PUBLISHER: The Business Research Company | PRODUCT CODE: 1659254
PUBLISHER: The Business Research Company | PRODUCT CODE: 1659254
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 $3.21 billion in 2024 to $3.67 billion in 2025 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to fuel efficiency demands, environmental regulations, advancements in power electronics, reduction in maintenance costs, enhanced aircraft performance, increased reliability, and redundancy.
The more electric aircraft market size is expected to see rapid growth in the next few years. It will grow to $6.05 billion in 2029 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to adoption of distributed electric propulsion, advancements in energy storage systems, integration of sustainable aviation fuels, investment in electric propulsion research, global efforts to combat climate change, government incentives for electrification. Major trends in the forecast period include integrated modular avionics (IMA), electrified flight control systems, increased use of electric brakes, innovations in power generation, integration of distributed electric propulsion, collaborations for research and development.
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 gaining traction in the more electric aircraft market. Key players in the industry are focusing on developing advanced technologies, such as high-performance silicon carbide inverters, to enhance electric aircraft capabilities. For example, in April 2024, ZeroAvia, a US-based aerospace company, introduced a range of electric and hydrogen aviation components as part of its manufacturing strategy. This initiative is designed to tap into the multi-billion dollar market for hydrogen-electric powertrains. The company is currently working on certifying the ZA600 engine for aircraft with up to 20 seats and advancing the ZA2000 engine for those accommodating up to 90 seats. ZeroAvia has identified opportunities in areas like advanced electric motors, high-performance silicon carbide inverters, customizable LT-PEM fuel cells, HT-PEM fuel cell stacks, and a specialized aviation fuel cell compressor-all engineered to meet aerospace standards, enhance performance, and minimize the environmental impact of aviation.
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 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 2024. 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.
More Electric Aircraft Global Market Report 2025 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.
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.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.