Electric Aircraft Market
The market for Electric Aircraft was estimated at $10.4 billion in 2023; it is anticipated to increase to $28.7 billion by 2030, with projections indicating growth to around $59.2 billion by 2035.
Global Electric Aircraft Market Outlook
Revenue, 2023
Forecast, 2033
CAGR, 2024 - 2033
The Electric Aircraft industry revenue is expected to be around $13.9 billion in 2024 and expected to showcase growth with 15.6% CAGR between 2024 and 2033. Electric planes are changing the way we see air travel by offering eco-friendly flights and quieter skies. As of 2023, the electric aircraft market was worth about $10.4 billion and is expected to reach $28.7 billion by 2030; and $59 billion by 2035 at a growth rate of 15.6% CAGR. This growth is fueled by the aviation industry's move towards sustainability and improvements, in battery and fuel cell technologies.
Electric planes utilize electric propulsion systems that are mainly powered by batteries or hydrogen fuel cells as a sustainable option compared to traditional jet engines for short, to medium range flights. They help in significantly reducing emissions and ensuring quieter operations. Companies are currently dedicated to innovating in this sector with a focus to enhance battery longevity power efficiency and flight distance aiming to make electric aviation a feasible commercial option
Market Key Insights
- The Electric Aircraft market is projected to grow from $10.4 billion in 2023 to $44.3 billion in 2033. This represents a CAGR of 15.6%, reflecting rising demand across Passenger Transport and Cargo Transport.
- Eviation, Rolls-Royce, magniX are among the leading players in this market, shaping its competitive landscape.
- U.S. and Germany are the top markets within the Electric Aircraft market and are expected to observe the growth CAGR of 14.0% to 18.7% between 2023 and 2030.
- Emerging markets including India, China and Brazil are expected to observe highest growth with CAGR ranging between 10.9% to 16.4%.
- Transition like Shift Towards Hybrid Electric Models is expected to add $2 billion to the Electric Aircraft market growth by 2030.
- The Electric Aircraft market is set to add $33.9 billion between 2023 and 2033, with manufacturer targeting Long Range & undefined Range projected to gain a larger market share.
- With Environmental regulations and sustainability goals, and Technological advancements in batteries and fuel cells, Electric Aircraft market to expand 326% between 2023 and 2033.
