The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

 

Rapid Expansion and Projected Growth

• The more electric aircraft market has experienced significant growth, reaching $2.86 billion in 2023.
• It is anticipated to rise to $3.27 billion in 2024, showcasing a compound annual growth rate (CAGR) of 14.6%.
• Projections suggest further expansion, with estimates reaching $5.5 billion by 2028 at a CAGR of 13.8%.

 

 

Drivers of Growth and Historic Trends

• Fuel efficiency demands and environmental regulations have fueled growth.
• Advancements in power electronics and reductions in maintenance costs contribute to market expansion.
• Enhanced aircraft performance, increased reliability, and redundancy are significant factors.

 

 

Forecasted Growth Factors and Major Trends

• Adoption of distributed electric propulsion and advancements in energy storage systems drive future growth.
• Integration of sustainable aviation fuels and investments in electric propulsion research propel market expansion.
• Global efforts to combat climate change and government incentives further stimulate growth.
• Major trends include integrated modular avionics, electrified flight control systems, and innovations in power generation.

 

 

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Rising Air Passenger Traffic Propelling Market Growth

• Increased air passenger traffic is a primary driver of the more electric aircraft market.
• Commercial and business passengers benefit from advanced features such as computer-controlled, electrically driven propellers.
• Forecasts indicate air traveler numbers surpassing pre-COVID-19 levels, reaching 4.0 billion in 2024.

 

 

Key Players in the More Electric Aircraft Market

• Major companies contributing to market growth include AMETEK Inc., BAE Systems PLC, Boeing, Airbus S.A.S, and others.
• Innovations and collaborations drive advancements, with a focus on electric aircraft technologies.
• Rolls-Royce’s ‘Spirit of Innovation’ aircraft exemplifies groundbreaking achievements in the field.

 

 

Innovation in More Electric Aircraft

• Innovations in electric aircraft are gaining momentum.
• Rolls-Royce’s ‘Spirit of Innovation’ aircraft set new world records, showcasing technological advancements.
• Major market players focus on developing innovative technologies to meet evolving demands.

 

 

Textron’s Acquisition of Pipistrel Bolsters Portfolio

• Textron’s acquisition of Pipistrel for $235 million enhances its more-electric aircraft portfolio.
• Pipistrel, a Slovenian-based manufacturer, adds value to Textron’s capabilities in manufacturing and product development.
• The acquisition signals a strategic move to capitalize on emerging opportunities in the electric aircraft market.

 

 

Market Segmentation

• Segmentation by type includes fixed wing, rotary wing, and hybrid wing aircraft.
• Aircraft systems are categorized into propulsion systems and airframe systems.
• Applications encompass power generation, power distribution, power conversion, and energy storage.
• End-users include civil and military sectors.

 

 

Europe Leading the Charge

• Europe emerged as the largest region in the more electric aircraft market in 2023.
• The region’s proactive stance towards environmental sustainability and technological innovation contributes to its leadership position.

In conclusion, the more electric aircraft market exhibits robust growth driven by technological advancements, environmental concerns, and increasing air passenger traffic. Innovations in electric aircraft technologies, strategic acquisitions, and market segmentation play pivotal roles in shaping its trajectory. As global efforts intensify to combat climate change, the demand for more electric aircraft is poised to soar, transforming the aviation industry towards a sustainable future.

 

 

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The More Electric Aircraft Global Market Report 2024 provides an overviewof the more electric aircraft market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The more electric aircraft market forecast analyzesmore electric aircraftmarket size, more electric aircraft market share,leading competitor and their market positions.

 

 

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