Global Electric Aircraft Market 2024-2030

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    ELECTRIC AIRCRAFT MARKET

     

    KEY FINDINGS

    • Aviation is responsible for 12% of CO2 emissions from all transport sources, compared to 74% from road transport.
    • In 2020, the majority of passenger aviation activities were cancelled across the globe due to the COVID-19 pandemic, thus ~60% decline in CO2emissions was witnessed compared to 2019.
      • In 2019, flights across the world produced 900 metric tonnes of CO2. Globally, humans produced over 43 billion tonnes of CO2
    • Aviation industry generates revenue of $691 Billion globally. By 2038, aviation will directly generate $1.7 Trillion revenue worldwide.
    • As suggested by IATA, airlines typically pay governments $111 Billion per annum in tax revenue, but COVID-19 required life support from aid totaling $173 billion. Therefore, the industry is forecast to make net losses of $118 billion this year, cutting these losses to $38 billion in 2021.
    • $1.8 trillion economic activity normally supported by aviation at risk due to Covid-19. There was a 50% drop in revenue for airlines in 2020 i.e., around $419 Billion.
    • Typical Jet Engines produce noise of 130-160dB which is hazardous for the environment and creates negative impacts on human health.
    • By 2050, net aviation carbon emissions will be half of what they were in 2005 for this OEM’s are working to improve fuel efficiency by 1.5% per annum every year.
    • During COVID-19, aviation played a vital role in transporting 46,600 special cargo flights since March 2020 and 1.5 million tons of cargo hereby supplying much-needed medical equipment, transporting medical staff, repatriating travellers and maintaining global supply chains.

     

    INTRODUCTION TO ELECTRIC AIRCRAFT MARKET

    Planes powered by electrically charged batteries are a feasible power option for electric aircraft, but current batteries are heavy and, while cars have roads to help support their weight, planes need to support themselves in the air. The challenge for batteries is to pack in enough energy to replace jet fuel but remain light enough to not increase a plane’s weight too much. To put it in perspective, liquid jet fuel currently yields roughly 43 times more energy than an equivalent mass of battery.

     

    Aerospace manufacturers are doing vast amounts of research and development into aviation battery technology, working alongside battery companies in the automotive and storage space. As next-generation planes become lighter and more aerodynamic, and as battery energy density improves, battery-powered flights could be a not-so-distant reality.

     

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    ELECTRIC AIRCRAFT MARKET DYNAMICS

     

    SI No Timeline Company Developments
    1 March 2021 Rolls-Royce Rolls-Royce has completed the first taxiing of its Spirit of Innovation aircraft ahead of its first flight and an attempt to break the world record for the fastest electric airplane later this year.
    2 March 2022 Textron Textron Inc. home to the Cessna, Beechcraft, and Bell aviation brands, has announced that it has entered into an agreement to purchase Pipistrel, an award-winning pioneer and global leader in electrically powered aircraft, based in Slovenia and Italy.
    4 July 2021 United Airlines US-based United Airlines has announced plans to purchase 100 electric planes from Swedish start-up Heart Aerospace that are expected to take to the skies as early as 2026.

     

     

    SI No Timeline Company Developments
    1 November 2021 MagniX MagniX has partnered with Flapper in order to electrify the caravans used for scheduled charter services in Brazil.
    2 November 2021 GE Aviation GE Evergreen Aviation Technology (EGAT) has expanded the repair operations capability with GE Evergreen Engine Services (GEEVES) in Taiwan. 
    3 November 2021 Boeing In the London Gatwick Facility, Boeing has decided to place a new Freighter Conversion Line with a new 737-800 passengers.
    4 October 2021 Boeing Boeing T-7A teammate Saab has opened a new 100,000 square-foot production facility in Indiana, US.
    5 September 2021 Boeing Boeing is set to build a new factory in Illinois in order to build a new aircraft.
    6 April 2021 Bye Aerospace Bye Aerospace and L3 Harris Technologies have been partnered to develop an all-electric, multi-mission aircraft eFlyer 800.  

     

    NASA is preparing to test an all-electric plane, which, if all goes well, may pave the way for a cleaner, cheaper, and quieter future in aviation. The X-57 plane is based on a four-seater plane built by the Italian company Tecnam for NASA, allowing NASA to compare the X-57 to a very similar fuel-powered counterpart.

     

    All data gathered by NASA during its test flights will be shared with the greater aviation industry, allowing commercial electric planes to be developed sooner rather than later.

     

    NASA focuses on earth-bound concerns, with a significant percentage of its budget dedicated to electric vehicle development. In the United States, fuel-powered aircraft are the fastest-growing source of greenhouse gas pollution.

     

    NASA has readily shared ground test triumphs and failures with the industry, and has aided everyone by sharing their lessons and data at conferences.

     

    Electric aircraft are already flying on a small scale, in training flights and two-person operations. It is a rapidly developing area of research, with over 100 projects underway in different parts of the world to explore options for using either electric or hybrid-electric propulsion.

     

    Electric propulsion is likely to be restricted to so-called ‘air taxi’ operations which are expected to start service in a small number of cities from around 2023-2025. These will provide two- to four-person commuter flights to avoid ground traffic congestion.

     

    In 2010, Airbus embarked on its electrification journey, developing the world’s first all-electric, four-engine aerobatic aircraft, CriCri. Since then, they have made significant progress in the electrification of flight.

     

    The Slovenian company Pipistrel has the Alpha Electro, the first electric aircraft certified as airworthy by the Federal Aviation Administration (FAA) in 2018. It’s a welterweight at just 811 pounds (368 kilograms), powered by a 21-kWh battery pack.

     

    Archer Aviation’s electric VTOL aircraft will ferry four passengers in its vehicles at speeds of up to 150 mph about 60 miles and it is expected to fly in 2021.The company is targeting urban routes at the price of an UberX, about $3 to $6 per passenger-mile. By 2024, it plans to get the public riding inside its vehicles. Companies are all racing to secure FAA certification for their lines of aircraft.

     

    The electric aviation market is expected to have a growth of 12.5% whereas the major focus will be on propulsion system and on advancements in Power Electronics, advanced batteries, electric motor-driven smart pumps , there are emerging technologies regarding wide bandgap devices, advanced topologies and control, thermal management, passive components, and system integration ,the focus is mainly on the power distribution system which would be highly flexible, fault-tolerant, and is controlled by a redundant microprocessor system.

     

    ZeroAvia, a developer of hydrogen-electric aircraft, reported that it has received additional funding from both new and previous investors, including International Airlines Group (IAG). The zero-emission aviation firm ZeroAvia specialises in building aircraft with hydrogen-electric power.

     

    With its 600kW powerplant, the business hopes to operate zero-emission commercial aircraft with nine to 19 seats and a 300-mile range. A 2 to 5 megawatt (MW) variant with a 700 mile range will come after it. In the following four years, ZeroAvia plans to deliver the latter, which can safely power aircraft with 40 to 80 passengers.

     

    NEW PRODUCT DEVELOPMENT IN ELECTRIC AIRCRAFT MARKET

     

    SI No Timeline Company Developments
    1 October 2021 Bye Aerospace Bye Aerospace has announced that Air2E has executed a purchase agreement for the all-electric eFlyer 800 for its airline operations in Europe.
    2 September 2021 Bye Aerospace Bye Aerospace has delivered KLM Flight Academy the six all-electric eFlyer 2 and eight all-electric eFlyer 4 airplanes.
    3 August 2021 Ampaire Ampaire has successfully demonstrated the first hybrid electric flights in Scotland.
    4 August 2021 DHL Express DHL Express has ordered a dozen of Eviation all-electric Alice aircraft in order to convert into electric air transport. 
    5 July 2021 Bye Aerospace Bye Aerospace has announced the advancement in the aerodynamic analysis performance characteristic for its four seated all-electric airplane, the eFlyer 4.
    6 July 2021 Eviation Eviation has released the new pure electric Alice with a maximum payload of 2500 lbs and with the maximum of 9 passengers.
    7 May 2021 MagniX  MagniX has planned to give a new airline network with new Electric Aircraft in order to increase efficiency and to cut down emissions.
    8 March 2021 Ampaire The Ampaire Leads Team is set to demonstrate Electric Aviation Transport system under UK Future Flight Challenge Award.

     

    Overair, an electric vertical takeoff and landing vehicle (eVTOL) startup, has received a $145 million investment from Hanwha Systems and Hanwha Aerospace, two global leaders in ultra-precision communications and aircraft technology.

     

    Overair is still on pace to fly its all-electric experimental prototype next year. Hanwha’s sustained investment in Overair not only feeds Butterfly’s development, but also lays the framework for Overair’s mobility technology to be commercialised.

     

    Hanwha will offer electric motors and battery packs for Overair’s prototypes in addition to their investment, as the two businesses’ R&D collaboration grows.

     

    Butterfly is a six-seat all-electric aircraft that can take off and land vertically. The innovative propulsion technology of the plane is based on decades of military VTOL programmes. Butterfly’s propulsion system is incredibly efficient, giving it the widest flight envelope and smallest sound footprint of any aircraft in the nascent sector.

     

    Butterfly’s Optimum Speed Propulsion (OSP) system has four massive propellers that spin slowly when hovering and even slower when cruising, drawing only a fraction of the available motor power, allowing it to function safely in adverse environmental circumstances.

     

    Butterfly will also be able to operate in high-density locations with noise-sensitive communities because of the slow-turning props.

     

    The NASA Puffin was a concept, proposed in 2010, for an electric-powered, vertical take-off and landing (VTOL), personal air vehicle. The European Commission has financed many low TRL projects for innovative electric or hybrid propulsion aircraft.

     

    Vertical Aerospace will unveil and conduct the first test flight of its eVTOL aircraft the VA-1X prototype in the second half of 2021, they are going to have lots of partners who are experts in their fields including the use of flight control systems and cockpit display systems from Honeywell.

     

    July 2021: Carbon neutral all electric aircraft the ‘Spirit of Innovation’ by Rolls Royce will take to the skies for the first time with a targeted speed of 300+MPH, to support this innovation Jaguar Land Rover is loaning all electric zero emission Jaguar I-Pace cars as towing and support vehicles. 

     

    September 2020, Gothenburg-based Heart Aerospace presented its ES-19 design, a 19-seat all-electric commercial aircraft planned to fly by mid-2026.

     

    June 2020, the Velis Electrovariant of the two-seat Pipistrel Virus was the first electric aircraft to secure type certification, from the EASA

     

    May 2020, an electric-powered Cessna 208BECARAVAN, became the largest commercial aircraft to fly on electric power.

     

    August 2019 Australia-based Magnixintended to fly an electric Cessna 208 Caravan with a 540 kW (720 HP) motor for up to an hour, on

     

    May 2019, Roland Berger counted almost 170 electric aircraft programmes in development, anticipating over 200 by the year end.

     

    March 2018, Israel Aerospace Industries announced it plans to develop a short-haul electric airliner, building on its small UAS electric power systems experience

     

    As UPS experienced a thrilling visit from an eVTOL aircraft from Beta Technologies to the central Louisville hub, the near future of flying is small and electric. The cargo carrier’s WorldPort hub received the first electric aircraft flight, ushering in a new era in aviation.

     

    The ability of the electric aircraft to take off and land vertically before switching to long-range flight, according to Beta, is its defining feature. eVTOL can fly up to 250 nautical miles before needing only 50 minutes to refuel for its next flight. It has a wingspan of 50 feet and a maximum takeoff weight of over 7,000 pounds.

     

     

    ELECTRIC AIRCRAFT MARKET SEGMENTATION

     

    Electric Aircraft Market By Range

    1. Less than 500 KM
    2. More than 500 KM

     

    Electric Aircraft Market By Region

    1. North America
    2. Europe
    3. Asia Pacific
    4. Rest of the World

     

    Electric Aircraft Market By Aircraft Type  

    1. Ultralight Aircraft
    2. Light Jet

     

    Electric Aircraft Market By Component

    1. Battery
    2. Electric Motor
    3. Others

     

    Electric Aircraft Market By Technology

    1. Hybrid
    2. All Electric

     

    ELECTRIC AIRCRAFT MARKET SIZE AND FORECAST

    Since 2015, 10 of the leading electric aviation start-ups globally have raised more than $1.2 billion, most of it in the last year (led by a $590 million round by Joby Aviation). Airlines are pouring money into the supply chain for electric propulsion. The investment arms for JetBlue Airways invested $250 million in electric-aviation start-ups over the last three years, and Intel, Toyota Motor, Daimler, and Geely Automobile in China are crowding into the space.

     

    Electric aviation start-ups, predict airline executives, may need $17 billion (perhaps as much as $40 billion) to certify their aircraft and build their businesses, a significant share of venture capital each year.

     

    In 2020, despite the impact of COVID-19, air mobility companies raised a total of $1.3 billion in private investment, an increase of 80 percent from the pre-COVID year of 2019.

     

    ELECTRIC AIRCRAFT MARKET RECENT PARTNERSHIP

     

    In order to develop a megawatt-class hybrid electric engine that may power a single-aisle aeroplane, NASA and GE Aviation just announced their new alliance. The undertaking moved a step nearer to completion.

     

    Boeing has been chosen by GE Aviation to modify the aircraft that will be used to test the propulsion system in the air. The Electric Powertrain Flight Demonstration (EPFD) project at NASA is a component of the NASA-GE partnership.

     

    NASA, GE Aviation, Boeing, and other partners are contributing to the $260 million project. The test aircraft, a Saab 340B powered by GE CT7-9B turboprop engines, will undergo modifications by Boeing and its subsidiary Aurora Flight Sciences.

     

    The production of the nacelle—the pod that houses the engine under the wing—as well as the design of the flight deck’s software and user interface, as well as instruments for analysing the aircraft’s performance, are all included in this effort.

     

    Aurora, a pioneer in electric flight propulsion, was purchased by Boeing. At its facilities in West Virginia and Mississippi, Aurora will make nacelles. Work on systems engineering and testing will be done at the company’s Virginia headquarters.

     

    For more than ten years, GE Aviation has created and tested hybrid electric systems, including motors, generators, and power converters. These innovations can improve fuel efficiency and engine performance.

     

    They work well with innovative engine designs like the open-fan idea as well as hydrogen and sustainable aviation fuels.

     

    The legendary Piper Archer (PA-28-181) may soon have an electric variant available for purchase thanks to a partnership between CAE and Piper Aircraft to provide a conversion kit for in-service aircraft. Two-thirds of CAE’s Piper Archer training fleet are expected to be converted, and the company is creating a curriculum to teach new pilots how to fly electric aircraft.

     

    ELECTRIC AIRCRAFT MARKET NEW PRODUCT LAUNCH

     

    A daring technology development effort was started by GE Aviation and Safran with the goal of achieving over 20% lower fuel consumption and CO2 emissions compared to engines.

     

    A variety of fresh, innovative technologies for potential future engines will be developed and demonstrated under the CFM RISE (Revolutionary Innovation for Sustainable Engines) programme.

     

    The businesses also extended their 50/50 cooperation with CFM International today, pledging to set the example for more environmentally friendly aircraft in keeping with the industry’s pledge to reduce CO2 emissions.

     

    The next-generation CFM engine, which might be available , will be built on technologies that have matured as part of the RISE Program.

     

    The initiative aims to achieve 100% compatibility with alternative energy sources including Sustainable Aviation Fuels and hydrogen, as well as a 20% reduction in fuel consumption and CO2 emissions as compared to today’s most efficient engines.

     

    Modern engine propulsive efficiency, which includes creating an open fan architecture, is at the heart of the initiative. This is a crucial component of obtaining much higher fuel efficiency while maintaining the same speed and interior comfort as single-aisle aircraft now in use.

     

    In addition to maximising engine economy, the programme will utilise hybrid electric capability to enable the electrification of other aircraft systems.

     

    COVID-19 IMPACT ON ELECTRIC AIRCRAFT MARKET

    Aviation contributes nearly 4% of the global gross domestic product (GDP) and supports more than 65 million jobs around the world. The fear of contagion has posed a threat to many sections of the society which calls for a concern for the aviation industry to re-evaluate its economics and innovations with its travelers. The global economy was worst hit and there was an estimated contraction of -3.0% to -3.5%. Reputed organizations like ICAO, ACI, IATA, UNWTO have evaluated major losses on airport revenues due to the reduction of air passenger traffic, decline in tourism receipts and a fall of global merchandise.

     

    The business travelers and the corporate travelers who preferred time over money tends to book non-stop flight which in turn got compensated by less corporate or business travels due to imposed government restrictions , personal safety measures to protect themselves from the risk of infection and grooming work from home culture .

     

    Commercial or non-aeronautical revenues are a rich source of income in airports businesses, a large proportion generated by duty-free retail, has completely dried up with limited or absent international flyers.

     

    The staggering debt levels has lead in rise of ticket price, the leisure travelers are price sensitive who tend to fill up most of the seats on flights and help cover a portion of fixed costs. But still  there was a moderate recovery in domestic  travel  while  international travel remained stagnant  as suggested by ICAO .

     

    Before the pandemic, airlines spent roughly 5 percent of their revenue on IT. It is estimated that due to the trends practiced during pandemic such as social distancing etc , will now enable the aviation industry to invest on IT industries and digitalization ,  to  develop products that would be completely human touch free , they should be simply be operable from their personal smart phones or tabs. 

     

    HOW THINGS WILL PICK UP AFTER WORLD IS VACCINATED

    Some research and studies suggest that there would be an interference of IT organization and digital transformation across the globe to keep pace with market circumstances the industrialists have to embrace new technology such as big data analytics, machine learning algorithms, and cloud computing and work on areas like revenue management and network planning.

     

    The Data-driven machine learning algorithms will be then able to accurately forecast travelers’ price sensitivity, passenger flows, and what drives travelers’ choice. The airlines will also be able to simulate, forecast, and stress test complex networks and schedules.

     

    Machine learning models that adjust to real-time market dynamics and data will further help optimize fares and schedules.

     

    ELECTRIC AIRCRAFT MARKET COMPETITIVE LANDSCAPE

    SI No Timeline Company Developments
    1 July 2021 Heat Aerospace Heart Aerospace, a Swedish electric aviation startup, has acquired an order for 200 of its ES-19 electric aircraft from United Airlines and its regional airline partner Mesa Air Group..Heart Aerospace raised $35M Series A, lands order with United and Mesa Airlines for 200 aircraft
    2 February 2021 Surf Air Surf Air will buy ampaire, a pioneer in hybrid electric aircraft. Surf Air, which is planning to go public later this year, is paying about $100 million in stock in exchange for a 100 percent ownership in Ampaire.
    4 December 2021 SpiceXpress SpiceXpress has confirmed the acquiring electric cargo airplanes being developed by US-based Bye Aerospace, in collaboration with India’s Pifore Group. The total investment is being estimated to be INR 300 to INR 500 million.

     

    SI No Timeline Company Sales
    1 Q3-2021 Boeing The revenue of Boeing at the end of the third quarter was $15.3 billion and in 2020 the revenue was $14.1 billion.
    2 H1-2021 Airbus The revenue at the end of the first half of 2021 was €24.63 billion and in the previous year the revenue was €18.9 billion.
    3 February 2021 Ampaire Surf Air Mobility has announced the entry into an agreement with Ampaire in order to acquire the hybrid electric aviation technology Pioneer.

     

    Rolls-Royce has successfully completed taxi tests of the electric-powered aircraft it is developing under the ACCEL technology research programme, ACCEL (Accelerating the Electrification of Flight) – is a Rolls-Royce-led initiative, that is aiming to build a record-breaking all-electric aircraft that will be capable of flying faster than 260kt (480km/h).

     

    Electroflight has been selected to build a High Energy Propulsion Battery System (HEPBAS) for the Heart Aerospace ES-19, a regional airliner currently being developed in Sweden.

     

    US electric propulsion specialist MagniX will collaborate with UK-based Faradair Aerospace to deliver an 18-seat Bio Electric Hybrid Aircraft (BEHA) by 2026.

     

    EmbraerX, the Brazilian airframer’s innovation subsidiary, had lifted off its first electric vertical take-off and landing (eVTOL) project, called Eve.

     

    Swedish aviation start-up Heart Aerospace plans to build a 19-seat all-electric commercial aircraft that will fly by mid-2026 and presented its regional aircraft design dubbed “ES-19”, which will have a range of about 222nm (400km). The company plans to initially target the Nordic countries, but has received inquiries from operators in North America and Asia as well.

     

    On June 2021 German company Volocopter performed it’s first flight of electrical air taxi in France at a show in Le Bourget airport and said it aimed to have a service in operation for the Olympic Games in Paris in 2024. It flew some 500 metres in the air at speeds of up to 30 kilometres per hour and was around 30 metres above the airfield , It has the capacity for two people on board and a luggage compartment.

     

    PAL-V (Personal Air Land Vehicle),has plans to start the production in 2021 and will soon setup a production facility in Gujarat, India.

     

    AirCar, a dual-mode car-aircraft vehicle, moved closer to production this week, fulfilling a key development milestone in a 35-minute flight from the international airport in Nitra, Slovakia to the international airport in Bratislava, Slovakia on June 28.

     

    ELECTRIC AIRCRAFT MARKET COMPANIES PROFILED

    1. BOEING 
    2. AIRBUS 
    3. WRIGHT ELECTRIC 
    4. BYE AEROSPACE 
    5. NASA 
    6. EVIATION
    7. MAGNIX
    8. AMPAIRE
    9. ZUNUM AERO
    10. GE AVIATION
    11. DUFOUR AEROSPACE
    12. EMBRAERX

     

    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2024-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2024-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2024-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
     
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