Market Size – USD 937.01 million in 2018, Market Growth – CAGR of 35.76%, Market Trends – Increasing preference for air travel
The global electric aircraft market is expected to reach USD 937.01 million by 2026, according to a new report by Reports and Data. Electrical systems not only offer the capability to reduce CO2 emissions, but are also likely to unlock the potential for more energy-efficient aircraft and brand new architectures. Based on a study, if all domestic air transportation in Norway could be converted to electric power, there is a potential to reduce the emission of 1.2 million tons of CO2 equivalents. Converting to electricity is likely to eliminate emissions of greenhouse gases as well as nitrous oxides (NOx), hydrocarbons, and particulate matter.
Asia Pacific is expected to be a key revenue generating region in the forecast period. The market is projected to reach USD 67.64 million in the forecast period. Manufacturers in Asia Pacific are also trying to introduce their aircrafts in the market. In 2017, China announced mass production of their two-seater electric aircraft: RX1E. With a fully charged battery, a maximum takeoff weight of 480 kg and a cruise speed of up to 160 kilometers per hour, RX1E is projected to fly 90 minutes. The electric aircraft is expected to serve a wide range of services starting from police patrols, flight training, entertainment and mapping surveys.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented global Electric Aircraft on the basis of type, component, technology, range and region:
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