Aerospace & Aviation News Electric Aircraft Market | Page 2

Electric Aircraft Market in aviation categorizes global market by Aircraft Type (Ultralight Aircraft, Light Jet),
Component (Battery, Electric Motor), Technology (Hybrid and All Electric), Range (Less than 500 Km and
More than 500 Km), and Region".
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The electric aircraft market is projected to grow from USD 99.3 Million in 2018 to USD 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 traditional aircraft are driving the electric aircraft market.
The electric aircraft market has been segmented based on aircraft type, component, technology, range, and
region.
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.
Key Players:
Major companies profiled in the electric aircraft market report are PC Aero (Germany), Pipistrel (Italy), Lilium
(Germany), Alisport SRL (Italy), and Schempp-Hirth (Germany).