• Electrical India
  • Apr 6, 2018

Electric Aircraft Market to be worth 121.8 Million US$ by 2023

 According to a new market research report from MarketsandMarkets, the electric aircraft market is projected to grow from an estimated US$ 99.3 Million in 2018 to US$ 121.8 Million by 2023, at a CAGR of 4.17% from 2018 to 2023. Low cost of ownership of electric aircraft and advantages of electric aircraft over traditional aircraft are driving the electric aircraft market.

Based on range, the less than 500 km segment is projected to lead the electric aircraft market during the forecast period

  Based on the range, the less than 500 km segment is expected to lead the electric aircraft market during the forecast period. Aircraft can achieve higher range with the introduction of advanced and high capacity batteries in the market. As a result, the electric aircraft with increased range were launched for commercial use. The ultralight electric aircraft available in the market mostly have range from 0 to 500 km. These aircraft are used for recreational and training purposes.

Based on component, the battery segment of the electric aircraft market is projected to witness the highest growth during the forecast period

  Based on component, the battery segment of the electric aircraft market is projected to witness the highest growth during the forecast period. Batteries and other storage devices can be installed in the primary structure of the electric aircraft; most electric powered aircraft use lithium-ion batteries. These batteries are economic and can be scaled to build larger systems of several hundred kWh energys capacity.

The Europe region is expected to lead the electric aircraft market during the forecast period from 2018 to 2023

  The Europe region is expected to lead the electric aircraft market during the forecast period. The aircraft industry in Europe is aiming to use new advanced materials, such as gamma-titanium aluminides and single crystals, with improved mechanical properties, these advanced engines help aircraft reduce its fuel consumption, carbon emissions, and noise pollution.