Electric Aircraft are planes that are powered by electricity rather than traditional fuel sources. The electric aircraft market has been gaining significant attention in recent years due to the growing need for cleaner and more sustainable transportation options. The market has seen significant growth in the past few years, and this trend is expected to continue in the future.
The electric aircraft market is likely to grow at a lucrative CAGR of 168% over the next five years to reach US$ 6.6 billion in 2026, owing to the ongoing efforts of governments and companies towards introducing Urban Air Mobility across countries/regions.
The key driving factor behind the growth of the electric aircraft market is the increasing demand for green aviation solutions. The aviation industry is responsible for a significant percentage of global carbon emissions, and electric aircraft provide a viable alternative to traditional fuel-powered planes. Electric aircraft have lower emissions and are more energy-efficient than their traditional counterparts, making them a more sustainable option for the aviation industry.
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Key Players
The following are the key players in the electric aircraft market.
Guangzhou EHang Intelligent Technology Co. Ltd, Pipistrel (Pipistrel Aircraft), Joby Aviation, Archer Aviation, Lilium GmbH
Regional Analysis
In terms of regions, Asia-Pacific accounted for a majority of the share, primarily driven by EHang’s AAV sales in China. Europe was another major market driven by Pipistrel electric aircraft sales in France, the UK, the Netherlands, Norway, and Switzerland. North America is expected to expand at the highest rate, driven by a strong roadmap for establishing UAM networks across different cities.
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