Surging fuel prices is impelling aviation companies to look for alternatives to conventional fuel sources. Thus, focus on electrical energy as eco-friendly and efficient alternative over the conventional fuel is expected to drive the global electric aircraft market over the next few years. Electric aircrafts aid several benefits such as air, noise, and ground pollution reduction resulting in diminishing global warming hazards, which in turn are expected to drive the global electric aircraft market demand. Electric aircrafts are innovative in terms of technology and functioning. For instance, helicopters aid in exercising safety control, while landing regardless of engineering failures with the aid of electric backup. This further spurs the electric aircraft market demand. Growing demand across diverse range of applications of many novel electrical components and systems, including structural components, printed electronics, and smart skin, is expected to pave new pathways for global electric aircraft demand. Rising use of autonomous systems is further expected to propel the global electric aircraft market growth.
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Escalating airline passengers is expected to drive the aircrafts orders significantly. The market is expected to gain prominence over the next few years owing to several benefits including improved manoeuvrability, increased safety, less noise, and lower explosion or fire risk. Further, electric aircrafts contribute to environmental and cost benefits by eliminating usage of fossil fuel consumption and its resultant emissions. Electric aircrafts have widespread applications and can work on commercial, UAV, and military platforms. Thus, electric aircraft market is expected to gain prominence over the forecast period owing to aforementioned benefits. However, numerous regulatory issues coupled with few macro-economic factors are anticipated to negatively impact global electric aircraft market growth. Reliability of electrical systems in harsh environment, thermal management, and optimization in electrical systems are some of the key challenges that may confront the key market players.
Despite the economic downturn, North America and Europe electric aircraft market is expected witness significant demand over the forecast period owing to technological advancements and strong R&D initiatives by the key players in these regional markets. Further, Asia Pacific is expected to restore its technology platform in the near future in order to meet the changing demands of the stakeholders in the aircraft market. Asia Pacific is foreseen to exhibit significant growth owing to military Keynesianism. Key market participants include Boeing, Raytheon, Safran, Airbus, and Honeywell International Inc. Continuous improvement with lean approach may be the vital strategies of the key players.
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