircraft are underpinning the growth of the global electric aircraft market.
In terms of regions, Europe dominated the electric aircraft market in 2018, and is expected to continue its dominance during the forecast period as well. The market is led by the aircraft and its component industry in Europe, which is focusing to adopt new advanced materials, such as gamma-titanium aluminides and single crystals, which offer enhanced mechanical properties. These high-tech engines help aircraft minimize their fuel consumptions, carbon emissions and noise, among a host of such other factors. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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Market Scope & Segmentation
Electric Aircraft Market Share: By Aircraft Type
Based on the aircraft type, the market is segmented as ultralight aircraft and light jet. The ultralight aircraft segment dominated the market in 2018, and is expected to maintain its dominance during the forecast period as well. The possession of ultralight aircraft is economically viable owing to its simplistic design and building. With the rise in fuel prices, the demand for ultralight aircraft is expected to pace up the demand for various training purposes during the forecast period.
Electric Aircraft Market Share: By Component Type
Based on the component type, the market is segmented as aircraft battery, aircraft electric motor, and others. The others segment comprises electric-ducted fans and power electronics. Power electronics are employed to power all crucial aircraft mechanisms, such as environmental control systems, flight control actuation, utility functions, and cabin pressurization, which were traditionally commanded by hydraulic and pneumatic means. Electric-ducted fans apply multiple propeller blades fixed to a single electric motor in an aircraft.
Electric Aircraft Market Share: By Technology Type
Based on the technology type, the market is segmented as hybrid aircraft and all-electric aircraft. The all-electric aircraft segment is expected to lead the market in the coming five years. The trend for all-electric aircraft is estimated to increase over the coming five years as aircraft OEMs are teaming up with their suppliers to design new systems that will hybridize conventional propulsion systems and implement new electrical-intensive designs.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2021-2026. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
- What is the impact of COVID-19 on the market forecast?
- What are the trends, drivers, and challenges?
- How competitive is the market? Who are the market leaders?
- What are the key strategies adopted by the market players?
- Which segments offer the greatest opportunities?
- Which are the most attractive regions?
- What are the key success factors for the market players?
- How does the business environment impact the market?
- Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
Know more about us:
Stratview Research is a global market research company and is known to offer custom research reports in varied fields such as Advanced Materials, Aerospace & Defense, Automotive & Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. Our market veterans make sure to have a deep research about the topics so that the most useful and authentic insights can be delivered to the professionals.
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