Home Industry Reports Custom Research Blogs About Us Contact us

More Electric Aircraft Market Size & Share, By Aircraft Type (Fixed Wing, Rotary Wing), System (Power Electronics, Thermal Management System, Safety Systems & Advanced Material, Energy Storage Devices), Application, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Report ID: FBI 7616

|

Published Date: Sep-2024

|

Format : PDF, Excel

Market Outlook:

More Electric Aircraft Market surpassed USD 4.64 Billion in 2023 and is poised to exceed USD 13.94 Billion by end of the year 2032, growing at over 13% CAGR between 2024 and 2032.

Base Year Value (2023)

USD 4.64 Billion

19-23 x.x %
24-32 x.x %

CAGR (2024-2032)

13%

19-23 x.x %
24-32 x.x %

Forecast Year Value (2032)

USD 13.94 Billion

19-23 x.x %
24-32 x.x %
More Electric Aircraft Market

Historical Data Period

2019-2023

More Electric Aircraft Market

Largest Region

North America

More Electric Aircraft Market

Forecast Period

2024-2032

Get more details on this report -

Market Dynamics:

Growth Drivers & Opportunity:

One of the primary growth drivers for the More Electric Aircraft (MEA) market is the increasing demand for fuel efficiency and environmental sustainability in aviation. As airlines face mounting pressure to reduce carbon emissions and operating costs, the shift towards more electric systems—such as electric engines and electrified aircraft systems—offers a viable solution. These technologies not only reduce reliance on traditional fossil fuels but also promise lower maintenance costs and improved operational efficiency. The growing regulatory frameworks and initiatives aimed at promoting greener aviation practices further support this trend, making MEAs an attractive option for airlines looking to enhance their sustainability profiles.

Another significant driver is the advancements in battery technology and energy storage systems. The development of high-capacity, lightweight batteries has made it increasingly feasible to integrate electric propulsion systems into aircraft. Innovations in lithium-ion and other emerging battery technologies are paving the way for longer flight ranges and shorter charging times, thus enhancing the practicality of electric aircraft for commercial use. As these technologies continue to evolve, they are likely to play a crucial role in expanding the operational capabilities of More Electric Aircraft, allowing for greater adoption across various segments of the aviation market.

Additionally, the continuous growth of urban air mobility (UAM) presents a substantial opportunity for the More Electric Aircraft market. As urban areas become increasingly congested and aviation technology evolves, there is a rising interest in developing electric vertical takeoff and landing (eVTOL) aircraft. These aircraft, which rely on electric propulsion, are being touted as a solution to alleviate urban traffic issues and provide quick, efficient transportation alternatives. The proliferation of start-ups and established aerospace companies investing in UAM solutions is expected to fuel innovation and market growth in the MEA sector.

Report Scope

Report CoverageDetails
Segments CoveredAircraft Type, System, Application
Regions Covered• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledAirbus S.A.S, Astronics, Augusta Westland, BAE Systems Plc., Boeing Company, Bombardier Inc, General Electric, Honeywell International, Liebherr-Elektronik, Lockheed Martin., Raytheon Technologies, Rolls-Royce Holdings plc, Safran S.A., Thales Group, United technologies

Unlock insights tailored to your business with our bespoke market research solutions - Click to get your customized report now!

Industry Restraints:

One of the major restraints impacting the growth of the More Electric Aircraft market is the high initial cost of development and certification. Transitioning from conventional aircraft to electric-powered systems involves substantial investment in research, development, and infrastructure. This financial barrier can deter smaller airlines and manufacturers from pursuing electrification initiatives, limiting the overall market potential. Additionally, the rigorous certification process for new aircraft technologies can prolong timelines and increase costs, further constraining companies’ abilities to bring innovative electric aircraft to market efficiently.

Another significant restraint is the current limitations of electric propulsion systems, particularly concerning energy density and range. While advancements in battery technology are being made, existing electric power sources still face challenges such as limited flight range and weight considerations. Many electric aircraft currently lack the necessary energy capacity to perform long-haul flights, which restricts their application primarily to short-haul or regional services. Until breakthroughs in energy storage and propulsion efficiency are achieved, these limitations pose a significant challenge to the widespread adoption of More Electric Aircraft in commercial aviation.

Regional Forecast:

More Electric Aircraft Market

Largest Region

North America

30% Market Share in 2023

Get more details on this report -

North America

The More Electric Aircraft (MEA) market in North America is driven by advancements in electric propulsion technologies and increasing investment in sustainable aviation. The United States holds a significant portion of the market share, primarily due to the presence of major aerospace manufacturers such as Boeing and Lockheed Martin, which are focusing on integrating more electric solutions into their aircraft designs. Additionally, government initiatives aimed at reducing carbon emissions and enhancing fuel efficiency further promote the adoption of MEA technologies. Canada is also making strides in MEA development with innovations from companies like Bombardier and a commitment to cleaner aviation.

Asia Pacific

The Asia Pacific region is witnessing rapid growth in the More Electric Aircraft market, with countries like China, Japan, and South Korea leading the charge. China's focus on developing domestic aircraft and reducing reliance on foreign technology drives investments in MEA initiatives. The Chinese government is actively promoting electric and hybrid aircraft through its aviation sector reforms. Japan and South Korea are also investing heavily in research and development of MEA technologies, highlighting their commitment to sustainable aviation through partnerships between government and private entities. The increasing demand for air travel in these countries further fuels the necessity for more efficient and less polluting aircraft.

Europe

Europe is a key player in the More Electric Aircraft market, with a robust framework of regulations and initiatives aimed at achieving carbon neutrality in aviation by 2050. The United Kingdom, Germany, and France are at the forefront of this shift, each making significant investments in MEA technologies. The UK has implemented various programs to support the development of low-emission aircraft, while Germany's aerospace sector is focusing on innovative propulsion systems. France is home to Airbus, which is actively pursuing MEA advancements, including the E-Fan electric aircraft project. Collaborative efforts among European countries and the European Union’s Green Deal further enhance the MEA landscape, positioning the region as a leader in sustainable aviation.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
More Electric Aircraft Market
More Electric Aircraft Market

Segmentation Analysis:

""

In terms of segmentation, the global More Electric Aircraft market is analyzed on the basis of Aircraft Type, System, Application.

More Electric Aircraft Market Segment Analysis

Aircraft Type

The More Electric Aircraft Market is categorized into two primary aircraft types: Fixed Wing and Rotary Wing. Fixed Wing aircraft, which are widely used in commercial aviation, military operations, and cargo transport, are increasingly integrating electric propulsion systems to enhance fuel efficiency and reduce emissions. The demand for more sustainable travel solutions drives innovation in fixed wing designs, leading to advancements in hybrid-electric systems that can operate in a wide range of conditions. On the other hand, Rotary Wing aircraft, including helicopters and drones, are also witnessing significant growth in the integration of electric technologies. The agility and operational versatility of rotary wing aircraft combined with electric systems present opportunities for urban air mobility and delivery applications, making them a critical segment of the more electric aircraft market.

System

The More Electric Aircraft Market comprises various systems, including Power Electronics, Thermal Management Systems, Safety Systems & Advanced Materials, and Energy Storage Devices. Power Electronics systems play a crucial role in managing electrical energy distribution and ensuring efficient operation of the aircraft's electric propulsion systems. Thermal Management Systems are vital for maintaining optimal operating temperatures for electric components, thereby enhancing performance and reliability. Safety Systems & Advanced Materials ensure the integrity and reliability of electric aircraft through advancements in materials engineering and safety protocols. Lastly, Energy Storage Devices, particularly advanced battery technologies, are fundamental for the development of electric and hybrid aircraft, providing the necessary power for longer flights and improving overall range and efficiency.

Application

The application segment of the More Electric Aircraft Market involves various end-use scenarios, including Commercial Aviation, Military Aviation, Cargo Transport, and Urban Air Mobility. In Commercial Aviation, airlines are increasingly adopting electric and hybrid systems to reduce operational costs and carbon footprints, leading to innovative designs in new aircraft models. Military Aviation is exploring more electric solutions for operational efficiency and strategic advantages, focusing on advancements in unmanned systems. Cargo Transport also benefits from more electric aircraft, as logistics companies seek efficient, reliable transport methods to meet growing demands. Furthermore, Urban Air Mobility applications are rapidly emerging as key drivers of the market, with electric vertical takeoff and landing (eVTOL) aircraft promising to revolutionize urban transportation, addressing congestion and providing swift aerial solutions for short-distance travel.

Get more details on this report -

Competitive Landscape:

The competitive landscape in the More Electric Aircraft Market is characterized by a diverse range of companies focused on advancing electrification technologies for aviation. Key players are investing heavily in research and development to enhance the efficiency, range, and safety of electric propulsion systems. Strong partnerships between traditional aerospace manufacturers and technology companies are emerging, aimed at accelerating the integration of more electric systems into new and existing aircraft platforms. Additionally, regulatory support and a growing emphasis on sustainability are driving innovation and competition in the market, as stakeholders seek to reduce carbon emissions and operational costs.

Top Market Players

Boeing

Airbus

GE Aviation

Rolls-Royce

Safran

Thales Group

Honeywell

Raytheon Technologies

Siemens

Kawasaki Heavy Industries

Our Clients

Why Choose Us

Specialized Expertise: Our team comprises industry experts with a deep understanding of your market segment. We bring specialized knowledge and experience that ensures our research and consulting services are tailored to your unique needs.

Customized Solutions: We understand that every client is different. That's why we offer customized research and consulting solutions designed specifically to address your challenges and capitalize on opportunities within your industry.

Proven Results: With a track record of successful projects and satisfied clients, we have demonstrated our ability to deliver tangible results. Our case studies and testimonials speak to our effectiveness in helping clients achieve their goals.

Cutting-Edge Methodologies: We leverage the latest methodologies and technologies to gather insights and drive informed decision-making. Our innovative approach ensures that you stay ahead of the curve and gain a competitive edge in your market.

Client-Centric Approach: Your satisfaction is our top priority. We prioritize open communication, responsiveness, and transparency to ensure that we not only meet but exceed your expectations at every stage of the engagement.

Continuous Innovation: We are committed to continuous improvement and staying at the forefront of our industry. Through ongoing learning, professional development, and investment in new technologies, we ensure that our services are always evolving to meet your evolving needs.

Value for Money: Our competitive pricing and flexible engagement models ensure that you get maximum value for your investment. We are committed to delivering high-quality results that help you achieve a strong return on your investment.

Select Licence Type

Single User

US$ 4250

Multi User

US$ 5050

Corporate User

US$ 6150

More Electric Aircraft Market Size & Share, By Air...

RD Code : 24