This report provides an analysis of the electric aircraft market from 2018 to 2023. It discusses industry and technology trends that are currently prevailing in the electric aircraft market. It analyzes the factors that drive and challenge the growth of the electric aircraft market. The electric aircraft market is projected to grow from USD 99.3 million in 2018 to USD 121.8 million by 2023, at a CAGR of 4.17% from 2018 to 2023. Lower cost of ownership of electric aircraft and advantages of electric aircraft over traditional aircraft are driving the electric aircraft market.
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By aircraft type, the light jet segment of the electric aircraft market is projected to grow at a higher CAGR during the forecast period. Light jets are low-cost carriers mostly used commercially for freight transport, passenger, and sightseeing, as well as personal use. The emergence of low-cost carriers has become popular in emerging markets such as Asia Pacific.
Based on component, the others segment is expected to lead the electric aircraft market during the forecast period. 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.
Europe is projected to lead the electric aircraft market during the forecast period. The aircraft industry in Europe is aiming to adopt new advanced materials, such as gamma-titanium aluminides and single crystals, with improved mechanical properties in the aircraft. These advanced aircraft will help reduce fuel consumption, carbon emissions, and noise pollution. There is also the presence of a large number of electric aircraft manufacturers, namely, PC Aero (Germany), Pipistrel (Italy), Lilium (Germany), Alisport SRL (Italy), and Schempp-Hirth (Germany) in the region. These factors are driving the market for electric aircraft in Europe.
The electric aircraft market in North America is projected to grow at the highest CAGR from 2018 to 2023. Rising demand for unmanned aerial vehicles and innovative military jets from the military sector is expected to drive the electric aircraft market in North America during the forecast period. There is also the presence of major electric aircraft manufacturing companies in this region such as Hamilton Aero (US), Wright Electric (US), and Boeing Company (US).
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