Aircraft Electrification Market Size Worth $ 25.41 Billion By 2032 | CAGR: 13.3%

The global aircraft electrification market size is expected to reach USD 25.41 billion by 2032, according to a new study by Polaris Market Research. The report “Aircraft Electrification Market Share, Size, Trends, Industry Analysis Report, By Application (Power Distribution, Power Generation, Power Conversion, Energy Storage); By Technology; By Platform; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.  

North America dominated the market with the largest market revenue share in 2023. Governmental support and funding initiatives play a pivotal role in propelling electric aviation projects forward. In North America, programs advocating sustainable aviation practices and emissions reduction act as catalysts, incentivizing substantial investments in electrification technologies. North America stands as a focal point for the evolution of Urban Air Mobility solutions. Companies are strategically developing electric air taxis and eVTOL aircraft tailored for short-distance urban transportation, with major cities in the United States and Canada emerging as potential markets.

The market for aircraft electrification in North America is poised for expansion owing to the growing need for environmentally friendly aviation solutions. The region’s strong aerospace sector and dedication to environmental sustainability provide opportunities for the future development of airplane electrification. The academic and research ecosystem greatly influences the innovative nature of the sector in North America. Universities and research centers actively contribute to the advancement of aviation electrification through innovative studies and joint ventures with industry participants. The Federal Aviation Administration (FAA) and other regulatory agencies are heavily involved in developing extensive regulations and certification requirements for electric and hybrid aircraft.

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Urban Air Mobility (UAM) stands as a pivotal driver propelling the aircraft electrification market. The burgeoning demand for electric vertical takeoff and landing (eVTOL) aircraft, integral to UAM, reshapes the aviation landscape. The prospect of efficient, point-to-point urban transportation and aerial taxis necessitates clean, low-emission solutions, making electrification a preferred choice. With UAM emerging as a transformative force in urban mobility, the market for electric aviation solutions has experienced unprecedented growth. Electric propulsion, with its reduced environmental impact and adaptable design, becomes not just a technological innovation but a key enabler in meeting the evolving demands of modern urban transportation.

The electrification of regional air travel emerges as a significant driver propelling the aircraft electrification market. Electric aircraft, optimized for shorter routes, present a transformative solution for regional transportation. The lower energy demands of regional flights align seamlessly with current electric aviation capabilities, making electrification an attractive option. Operators exploring sustainable alternatives find opportunities to reduce emissions and operational costs while meeting the growing demand for eco-friendly air travel in regional markets. As regional air travel witnesses increased electrification, the market experiences a paradigm shift towards more sustainable, efficient, and environmentally conscious transportation solutions.

Aircraft Electrification Market Report Highlights

• The power distribution segment accounted for a significant market revenue share due to greater need to efficiently manage and distribute electrical power to various subsystems, ensuring optimal performance and reliability.
• The hybrid electric segment is expected to experience significant growth during the forecast period due to increased efficiency, lower emissions, and extended range.
• The UAV segment accounted for the largest market share in 2023 due to autonomous operations, diverse applications, and enhanced endurance and range.
• North America accounted for the largest revenue share in 2023 due to presence of established aerospace players, government initiatives and funding, and regulatory framework.
• The market is highly competitive owing to the existence of market players with a global presence, including BAE Systems plc, Collins Aerospace General Electric Company, Honeywell International Inc., magniX, Raytheon Technologies Corporation, Safran SA, and Thales Group among others.

Polaris Market Research has segmented the aircraft electrification market report based on application, technology, platform, and region:

Aircraft Electrification, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Power Distribution
• Power Generation
• Power Conversion
• Energy Storage

Aircraft Electrification, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

• Hybrid Electric
• Fully Electric
• More Electric

Aircraft Electrification, Platform Outlook (Revenue - USD Billion, 2019 - 2032)

• Military Aviation
• Commercial Aviation
• General Aviation
• UAV
• Advanced Air Mobility

Aircraft Electrification, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• France
• Germany
• UK
• Italy
• Netherlands
• Spain
• Russia

• Asia Pacific

• Japan
• China
• India
• Malaysia
• Indonesia
• South Korea

• Latin America

• Brazil
• Mexico
• Argentina

• Middle East & Africa

• Saudi Arabia
• UAE
• Israel
• South Africa

Aircraft Electrification Market Report Scope