Global More Electric Aircraft market trends 2024, Forecast To 2033
4 Mar, 2024
The more electric aircraft market has experienced rapid growth, projected to increase from $2.86 billion in 2023 to$3.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. This growth is attributed to demands for fuel efficiency, environmental regulations, and advancements in power electronics, leading to enhanced aircraft performance and reliability. Forecasts indicate continued rapid growth, with the market expected to reach $5.5 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. Drivers for this growth include the adoption of distributed electric propulsion, advancements in energy storage systems, integration of sustainable aviation fuels, and global initiatives to combat climate change, supported by government incentives for electrification. Major trends shaping the forecast period include the integration of integrated modular avionics, electrified flight control systems, increased use of electric brakes, innovations in power generation, and collaborations for research and development.
Global More Electric Aircraft Market Key Driver
The increase in air passenger traffic is expected to propel the growth of the more electric aircraft market going forward. Air passenger traffic refers to the number of passengers in an aircraft. More electric aircraft are used to carry commercial and business passengers with advanced features such as computer-controlled, electrically driven propellers. For instance, according to the International Air Transport Association (IATA), a Canada-based trade association of the world's airlines, overall air traveler numbers will reach 4.0 billion in 2024, exceeding pre-COVID-19 levels by 103%. Therefore, the rise in air passenger traffic is driving the growth of the more electric aircraft market. The more electric aircraft market reached $X billion in 2023 and is projected to continue its growth trajectory to reach $Y billion by 2028.
Get A Free Sample Of The Global More Electric Aircraft Market ReportGlobal More Electric Aircraft Market Segments
The global more electric aircraft market covered in this report is segmented –
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
By Geography: The regions covered in the more electric aircraft market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major More Electric Aircraft Industry Players
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
Get The Full Global More Electric Aircraft Market Report
More Electric Aircraft Market Overview
A more electric aircraft is an aircraft that employs a greater proportion of electrical secondary power than a legacy or traditional aircraft. Electric motors generate electricity more efficiently than combustion of fossil fuels in an aviation engine.
More Electric Aircraft Global Market Report 2023 provides data on the global more electric aircraft market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The more electric aircraft market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.