Aircraft Electrification Market Growth, Trends, Forecast 2031

The Aircraft Electrification Market size is projected to reach US$ 22.54 billion by 2031 from US$ 7.87 billion in 2023. The market is expected to register a CAGR of 14.1% in 2023–2031. The growing concern for mitigating environmental pollution and lowering carbon emissions from the aviation sector is anticipated to boost the demand for aircraft electrification globally. The growing emphasis on rising fuel efficiency is anticipated to drive the application of aircraft electrification at the global level.

Aircraft Electrification Market Analysis

The process of operating aircraft systems through electrical methods rather than through conventional fuel-driven techniques. The procedure of electrification provides a number of prospective advantages, such as reduced emissions, increased fuel efficiency, and augmented aircraft range. The market of aircraft electrification also includes the advancement, fabrication, and supply of numerous systems utilized in the aircraft electrification process. The major aim of aircraft electrification is to make air travel more environment-friendly and sustainable while enhancing operational efficiency and lowering costs.

Aircraft Electrification Market Overview

The upsurge in the number of air travel and aircraft fleet size, pollution levels are also rising globally. The demand for electric aircraft is rising as it primarily helps in lowering carbon emissions. Government agencies such as the Federal Aviation Administration and the International Civil Aviation Organization, among others, are focusing on sustainable alternatives to fuel to mitigate environmental pollution.

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Aircraft Electrification Market: Strategic Insights

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Aircraft Electrification Market Drivers and Opportunities

Growing Concerns Regarding Carbon Emission is Expected to be the Prime Driver for Aircraft Electrification Market

The aviation sector is one of the key contributors to greenhouse gas emissions that direct to climate change by utilizing fossil fuels. The employment of aircraft electrification technology is rising due to growing concern towards more sustainable and environment-friendly alternatives, rising climate change concerns, and supportive government initiatives towards boosting the usage of environment-friendly options across the globe. Governments of several economies are recognizing the significance of switching to electrification technologies for aircraft to meet the future targets of achieving low to zero carbon emissions. For instance, the US government targets to lower net GHG emissions by ~50–~52% in comparison to 2005 levels by 2031 and attain net zero emissions by 2050. Likewise, the German government has fixed a target to lower its carbon emissions by ~65% compared to 1990 levels by 2031. Thus, the growing environmental concern and focus on mitigating carbon emissions, along with encouraging fuel-efficient technology in the aviation sector is driving the market for aircraft electrification market globally.

Advancement of Electric Propulsion-Based eVTOL Aircraft

The increasing developments in electric propulsion-based UAVs are also expected to boost the eVTOL aircraft in the coming years, which is a major opportunity for the aircraft electrification market. Also, the operators across this market are initially focusing on the development of fully electric propulsion-based eVTOL aircraft, which is acting as one of the major drivers of the aircraft electrification market. For instance, in May 2022, Volocopter, a German startup, announced that it is partnering with Jetex, an aircraft ground handling company, to deploy and operate permanent vertiport infrastructure for passenger services. The startup will launch operations in 2024. As battery technology has improved over the years, eVTOL is becoming sustainable. Electric propulsion-driven eVTOL can move into intra-city and inter-city aviation. The funding from key players is also increasing, which is anticipated to drive the development of the market. Thus, the growing proliferation of electric propulsion-based eVTOL aircraft is projected to propel the growth of the aircraft electrification market over the forecast period.

Aircraft Electrification Market Report Segmentation Analysis

Key segments that contributed to the derivation of the aircraft electrification market analysis are component, technology, application, and platform.

• Based on the component, the aircraft electrification market has been divided into batteries, fuel cells, solar cells, electric actuators, electric pumps, generators, motors, power electronics, and distribution devices. The batteries segment held a larger market share in 2023.
• In terms of technology, the market has been segmented into more electric, hybrid electric, and fully electric. The hybrid electric segment dominated the market in 2023.
• In terms of application, the market has been segmented into power generation, power distribution, power conversion, and energy storage. The power generation segments dominated the market in 2023.
• In terms of platform, the market has been segmented into commercial aviation, military aviation, business & general aviation, fixed wing, rotary wing, unmanned aerial vehicles, and advanced air mobility. The commercial aviation segments dominated the market in 2023.

Aircraft Electrification Market Share Analysis by Geography

The geographic scope of the Aircraft Electrification Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America led the aircraft electrification market in 2023. The North America region includes the US, Canada, and Mexico. High investment in advanced technologies and a growing focus on reducing carbon emissions from the airline sector are acting as a major driver for the aircraft electrification market. The high presence of airlines and major aircraft electrification manufacturers is also driving the growth of the aircraft electrification market in North America.

Aircraft Electrification Market Regional Insights

The regional trends and factors influencing the Aircraft Electrification Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Aircraft Electrification Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Aircraft Electrification Market Report Scope

Aircraft Electrification Market Players Density: Understanding Its Impact on Business Dynamics

The Aircraft Electrification Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Aircraft Electrification Market are:

1. Collins Aerospace
2. MagniX
3. BAE Systems
4. Meggitt plc
5. Safran S.A.
6. Honeywell International Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Aircraft Electrification Market News and Recent Developments

The Aircraft Electrification Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Aircraft Electrification Markets market and strategies:

• On July 2022, Collins Aerospace collaborated with Hybrid Air Vehicles and the University of Nottingham and launched its 500-kilowatt electric motor appropriate for the Airlander 10. (Source: Collins Aerospace, Press Release/Company Website/Newsletter)
• On March 2023, BAE Systems associated with Heart Aerospace to work on the battery system for Heart’s ES-30 regional electric airplane. (Source: BAE Systems, Press Release/Company Website/Newsletter)

Aircraft Electrification Market Report Coverage and Deliverables

The “Aircraft Electrification Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles with SWOT analysis