More Electric Aircraft Global Market Report 2024

Description

More Electric Aircraft Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on more electric aircraft market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
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Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for more electric aircraft? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The more electric aircraft market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Fixed Wing; Rotary Wing; Hybrid Wing
2) By Aircraft System: Propulsion System; Airframe System
3) By Application: Power Generation; Power Distribution; Power Conversion; Energy Storage
4) By End User: Civil; Military
Companies Mentioned: AMETEK Inc.; BAE Systems PLC; Bombardier Inc.; Elbit Systems Ltd.; GE Aviation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

In the aviation industry, a more electric aircraft refers to an aircraft design that relies more heavily on electrical power compared to conventional aircraft. This shift utilizes electric motors that generate power more efficiently than traditional aviation engines fueled by fossil fuels.

The primary categories of more electric aircraft encompass fixed-wing, rotary-wing, and hybrid-wing aircraft. Fixed-wing aircraft include propeller-driven or jet engine-powered planes with stationary wings. These aircraft systems cover propulsion, airframe systems, power generation, distribution, conversion, and energy storage, catering to both civil and military aviation applications.

The more electric aircraft market research report is one of a series of new reports from The Business Research Company that provides more electric aircraft market statistics, including more electric aircraft industry global market size, regional shares, competitors with a more electric aircraft market share, detailed more electric aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the more electric aircraft industry. This more electric aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The more electric aircraft market size has grown rapidly in recent years. It will grow from $2.86 billion in 2023 to $3.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth witnessed in the historical period can be credited to several factors, including heightened demands for fuel efficiency, stricter environmental regulations, advancements in power electronics, reduced maintenance costs, improved aircraft performance, and augmented reliability and redundancy measures.

The more electric aircraft market size is expected to see rapid growth in the next few years. It will grow to $5.5 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. Anticipated growth in the forecast period is linked to the adoption of distributed electric propulsion, advancements in energy storage systems, integration of sustainable aviation fuels, increased investment in electric propulsion research, global initiatives aimed at combating climate change, and government incentives promoting electrification. Significant trends expected during this period encompass integrated modular avionics (IMA), electrified flight control systems, expanded utilization of electric brakes, innovations in power generation, the incorporation of distributed electric propulsion, and collaborations fostering research and development efforts.

The projected surge in air passenger traffic is expected to drive the growth of the more electric aircraft market. These aircraft, equipped with computer-controlled, electrically driven propellers, cater to commercial and business passengers. For instance, as per the International Air Transport Association (IATA), global air traveler numbers are predicted to reach 4.0 billion by 2024, surpassing pre-COVID-19 levels by 103%. Consequently, the escalating air passenger traffic serves as a catalyst for the expansion of the more electric aircraft market.

The heightened demand for commercial aircraft is anticipated to fuel the growth of the more electric aircraft market. These aircraft, designed for transporting passengers and cargo for payment, integrate electrical components across various systems. In 2022, Airbus SE reported a significant increase in gross orders for commercial aircraft, reaching 1,078 compared to 771 in 2021. The consolidated order intake by value surged to $90.8 billion, leading to a consolidated order book valued at $449 billion by the end of 2022. This surge underscores the escalating demand for commercial aircraft, propelling the growth of the more electric aircraft market.

Innovations in electric aircraft represent a significant trend within the more electric aircraft market. Market leaders focus on pioneering technologies, exemplified by Rolls-Royce's introduction of the 'Spirit of Innovation' aircraft in November 2021. This all-electric aircraft set new speed records, achieving 555.9 km/h (345.4 mph) over three kilometers, surpassing previous records. Additionally, during tests at the Boscombe Down testing facility, the aircraft reached 532.1 km/h (330 mph) over 15 kilometers, showcasing exceptional performance and technological advancements.

Major players in the more electric aircraft market are dedicated to introducing all-electric passenger planes, like the Alice aircraft, to gain a competitive advantage. Eviation Aircraft launched Alice in September 2022, marking the first all-electric passenger plane capable of accommodating nine passengers and traveling approximately 250 nautical miles within one hour. Although its maximum cruise speed of 250 nautical miles is slower compared to conventional engines, the aircraft's reliance on battery-powered operation positions it as a forward-looking solution, ready to leverage future battery advancements.

Strategic acquisitions play a pivotal role in shaping the more electric aircraft market. In April 2022, Textron acquired Pipistrel for $235 million (€218 million), aiming to enhance manufacturing capacity and product development capabilities. Pipistrel, a Slovenian-based more-electric aircraft manufacturer, aligns with Textron's objectives of augmenting production facilities to meet market demands and bolstering innovation in the sector.

Major companies operating in the more electric aircraft market report are AMETEK Inc., BAE Systems PLC, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings PLC, Safran Group, Thales Group, Boeing, Airbus S.A.S, Lockheed Martin, Parker-Hannifin Corp., Eaton, Ampaire, Bye Aerospace, Dixion Motors Inc., Dufour Aerospace, Electric Aircraft Corporation, Embraer SA, Eviation Alice, Faradair, Joby Aviation, Longanair Ltd., Magnix, Pipistrel USA, Siemens, Wright Electric, Zunum Aero, AeroTEC

Europe was the largest region in the more electric aircraft market in 2023. The regions covered in the more electric aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the more electric aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The more electric aircraft market consists of sales of airships, unmanned aircraft, vertical flight, experimental demonstrators, solar aircraft, general aviation, and airliner projects. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12888

1. Executive Summary

2. More Electric Aircraft Market Characteristics

3. More Electric Aircraft Market Trends And Strategies

4. More Electric Aircraft Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global More Electric Aircraft Market Size and Growth

5.1. Global More Electric Aircraft Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global More Electric Aircraft Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global More Electric Aircraft Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. More Electric Aircraft Market Segmentation

6.1. Global More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Fixed Wing
Rotary Wing
Hybrid Wing
6.2. Global More Electric Aircraft Market, Segmentation By Aircraft System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Propulsion System
Airframe System
6.3. Global More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Power Generation
Power Distribution
Power Conversion
Energy Storage
6.4. Global More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Civil
Military

7. More Electric Aircraft Market Regional And Country Analysis

7.1. Global More Electric Aircraft Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global More Electric Aircraft Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific More Electric Aircraft Market

8.1. Asia-Pacific More Electric Aircraft Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China More Electric Aircraft Market

9.1. China More Electric Aircraft Market Overview
9.2. China More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India More Electric Aircraft Market

10.1. India More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan More Electric Aircraft Market

11.1. Japan More Electric Aircraft Market Overview
11.2. Japan More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia More Electric Aircraft Market

12.1. Australia More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia More Electric Aircraft Market

13.1. Indonesia More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea More Electric Aircraft Market

14.1. South Korea More Electric Aircraft Market Overview
14.2. South Korea More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe More Electric Aircraft Market

15.1. Western Europe More Electric Aircraft Market Overview
15.2. Western Europe More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK More Electric Aircraft Market

16.1. UK More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany More Electric Aircraft Market

17.1. Germany More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France More Electric Aircraft Market

18.1. France More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy More Electric Aircraft Market

19.1. Italy More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain More Electric Aircraft Market

20.1. Spain More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe More Electric Aircraft Market

21.1. Eastern Europe More Electric Aircraft Market Overview
21.2. Eastern Europe More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia More Electric Aircraft Market

22.1. Russia More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America More Electric Aircraft Market

23.1. North America More Electric Aircraft Market Overview
23.2. North America More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA More Electric Aircraft Market

24.1. USA More Electric Aircraft Market Overview
24.2. USA More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada More Electric Aircraft Market

25.1. Canada More Electric Aircraft Market Overview
25.2. Canada More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America More Electric Aircraft Market

26.1. South America More Electric Aircraft Market Overview
26.2. South America More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil More Electric Aircraft Market

27.1. Brazil More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East More Electric Aircraft Market

28.1. Middle East More Electric Aircraft Market Overview
28.2. Middle East More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa More Electric Aircraft Market

29.1. Africa More Electric Aircraft Market Overview
29.2. Africa More Electric Aircraft Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa More Electric Aircraft Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa More Electric Aircraft Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. More Electric Aircraft Market Competitive Landscape And Company Profiles

30.1. More Electric Aircraft Market Competitive Landscape
30.2. More Electric Aircraft Market Company Profiles
- 30.2.1. AMETEK Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. BAE Systems plc
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Bombardier Inc.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Elbit Systems Ltd.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. GE Aviation
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global More Electric Aircraft Market Competitive Benchmarking

32. Global More Electric Aircraft Market Competitive Dashboard

33. Key Mergers And Acquisitions In The More Electric Aircraft Market

34. More Electric Aircraft Market Future Outlook and Potential Analysis

34.1 More Electric Aircraft Market In 2028 - Countries Offering Most New Opportunities
34.2 More Electric Aircraft Market In 2028 - Segments Offering Most New Opportunities
34.3 More Electric Aircraft Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer