Electric Aircraft Market Size was valued at USD 4.5 billion in 2023. The More Electric Aircraft market industry is projected to grow from USD 5.08 Billion in 2024 to USD 10.61 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.04% during the forecast period (2024 - 2032). Technology developments in many system components, including generators, rectifiers, actuators, linkages, and raw materials, have also been facilitated by the development of the aviation sector and are the key market drivers enhancing the More Electric Aircraft market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Several electric aircraft prototypes are being developed, including passenger planes and drone delivery vehicles. Unfortunately, insufficient batteries prevent additional electric aircraft from being produced. Batteries are essential for More Electric Aircraft to be successful and widely used. An emerging battery technology called lithium-ion may provide a propulsion system for airplanes. Several industry companies have put money into creating new lithium-based batteries with great power density, including GE Aviation, Honeywell, and BAE Systems. Battery technology is now developing and can power tiny, short-range passenger aircraft. Advanced aviation applications often need more power, necessitating batteries with high-power storage and enhanced safety measures. Even with the promise of lithium-ion batteries, several energy storage system producers in Japan, China, South Korea, the US, and Europe think lithium-ion battery performance may greatly increase. As a result, substantial research investment is being invested in enhancing lithium-ion battery performance and creating new related battery technologies.
According to Tesla CEO Elon Musk, creating an airplane battery with a power density of 400 Wh/kg will hasten the electrification of planes. By 2030, it's anticipated that solid-state batteries, a novel aviation industry option, will be used to power various aircraft electrical systems. Solid-state magnesium, lithium, and sodium batteries provide several benefits, including higher energy density and lengthy lifecycles. Throughout the projected time, the market for more electric aircraft is anticipated to grow due to the advancement of these batteries.
According to Tesla CEO Elon Musk, the electrification of airplanes will accelerate quickly with the creation of an aircraft battery with a power density of 400 Wh/kg. By 2030, several aircraft electrical systems are anticipated to run on solid-state batteries, representing a cutting-edge option for the aviation sector. The benefits of sodium-ion, lithium-ion, and magnesium-ion solid-state batteries include higher energy density and lengthy lifecycles. The market for More Electric Aircraft is anticipated to grow within the anticipated time frame thanks to the development of these batteries.
New airplane models are using more electric construction. To fit upcoming aircraft types, commercial aviation engine manufacturers are also introducing a greater level of electronic design into their engines. For instance, the UK-based BAE Systems plc invested in a multi-million dollar facility in December 2021 to support operations for aircraft electrification in Endicott, America. The investment is anticipated to enable the production of innovative control and power conversion system subsystems for use in aviation applications. Over the projected period, such advancements are anticipated to fuel the More Electric Aircraft market's expansion. Thus, driving More Electric Aircraft market revenue.
Based on Application, the More Electric Aircraft market segmentation includes Commercial and Military. The Commercial segment dominated the market, accounting for 35% of market revenue. The need for more More Electric Aircraft to transport passenger and freight loads has skyrocketed in the commercial sector. The military tactical airlifted's expanded usage of the established electrical system for aerial refueling, and medical evacuation is also anticipated to stimulate More Electric Aircraft's market expansion.
Based on Platform, the More Electric Aircraft market segmentation includes Fixed Wing Aircraft, Rotary Wing Aircraft and UAVs. The Fixed Wing Aircraft Platform category generated the most income. The demand for fixed-wing aircraft will increase as auxiliary power supply technologies become more dependable and effective. On the other hand, new developments in rotary-wing aircraft's flight control systems and power electronics are projected to spur the segment's expansion.
Figure 1: More Electric Aircraft Market, by Platform, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Europe More Electric Aircraft market area will dominate this market. Europe covers the UK, France, Germany, Russia, Italy, and the rest of Europe for the regional More Electric Aircraft market study. The European aviation industry strives to use new, advanced materials with improved mechanical properties in aircraft, such as single crystals and gamma-titanium aluminides; these high-tech engines help planes reduce fuel consumption, carbon emissions, and noise. Governmental organizations like the European Aviation Safety Agency (EASA), the European Defense Agency (EDA), the UK Civil Aviation Authority (CAA), and the European Air Transport Command are essential in ensuring transportation safety and addressing issues like carbon emissions and noise pollution. Among Europe's top producers of electric aircraft are Rolls-Royce (UK), Safran Group (France), Thales Group (France), and Turbomeca (France). These aircraft producers concentrate on several aircraft electrification plans, which are expected to expand the local More Electric Aircraft market. Moving electric aircraft development initiatives, airline mergers, and rising air traffic are predicted to fuel More Electric Aircraft market expansion in this area throughout the anticipated timeframe. Further, the Germany More Electric Aircraft market held the largest market share, and the UK More Electric Aircraft market was the fastest-growing market in the European Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MORE ELECTRIC AIRCRAFT MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The US and Canada are the two primary nations considered for this area. According to predictions, the US will dominate North America's electric market in 2021. The existence of numerous major producers of aviation electrical systems in this area, including Raytheon Technologies Corporation (US), Astronics Corporation (US), and Honeywell International, Inc., may be credited with the More Electric Aircraft market's expansion (US). These companies continually spend money on research and development to create new electrical systems for airplanes that are more dependable and efficient. As an alternative to employing hydraulics in airplanes, they are concentrating on building more electric aviation systems. The aviation and aerospace industries are expanding steadily in the North American area.
The Asia-Pacific More Electric Aircraft market is expected to increase significantly throughout the forecast period. The dominant nations in this area are expected to continue to be those like China and Japan. On the other hand, India is turning out to be the market for More electric civil aircraft that is expanding at the highest rate during the same period because of its strong expansion in the commercial aviation industry. Moreover, the China More Electric Aircraft market held the largest market share, and India's More Electric Aircraft market was the fastest-growing market in the Asia-Pacific region.
Recent News:
in 2024, Microchip Technology Inc. has introduced a new integrated actuation power solution that integrates companion gate driver boards with its extensive Hybrid Power Drive (HPD) modules in silicon carbide (SiC) or silicon technology, with power outputs ranging from 5kVA to 20kVA. The new integrated actuation power system has the same footprint regardless of power output. The companion gate driver boards are intended to be combined with Microchip's HPD modules to create an all-in-one motor drive solution for electrifying systems like as flight controls, braking, and landing gear. Microchip's power solutions are designed to scale based on the requirements of the end application, from smaller actuation systems for drones to high-power actuation systems for Electric Vertical Take-Off and Landing (eVTOL), MEA, and all-electric.
In 2023, Electra.aero, Inc. (Electra) announced that the maiden flights of its EL-2 Goldfinch, a hybrid-electric, ultra-short takeoff and landing (eSTOL) aircraft, were successfully completed. Electra is building a nine-passenger version of the aircraft for commercial and government customers, capable of taking off and landing with ground rolls as short as 150 feet and flying at 200 mph for 500 miles. Electra's eSTOL product is backed by substantial market demand; the company presently has pre-orders from more than 30 clients for over 1,700 aircraft, totaling more than $6 billion in backlog.
Leading industry companies are investing significantly in R&D to broaden their product offerings, which will spur further expansion of the market for More Electric Aircraft products. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants also engage in several strategic actions to increase their worldwide presence. The More Electric Aircraft industry must offer products at reasonable prices to grow and thrive in a more cutthroat and competitive environment.
One of the primary business strategies manufacturers employ in the worldwide Electric Aircraft industry to benefit customers and expand the market sector is local manufacturing to reduce operating costs. Some of the biggest benefits to medicine in recent years have come from the More Electric Aircraft sector. Major players in the More Electric Aircraft market, including AMETEK Inc., BAE Systems plc, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran, Thales Group., and others, are attempting to increase market demand by investing in research and development operations.
The corporate headquarters of the American multinational company Honeywell International Inc. is in Charlotte, North Carolina. Aerospace, building technologies, performance materials and technology, and safety and productivity solutions comprise its four main business sectors. The Honeywell Corporation was awarded a new $476 million contract by the US Army in March 2021 to produce CH-47 engines and control modules. Heavy-lift helicopters and Army warfighters will always be mission-ready thanks to the engine and control system.
General Electric subsidiary GE Aviation has its corporate headquarters in Evendale, Ohio, just outside Cincinnati. Most commercial aircraft may use engines from GE Aviation, one of the main manufacturers of aviation engines. GE Aviation selected BAE Systems in April 2022 to provide energy management solutions for its recently announced initiative to demonstrate hybrid electric technologies. As part of the NASA research project, BAE Systems will design, test, and deploy energy management components for megawatt-class electric aircraft.
Key Companies in the More Electric Aircraft market include
More Electric Aircraft Application Outlook
More Electric Aircraft Platform Outlook
More Electric Aircraft Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 4.5 billion |
| Market Size 2023 | USD 5.08 billion |
| Market Size 2030 | USD 10.61 billion |
| Compound Annual Growth Rate (CAGR) | 13.04% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Platform and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | AMETEK Inc., BAE Systems plc, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran, Thales Group |
| Key Market Opportunities | Development of alternative energy sources for the production of electricity |
| Key Market Dynamics | Large investment and extended clearance period |
More Electric Aircraft Market Highlights:
Frequently Asked Questions (FAQ) :
The More Electric Aircraft market size was valued at USD 4.5 Billion in 2022.
The More Electric Aircraft market is projected to grow at a CAGR of 13.04% during the forecast period, 2023-2030.
North America had the largest share in the More Electric Aircraft market.
The key players in the More Electric Aircraft market are AMETEK Inc., BAE Systems plc, Bombardier Inc., Elbit Systems Ltd., GE Aviation, Honeywell International Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran, Thales Group.
The commercial More Electric Aircraft category dominated the market in 2022.
The fixed-wing aircraft had the largest share in the More Electric Aircraft market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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