Rising demand for fuel-efficient means of transportation, along with stringent government regulations to promote the adoption of clean technologies, is expected to boost market growth the global electric aircraft market size to reach $226.6 million in 2030
According to the latest report by ResearchAndMarkets.com, the global electric aircraft market is anticipated to grow at a CAGR of 8.2% till 2030.
Electric aircraft reduces carbon footprint and fuel costs and has the potential to revolutionise air travel. The high demand for electric aircraft is attributed to the need for sustainable aviation and stringent emission norms. However, the high cost of electric aircraft and the lack of charging infrastructure are expected to restrain the market growth, the report said.
Reduced noise level is another advantage of using electric aircraft. Electric aircraft are quieter than traditional piston engines. This is a significant factor that has resulted in the increased adoption of electric aircraft among commercial airline operators globally.
The reduced noise levels also help electric aircraft to operate in noise-sensitive areas, such as near airports. Electric aircraft are also more fuel efficient than conventional aircraft, which is another key factor that is driving the growth of the electric aircraft market.
The increased focus on reducing carbon emissions is another major factor that is fueling the growth of the electric aircraft market. Electric aircraft emit no carbon emissions, which helps reduce an organisation's overall carbon footprint. This is a key factor that is expected to drive the growth of the electric aircraft market over the forecast period.
According to the report, the ultra-light segment accounted for the largest market share in 2019 and is projected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the low fuel consumption, which reduces operating costs.
The business aviation segment is projected to grow at a significant CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for electric aircraft from various business aviation operators, such as Flexjet and NetJets.
The two-seater aircraft segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for these aircraft from flight training schools and private pilots.
The battery segment accounted for the largest market share in 2019 and is projected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of batteries as a power source for electric aircraft.
The commercial segment is expected to grow at the highest CAGR of 9.3% during the forecast period. The segment's rapid growth can be attributed to the increasing demand for electric aircraft from the commercial sector. Commercial electric aircraft are being increasingly used for short-haul flights, owing to their low operating costs and reduced carbon emissions, the report noted.
Courtesy: ResearchAndMarkets.com. NB: Photo is representational; courtesy: Rolls Royce.