The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Electric Aircraft Market.
It was estimated prior to this unanticipated outbreak that the Electric Aircraft Market was likely to witness an impressive CAGR of 5.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Financially viable cost of possession of electric aircraft and their merits over traditional aircraft are underpinning the growth of the global electric aircraft market.
Electric Aircraft Market Segment Insights:
By Aircraft Type:
The ultralight aircraft segment dominated the market in 2018, and is expected to maintain its dominance during the forecast period as well. The possession of ultralight aircraft is economically viable owing to its simplistic design and building. With the rise in fuel prices, the demand for ultralight aircraft is expected to pace up the demand for various training purposes during the forecast period.
By Component Type:
The others segment comprises electric-ducted fans and power electronics. Power electronics are employed to power all crucial aircraft mechanisms, such as environmental control systems, flight control actuation, utility functions, and cabin pressurization, which were traditionally commanded by hydraulic and pneumatic means. Electric-ducted fans apply multiple propeller blades fixed to a single electric motor in an aircraft.
By Technology Type:
The all-electric aircraft segment is expected to lead the market in the coming five years. The trend for all-electric aircraft is estimated to increase over the coming five years as aircraft OEMs are teaming up with their suppliers to design new systems that will hybridize conventional propulsion systems and implement new electrical-intensive designs.
By Region:
Europe dominated the electric aircraft market in 2018, and is expected to continue its dominance during the forecast period as well. The market is led by the aircraft and its component industry in Europe, which is focusing to adopt new advanced materials, such as gamma-titanium aluminides and single crystals, which offer enhanced mechanical properties. These high-tech engines help aircraft minimize their fuel consumptions, carbon emissions and noise, among a host of such other factors. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.