The Report “Electric Aircraft Market by Aircraft Type (Ultralight Aircraft, Light Jet), Component (Battery, Electric Motor), Technology (Hybrid and All Electric), Range (Less than 500 Km and More than 500 Km), and Region – Global Forecast to 2023″, The electric aircraft market is projected to grow from an estimated USD 99.3 Million in 2018 to USD 121.8 Million by 2023, at a CAGR of 4.17% from 2018 to 2023. Low cost of ownership of electric aircraft and advantages of electric aircraft over traditional aircraft are driving the electric aircraft market.
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Target Audience for this Report:
- Manufacturers of Electric aircraft
- Providers or Suppliers of Electric Aircraft Parts
- Manufacturers of Sub-Components
- Retailers, Distributors, and Wholesalers of Electric Aircraft
- Technology Support Providers
- Manufacturers of Defense Components
- Manufacturers of Aerospace Components
- System Integrators
- Governmental Bodies
Based on range, the less than 500 km segment is projected to lead the electric aircraft market during the forecast period
Based on the range, the less than 500 km segment is expected to lead the electric aircraft market during the forecast period. Aircraft can achieve higher range with the introduction of advanced and high capacity batteries in the market. As a result, the electric aircraft with increased range were launched for commercial use. The ultralight electric aircraft available in the market mostly have range from 0 to 500 km. These aircraft are used for recreational and training purposes.
Based on component, the battery segment of the electric aircraft market is projected to witness the highest growth during the forecast period
Based on component, the battery segment of the electric aircraft market is projected to witness the highest growth during the forecast period. Batteries and other storage devices can be installed in the primary structure of the electric aircraft; most electric powered aircraft use lithium-ion batteries. These batteries are economic and can be scaled to build larger systems of several hundred kWh energys capacity.
The Europe region is expected to lead the electric aircraft market during the forecast period from 2018 to 2023
The Europe region is expected to lead the electric aircraft market during the forecast period. The aircraft industry in Europe is aiming to use new advanced materials, such as gamma-titanium aluminides and single crystals, with improved mechanical properties, these advanced engines help aircraft reduce its fuel consumption, carbon emissions, and noise pollution.
Key Market Players
Major players in the electric aircraft market include Zunum Aero (US), Yuneec International (China), PC Aero (Germany), Pipistrel (Italy), Eviation Aircraft (Israel) Lilium (Germany), Schempp-Hirth (Germany), Volta-Volaré (US), Bye Aerospace (US) and Electric Aircraft Corporation (US) among others. These companies have significant geographic reach and distribution channels.
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More Electric Aircraft Market by Technology (Power Electronics, Thermal Management, Energy Storage & Others), Application (Power Generation, Passenger Comfort, Air Pressurization & Others) Platform (Fixed Wing, Rotary Wing), and Region – Global Forecast to 2021