COVID-19 Impact on the Electric Aircraft Market - Global Forecast to 2030

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COVID-19 Impact on the Electric Aircraft Market -
Global Forecast to 2030 The Global Market for
Electric Aircraft is estimated to be USD 7.9
billion in 2021 and is projected to reach USD
27.7 billion by 2030, at a CAGR of 14.8 during
the forecast period. The growth of this Electric
Aircraft Market is mainly driven by the
deployment of urban air mobility aircraft and the
increasing use of electric aircraft for cargo
applications and different aerial
mission-specific activities. The sudden
outbreak of the COVID-19 has taken a
toll on various industrial sectors, with
aviation being one of the worst affected.
However, the electric aircraft market did not
seem to impacted
have been by the
pandemic as much as the aviation industry as a
whole. Electric UAVs were widely used by
militaries for a variety of missions like border
security, while governments and law enforcement
agencies used them on an experimental
basis. Download PDF Brochure _at_ https//www.markets
andmarkets.com/pdfdownloadNew.asp?id52646445 Elec
tric aircraft manufacturers such as Airbus,
Eviation, Zunum Aero, and Pipistrel identify the
need for cleaner aircraft as a major opportunity
in the near future. Thus, the need for
sustainable air travel is a major factor driving
the electric aircraft market. Increasing
adaptability of the latest technologies by civil
and commercial end users is expected to fuel the
growth of the light ultralight aircraft market
during the forecast period. The light
ultralight aircraft segment is expected to grow
the largest, based on platform of electric
aircraft. Various technological advancements
and aircraft modernization programs are expected
to boost the market for electric aircraft. Low
noise electric UAVs are increasingly adopted in
civil and military applications. An increase in
corporate activities and the need for aircraft
with low carbon footprints are to drive demand
for electric aircraft.
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The Hybrid wing segment is projected to witness
the highest CAGR during the forecast
period. Based on type, the rotary wing segment is
projected to be the highest CAGR rate for the
electric aircraft market during the forecast
period. The evolution in the missions complexity
of both military aircraft and unmanned aerial
vehicles (UAVs) and the increase in civilian air
traffic, with limited runways, will lead to
increasing adoption of these wing type. The
Batteries segment is projected to witness the
highest CAGR during the forecast period. Based on
the system, the battery segment is projected to
grow at the highest CAGR rate for the electric
aircraft market during the forecast period.
Batteries are the most common onboard energy
storage components of electric aircraft due to
their relatively high storage capacity. Modern
batteries are mostly rechargeable and are
lithium- based. Advancements in battery power
density would be the driving factor for this
segment The VTOL segment is projected to witness
the highest CAGR during the forecast period Based
on the technology, the VTOL segment is projected
to grow at the highest CAGR rate for the aircraft
landing gear market during the forecast period.
Large deployment in civil applications, including
air taxi and ems services, will drive this
segment. Most of the civil eVTOL aircraft are
designed for urban air mobility, air taxis,
medical assistance, and personnel passenger
transportation. The Civil segment is projected to
witness the highest CAGR during the forecast
period Based on application, the Civil segment is
projected to grow at the highest CAGR rate for
the aircraft landing gear market during the
forecast period. As urban planners, public
transit agencies, and walking and biking
advocates work to steer cities away from a
future congested with cars and as others
discuss ethics, realities, and regulations of
autonomous vehicles, increasing developments
in urban mobility applications will drive this
segment. The North American market is projected
to contribute the largest share from 2021 to
2026 Electric Aircraft market in North America is
projected to hold the highest market share during
the forecast period. North America accounted for
the largest share of 34.3 of the electric
aircraft market and is expected to grow at a CAGR
of 16.1 during the forecast period. The US
has the largest UAV fleet used in military
and civil
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applications. Early adoption of electric aircraft
for urban air mobility is also being witnessed in
the US. These factors are expected to drive the
market in North America. Key Market Players The
electric aircraft market is dominated by a few
globally established players such as Airbus SE
(Netherlands), Elbit Systems Ltd. (Israel), and
AeroVironment, Inc (US). Ask for Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
ew.asp?id52646445
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