More Electric Aircraft Global Market Report 2024

The global more electric aircraft market has grown rapidly in recent years. It will grow from $2.86 billion in 2023 to $3.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth witnessed in the historical period can be credited to several factors, including heightened demands for fuel efficiency, stricter environmental regulations, advancements in power electronics, reduced maintenance costs, improved aircraft performance, and augmented reliability and redundancy measures.

The global more electric aircraft market is expected to see rapid growth in the next few years. It will grow to $5.5 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. Anticipated growth in the forecast period is linked to the adoption of distributed electric propulsion, advancements in energy storage systems, integration of sustainable aviation fuels, increased investment in electric propulsion research, global initiatives aimed at combating climate change, and government incentives promoting electrification. Significant trends expected during this period encompass integrated modular avionics (IMA), electrified flight control systems, expanded utilization of electric brakes, innovations in power generation, the incorporation of distributed electric propulsion, and collaborations fostering research and development efforts.

The projected surge in air passenger traffic is expected to drive the growth of the more electric aircraft market. These aircraft, equipped with computer-controlled, electrically driven propellers, cater to commercial and business passengers. For instance, as per the International Air Transport Association (IATA), global air traveler numbers are predicted to reach 4.0 billion by 2024, surpassing pre-COVID-19 levels by 103%. Consequently, the escalating air passenger traffic serves as a catalyst for the expansion of the more electric aircraft market.

The heightened demand for commercial aircraft is anticipated to fuel the growth of the more electric aircraft market. These aircraft, designed for transporting passengers and cargo for payment, integrate electrical components across various systems. In 2022, Airbus SE reported a significant increase in gross orders for commercial aircraft, reaching 1,078 compared to 771 in 2021. The consolidated order intake by value surged to $90.8 billion, leading to a consolidated order book valued at $449 billion by the end of 2022. This surge underscores the escalating demand for commercial aircraft, propelling the growth of the more electric aircraft market.

Innovations in electric aircraft represent a significant trend within the more electric aircraft market. Market leaders focus on pioneering technologies, exemplified by Rolls-Royce's introduction of the ‘Spirit of Innovation’ aircraft in November 2021. This all-electric aircraft set new speed records, achieving 555.9 km/h (345.4 mph) over three kilometers, surpassing previous records. Additionally, during tests at the Boscombe Down testing facility, the aircraft reached 532.1 km/h (330 mph) over 15 kilometers, showcasing exceptional performance and technological advancements.

Major players in the more electric aircraft market are dedicated to introducing all-electric passenger planes, like the Alice aircraft, to gain a competitive advantage. Eviation Aircraft launched Alice in September 2022, marking the first all-electric passenger plane capable of accommodating nine passengers and traveling approximately 250 nautical miles within one hour. Although its maximum cruise speed of 250 nautical miles is slower compared to conventional engines, the aircraft’s reliance on battery-powered operation positions it as a forward-looking solution, ready to leverage future battery advancements.

Strategic acquisitions play a pivotal role in shaping the more electric aircraft market. In April 2022, Textron acquired Pipistrel for $235 million (€218 million), aiming to enhance manufacturing capacity and product development capabilities. Pipistrel, a Slovenian-based more-electric aircraft manufacturer, aligns with Textron's objectives of augmenting production facilities to meet market demands and bolstering innovation in the sector.

Major companies operating in the more electric aircraft market report are AMETEK Inc., BAE Systems PLC, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings PLC, Safran Group, Thales Group, Boeing, Airbus S.A.S, Lockheed Martin, Parker-Hannifin Corp., Eaton, Ampaire, Bye Aerospace, Dixion Motors Inc., Dufour Aerospace, Electric Aircraft Corporation, Embraer SA, Eviation Alice, Faradair, Joby Aviation, Longanair Ltd., Magnix, Pipistrel USA, Siemens, Wright Electric, Zunum Aero, AeroTEC

Europe was the largest region in the more electric aircraft market in 2023. The regions covered in the more electric aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the more electric aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of more electric aircraft encompass fixed-wing, rotary-wing, and hybrid-wing aircraft. Fixed-wing aircraft include propeller-driven or jet engine-powered planes with stationary wings. These aircraft systems cover propulsion, airframe systems, power generation, distribution, conversion, and energy storage, catering to both civil and military aviation applications.

This report provides more electric aircraft market statistics, including more electric aircraft industry global market size, regional shares, competitors with a more electric aircraft market share, detailed more electric aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the more electric aircraft industry. This more electric aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The more electric aircraft market consists of sales of airships, unmanned aircraft, vertical flight, experimental demonstrators, solar aircraft, general aviation, and airliner projects. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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