Northbrook, IL 60062 -- (SBWIRE) -- 03/17/2023 -- The Electric Aircraft market is expected to grow from USD 8.8 billion in 2022 to USD 37.2 billion in 2030, at a CAGR of 19.8% during the forecast period according to a new report by MarketsandMarkets™. The need for alternate transportation solutions that are sustainable and low emission is driving the demand for the market.
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The light and ultralight aircraft segment is estimated to lead the electric aircraft market in the forecast period
Based on platform, the light and ultralight aircraft segment is estimated to lead the electric aircraft market during the forecast period. Developments are majorly being made in the light aircraft segments while larger aircraft that cover regional transportation and business jets are expected introduction in late 2026 and early 2027.
VTOL segment is expected to have largest market share during the forecast period
Based on technology, VTOL segment is expected to have largest market share during the forecast period. Most rotary wing UAVs are electric in nature. Even in the developments for AAM eVTOLs are the primary focus of designing. Companies like Joby (US), Volocopter (Germany) and Ehang (China) are all developing eVTOL aircraft.
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North American Region is expected to witness the largest market share in the forecast period
North America Region is witnessing the largest market share among all the regions. European countries like US and Canada, are investing in advancing the technologies in their transportation. US has the largest electric aircraft OEMs as well as are the early adopters and implementers of electric aircraft ecosystem across the regions.
Major players operating in the electric aircraft market include Airbus SE (France), Eve Air Mobility (Brazil), Joby Aviation (US), Vertical Aerospace (UK), and Lilium N.V. (Germany) among others. These key players offer electric aircraft and services to different key stakeholders.