Electric Aircraft Market Soaring to .2 Billion by 2030 at 19.8% CAGR

Posted by Sandeep Roy on February 1st, 2024

In the dynamic landscape of Aviation, the Electric Aircraft Market is set to achieve unprecedented growth, projecting a remarkable worth of .2 billion by 2030. The market, currently valued at USD 8.8 billion in 2022, is anticipated to experience a robust Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period, propelled by the escalating demand for sustainable and low-emission transportation alternatives.

Key Market Insights:

Leading the Charge: Light and Ultralight Aircraft Take Centre Stage

The report identifies the light and ultralight aircraft segment as the torchbearer in the electric aircraft market throughout the forecast period. While developments are vigorously underway in the light aircraft domain, the introduction of larger aircraft catering to regional transport and business jets is anticipated by late 2026 and early 2027.

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Vertical Take-off and Landing (VTOL) Dominance in Technology Adoption

The VTOL segment is forecasted to secure the largest market share in technology adoption during the forecast period. Electric propulsion is notably prevalent in rotary wing Unmanned Aerial Vehicles (UAVs), and the design focus for Advanced Air Mobility (AAM) eVTOLs is primarily directed towards VTOL capabilities. Industry frontrunners like Joby (US), Volocopter (Germany), and Ehang (China) are actively engaged in the development of eVTOL aircraft, contributing to the prominence of VTOL technology.

North America Takes the Lead: Largest Market Share Anticipated

The North American region emerges as the epicentre of the electric aircraft market, expected to witness the largest market share among all regions. With countries like the US and Canada investing significantly in advancing transportation technologies, the US stands out as a global leader with the largest electric aircraft Original Equipment Manufacturers (OEMs). Furthermore, the US serves as an early adopter and implementer of the electric aircraft ecosystem across various regions.

Major Key Market Players Steering the Industry Toward Electrification

The electric aircraft market is navigated by major players such as Airbus SE (France), Eve Air Mobility (Brazil), Joby Aviation (US), Vertical Aerospace (UK), and Lilium N.V. (Germany). These key players are at the forefront, offering cutting-edge electric aircraft and services, contributing significantly to the evolution of the industry and meeting the demands of various stakeholders.

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Sandeep Roy

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Sandeep Roy
Joined: August 7th, 2019
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