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The aircraft electrification market size is forecast to increase by USD 10.20 billion at a CAGR of 18.52% between 2023 and 2028. The growth of the market depends on several factors, such as technological advancements, increased investment, and advancements in battery technology. The market is experiencing significant growth propelled by technological advancements, particularly within the aviation sector. The industry's embrace of cutting-edge technologies is a pivotal factor in this expansion. Breakthroughs in electric motor technology have revolutionized aircraft engines, delivering superior performance characterized by enhanced efficiency, reliability, and reduced maintenance requirements compared to conventional internal combustion engines. Simultaneously, progress in battery technology has yielded batteries boasting higher energy densities, extended lifespans, and accelerated charge times, further driving innovation within the aviation industry.
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The commercial and general segment is expected to account for the largest share of the global market. The growing passenger traffic is positively impacting the development of the segment. The increasing demand for more efficient and eco-friendly ones to reduce their carbon footprint is driving the commercial segment.
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The commercial and general aircraft segment was valued at USD 3.18 billion in 2018. Electrification of commercial ones involves using electric propulsion systems such as electric motors, batteries, and power electronics to propel the aircraft. The general segment includes small ones used primarily for personal or business purposes, such as private jets, helicopters, and small regional aircraft. General aviation electrification involves using hybrid-electric or all-electric propulsion systems to replace traditional fuel-driven engines. Such factors will increase segment growth during the forecast period.
The technology segment includes more electric, fully electric, and hybrid electric aircraft. The growing demand for more efficient and environmentally friendly aircraft is expected to surge the demand for electric aircraft which is boosting the growth global market during the forecast period. The concept of more electric aircraft refers to the increased use of electrical power in place of hydraulic and pneumatic systems traditionally used in aircraft. More electric aircraft also allows for more precise control of systems, leading to better overall performance. The move to electric aircraft is driven by the need for higher efficiency and reduced emissions, as well as the desire to reduce maintenance costs and improve reliability.
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Europe is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Europe has been at the forefront of efforts to reduce carbon emissions in the aviation industry, with several initiatives aimed at promoting the development of electric and hybrid-electric aircraft. Owing to increasing demand for fuel-efficient and environmentally friendly aircraft and increasing adoption of electric and hybrid-electric propulsion systems, the market in Europe will witness high growth.
The market is experiencing rapid growth, driven by the increasing adoption of innovative technologies such as air taxis, drones, and electrically-powered aircraft systems. Aircraft electrification offers numerous benefits, including emissions reduction, fuel efficiency, and noise pollution reduction. Major players in the market are investing heavily in the development of alternating current (AC) generators, hydrogen cells, and biofuel technology to enhance aircraft range and reduce environmental impact. The use of high dielectric strength insulating materials and forced air cooling mechanisms ensures safety and reliability in electrified aircraft systems. Additionally, advancements in avionics equipment and grounding techniques contribute to the expansion of the market, paving the way toward a net zero aviation industry. In the realm of general aviation segment, operators face persistent challenges related to emissions and fuel consumption associated with traditional fuel usage. To address these concerns, advancements in Performance Materials and Technologies and Safety and Productivity Solutions are crucial. Innovations in Home and Building Technologies also contribute to enhancing fuel efficiency and reducing emissions in general aviation operations.
Technological advancements are propelling the growth of the market. The aviation industry's increasing adoption of advanced technologies is a crucial driver in this expansion. Breakthroughs in electric motor technology have facilitated the creation of high-performance engines for aircraft, offering enhanced efficiency, reliability, and reduced maintenance compared to traditional internal combustion engines. Concurrently, advancements in battery technology have resulted in batteries with higher energy densities, longer lifespans, and faster charge times.
Additionally, the development of advanced power electronics allows efficient control and management of power flow in electric and hybrid electric aircraft. These innovations collectively enable the creation of electric and hybrid-electric aircraft capable of meeting commercial aviation's range and performance requirements, fostering more sustainable air travel. This progression is anticipated to surge demand for aircraft electrification services, driving the global aircraft electrification market's growth in the forecast period.
Electric aircraft gaining popularity is the primary trend in the global market. With the growing concern to reduce its carbon footprint and move towards more sustainable operations, there is robust demand for electric aircraft in the aviation industry.
Another factor driving the demand for electric aircraft is the increasing availability of advanced battery technology essential to powering electric aircraft. In recent years, battery technology has made great strides due to advances in technology such as lithium-ion batteries and all-solid-state batteries. Increasingly energy dense, reliable, and affordable, these batteries will make electric aircraft more practical and feasible. Jet engines used in electric aircraft are gaining popularity as they are quieter than regular piston engines, which is the reason that has led to the increased use of electric aircraft by commercial airlines around the world.
The high development cost is a major challenge to the growth of the market. A significant amount of investment is required in manufacturing electric aircraft, which is a major challenge for the new entrants in the global market. To design and manufacture new components such as high-capacity batteries, electric motors, and power electronics, high cost is required.
However, the development of electric aircraft requires new infrastructure, such as charging stations, that increase development costs. These infrastructure components can be expensive to develop and build, especially if there is a lack of existing infrastructure that can be reused. The high development cost of electric aircraft poses a significant barrier to new entrants as it requires large upfront investments that may not be feasible for smaller companies or start-ups. Therefore, all these factors will adversely affect the growth of the global market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aegis Power Systems Inc: The company offers aircraft electrification products such as DC power converters. Also, the company is involved in supplying AC-DC and DC-DC power supplies for custom and particular applications.
EaglePicher Technologies LLC: The company offers aircraft electrification solutions such as lithium-ion battery systems. Also, the company offers various products such as thermal batteries, primary batteries, secondary batteries, energetic devices, custom packaging, and charging stations.
The report also includes detailed analyses of the competitive landscape of the market and information about 17 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
1. Commercial Aircraft Battery Management System (BMS) Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Canada, China, France, Germany - Size and Forecast
2. Commercial Aircraft Emergency Generators Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Canada, China, Germany, France - Size and Forecast
3. Aviation Battery Market Analysis North America,Europe,APAC,South America,Middle East and Africa - US,Israel,China,Japan,Russia - Size and Forecast
In the rapidly evolving landscape of electric aviation and hybrid electric propulsion systems, STMicroelectronics plays a pivotal role in advancing aircraft design with high energy density batteries and advanced aerospace components. The shift towards fully electric urban air vehicles and hybrid powered aircraft is driven by environmental sustainability goals and stringent emission standards set by aviation authorities and regulatory initiatives. These initiatives propel electric air transportation forward, focusing on energy storage capacities of lithium ion batteries and their chemical compositions for high performance solutions in electric vertical takeoff and urban air mobility solutions.
Moreover, in the realm of mechanical systems and hydraulic systems, alongside integrated power distribution systems, flexible power management and precision control are critical for hybrid electric segment success. This includes regenerative energy capture and noise reduction technologies essential for UAV segment applications like surveillance and reconnaissance. Charging infrastructure development, supported by government agencies and venture capital funding, is pivotal for the expansion of unmanned aerial systems and short haul electric aviation. Electric aviation ventures are also exploring modular design options and rapid response capabilities to meet the demands of urban air mobility.
Furthermore, Aircraft endurance and maintenance protocols are optimized through fuel cells and hybrid and electric propulsion systems, ensuring operational cost efficiency in conventional aviation and business jet sectors. Mechanical components and moving parts benefit from lightweight solutions and hybrid electric technologies, supporting agility and safety in aerospace sector innovations. Ultimately, advancements in battery technologies and energy storage systems are pivotal for achieving climate change targets and enhancing performance across electric vertical takeoff and fully electric aircraft initiatives, transforming airports with charging points and reducing fuel consumption and emissions across the aviation industry.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2023 |
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Historic period |
2017 - 2021 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.52% |
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Market growth 2024-2028 |
USD 10.19 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
15.18 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 37% |
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Key countries |
US, Germany, UK, China, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Acme Aerospace Inc and Avionic Instruments LLC, Aegis Power Systems Inc., AMETEK Inc., Astronics Corp., BAE Systems Plc, Carlisle Companies Inc., Crane Holdings Co., EaglePicher Technologies LLC, General Electric Co., Hartzell Propeller Inc., Honeywell International Inc., Lee Air Inc., magniX, Nabtesco Corp., Parker Hannifin Corp., PBS Aerospace Inc., RTX Corp., Safran SA, Thales Group, and U.S. Technologies |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Platform
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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