30 October 2020
Visiongain has published a new report on Electric Aircraft Market Report : Forecasts by Component (Battery, Electric Motor, Aircraft Body, Control System), by Aircraft Type (Ultralight, Light), by Propulsion Type (All Electric, Semi Electric), by Range (Short Range, Medium Range, Long Range) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Global Electric Aircraft market was valued at US$ xx billion in 2021 and is projected to reach at a market value of US$ xx billion by 2031. The growth of this market can be attributed to low maintenance requirement of electric aircraft, growing demand for green aviation, and development of advanced batteries. Electric aircraft are electrically powered through electric motors, batteries, ground power cables, solar cells, ultra capacitors, fuel cells and power beaming. It is advantageous for aircraft operators as lifecycle cost is reduced by electric propulsion, driven by increased efficiency and reduced energy costs and, potentially reduced maintenance cost. The low maintenance of electric aircraft is one of the factors that will contribute to the growth of the market.
The aviation industry has been looking towards reducing their carbon footprint and focusing on green propulsion such as electrical propulsion. With the adoption of electric aircraft for travel such as air taxis, and regional transport, it will contribute to the initiative of the aviation industry focusing on green propulsion. In addition to this, as electric aircraft are electrically powered, the demand for electric aircraft is expected to grow in the upcoming years.
All-electric and hybrid-electric configurations demand high battery storage capacity and low-weight components as it is vital for all-electric aircraft. The electrical storage systems may require an energy density of at least 500 Wh/kg. Hence, development of advanced batteries is expected to drive the electric aircraft market.
COVID-19 Impact on Electric Aircraft Market
The COVID-19 outbreak has created a huge impact across the globe. Due to this pandemic, air travel has been impacted he worst, with numerous countries imposing travel bans on international passenger flights. Further, if travel restrictions will be relaxed, it would take time for the international travel to return back to the levels witnessed in the past few years. This has resulted in decline in aircraft orders as well as halt in various electric aircraft programs.
The players operating in the aviation industry are highly focused on developing electric aircraft as well as components supporting the electric aircraft architecture. In addition to this the key players are carrying out developments for electric aircraft. Some of the companies profiled in the report include Hamilton Aero, PC Aero, Yuneec International, Eviation Aircraft, Zunum Aero, Pipistrel, Schempp-Hirth, Lilium, Airbus, Alisport SRL, among others.
• In May 2020, Eviation and GKN Aerospace have entered into an agreement for the design and manufacture of wings, empennage and electrical wiring interconnection systems (EWIS) for Alice, the regional electric aircraft recently launched by Eviation.
• In July 2020, Lilium and Toray Industries, a manufacturer of carbon fiber entered into a partnership for the supply of higher performance carbon fiber composite.
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