Hybrid Electric Aircrafts Market 2024

The hybrid electric aircrafts market size has grown exponentially in recent years. It will grow from $1.41 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The increase during the historical period can be linked to escalating fuel prices, heightened environmental awareness, more stringent emissions regulations, a rising demand for energy-efficient aviation, and governmental backing for green aviation projects.

The hybrid electric aircrafts market size is expected to see exponential growth in the next few years. It will grow to $4.35 billion in 2028 at a compound annual growth rate (CAGR) of 25.4%. The anticipated growth in the forecast period is driven by the increasing adoption of urban air mobility (UAM), a heightened emphasis on reducing noise, broader airline sustainability objectives, the development of hybrid propulsion systems for larger aircraft, and growing investments in electric aviation infrastructure. Key trends during the forecast period include the creation of hybrid-electric air taxis, improvements in fast charging infrastructure, a shift toward modular electric powertrains, an expansion of government incentives for sustainable aviation, and the integration of AI for flight optimization and energy management.

The increasing air traffic is expected to drive the growth of the hybrid-electric aircraft market in the coming years. As economic growth and rising incomes boost consumer spending on travel, the demand for air transportation continues to rise. Furthermore, the expansion of international tourism and the availability of affordable airfare contribute to increased passenger numbers and air traffic. Hybrid-electric aircraft can alleviate some of this traffic by minimizing emissions and noise, leading to more efficient and eco-friendly operations at busy airports. For instance, a report released in February 2024 by the International Air Transport Association (IATA), a Canada-based trade organization, noted that global air traffic grew by 36.9% in 2023 compared to 2022. Thus, the rising air traffic is set to propel growth in the hybrid-electric aircraft sector.

Leading companies in the hybrid-electric aircraft market are concentrating on developing high-speed propulsion systems, such as turbogenerator technology, to enhance efficiency and reduce environmental impact. This technology uses a turbine to generate electricity, often in combination with high-speed engines, to provide power efficiently and reliably. For example, in June 2022, Rolls-Royce Holdings plc, a UK aerospace and defense company, unveiled a new turbogenerator system intended as an onboard power source for hybrid-electric aircraft. This system offers scalable power output ranging from 500 kW to 1200 kW and is designed to complement Rolls-Royce's existing electric propulsion solutions. The innovation aims to extend flight ranges using sustainable aviation fuels and future hydrogen combustion technologies, supporting longer flights with reduced or net-zero emissions while increasing passenger capacity.

In March 2024, Ampaire Inc., a U.S.-based aircraft manufacturer, acquired Magpie Aviation Inc. for an undisclosed sum. This acquisition is aimed at strengthening Ampaire’s position in the hybrid-electric aircraft market by integrating Magpie’s advanced propulsion technologies. This strategic move is designed to accelerate the development of Ampaire’s hybrid-electric aircraft, improve operational efficiency, lower emissions, and enhance its competitive position in the evolving aviation sector. Magpie Aviation Inc. specializes in hybrid-electric aircraft propulsion technologies.

Major companies operating in the hybrid electric aircrafts market are Siemens AG, Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Honeywell Aerospace, National Aeronautics and Space Administration (NASA), Safran S.A., Rolls-Royce Holdings plc, Israel Aerospace Industries Ltd., Embraer S.A., GKN Aerospace Services Limited, Daher, Aurora Flight Sciences, Heart Aerospace AB, Aura Aero S.A.S., MagniX International, Dufour Aerospace AG, Manta Aircraft Inc., Airspace Experience Technologies Inc., Zunum Aero Inc., Ampaire Inc., Elroy Air Inc., Electra Aero Inc.

North America was the largest region in the hybrid electric aircrafts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hybrid electric aircrafts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hybrid electric aircrafts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A hybrid-electric aircraft integrates conventional fuel-powered propulsion, typically utilizing combustion engines, with electric propulsion systems. By employing both electric motors and traditional engines, these aircraft aim to decrease fuel usage, lower emissions, and minimize noise, while enhancing overall energy efficiency.

The primary categories of hybrid electric aircraft encompass regional transport aircraft, business jets, light aircraft, and advanced air mobility. Regional transport aircraft are engineered for short to medium-haul routes, usually accommodating 50 to 150 passengers, and serve regional networks by linking smaller airports and hubs. Their components consist of aerostructures, engines, avionics, electric motors, batteries, fuel cells, and generators, which are often integrated with various lift technologies such as conventional take-off and landing (CTOL), short take-off and landing (STOL), and vertical take-off and landing (VTOL). These aircraft can operate in both piloted and automated modes for applications in commercial and military sectors.

The hybrid electric aircrafts market research report is one of a series of new reports that provides hybrid electric aircrafts market statistics, including hybrid electric aircrafts industry global market size, regional shares, competitors with an hybrid electric aircrafts market share, detailed hybrid electric aircrafts market segments, market trends and opportunities, and any further data you may need to thrive in the hybrid electric aircrafts industry. This hybrid electric aircrafts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hybrid electric aircraft market consists of revenues earned by entities by providing services such as aircraft design and development, maintenance and repair services, flight testing and certification, pilot training programs, and retrofit and upgrade services. The market value includes the value of related goods sold by the service provider or included within the service offering. The hybrid electric aircraft market also includes sales of electric propulsion systems, power management and distribution systems, flight control systems, and hybrid-electric retrofit kits. 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.


This product will be delivered within 3-5 business days.