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Electric Aircraft Market Size to Reach $23.5 Billion, Globally, by 2031 at 10.9% CAGR: Allied Market Research
- https://www.alliedmarketresearch.com/request-sample/5502
The increase in environmental concerns, technological advancement in batteries and electric propulsion systems, rise in demand for short range regional routes, and surge in efforts to reduce overall carbon footprint and operational cost of aviation industry drive the growth of the global electric aircraft market. However, several challenges such as the requirement of large and bulky batteries to generate required power, the need to charge the aircraft frequently before scheduled flight path, and limited infrastructure capabilities restrict the market growth. Moreover, the rise in efforts by major companies across the globe to develop electric aircraft capabilities, supported by their research and development budgets, is presenting new opportunities in the coming years.
Based on takeoff type, the vertical takeoff and landing segment held the highest market share in 2021, accounting for nearly half of the global electric aircraft market, and is estimated to maintain its leadership status throughout the forecast period. Increase in requirement of drones for commercial and non-commercial market support the growth of the VTOL segment in the electric aircraft market. Moreover, integration of electric propulsion system in helicopters and tiltrotors further support business opportunities within the segment. However, the conventional takeoff and landing segment is projected to manifest the highest CAGR of 12.5% from 2022 to 2031, due to rise in demand for small and regional aircraft to cater tourism and private aerial operations.
- https://www.alliedmarketresearch.com/electric-aircraft-market/purchase-options
Based on component, the aerostructures segment held the highest market share in 2021, accounting for nearly one-third of the global electric aircraft market. Aerostructures are one of the most crucial components of electric aircraft. The efficiency of electric propulsion system coupled with aerodynamics of an aircraft will play a major role in deciding the flight length of an aircraft. However, the batteries segment is projected to manifest the highest CAGR of 12.6% from 2022 to 2031, and is estimated to maintain its leadership status throughout the forecast period. New design concepts and innovation in manufacturing technologies to manufacture aircrafts with improved aerodynamics is one of the major factors supporting the business segment growth.
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global electric aircraft market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 12.3% from 2022 to 2031, owing to presence of significant number of companies in the region. Technological advancement in North America is intended to ensure secure, cost-effective, and efficient channels of electric aircraft manufacturing processes.
- https://www.alliedmarketresearch.com/purchase-enquiry/5502
The report provides a detailed analysis of these key players of the global electric aircraft market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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