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October 2025
The electric aircraft market is expected to increase from USD 14.48 billion in 2025 to USD 60.61 billion by 2034, growing at a CAGR of 19.83% throughout the forecast period from 2025 to 2034. The growing adoption of eco-friendly aircrafts in developed nations coupled with numerous government initiatives aimed at lowering CO2 emission has driven the market expansion.
Additionally, technological advancements in the aircraft industry along with rapid investment by battery manufacturers for developing aircraft batteries is playing a vital role in shaping the industrial landscape. The increasing popularity of air taxis in developing nations is expected to create ample growth opportunities for the market players in the future.
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The electric aircraft market is a crucial branch of the aviation industry. This industry deals in manufacturing and distribution of electric aircraft in different parts of the world. There are several types of aircrafts developed in this sector comprising of fixed-wing airplanes, eVTOLs (electric vertical takeoff and landing), eSTOLs (electric short takeoff and landing), unmanned aerial vehicles (UAVs) and some others. These aircrafts are powered by different sources including battery, solar cells, fuel cells and some others. It delivers a wide range of flying range consisting of less than 600 kms and more than 600 kms. The end-users of these aircrafts comprise of commercial operators and military sector. This market is expected to rise significantly with the growth of the aerospace and defense sector around the globe.
The major trends in this market consists of partnerships, business expansions and advancements in battery technology.
The hybrid electric aircraft segment dominated the market. The increasing sales of hybrid aircraft in numerous countries such as China, India, Canada and some others has driven the market growth. Additionally, the growing demand for these aircrafts due to reduced fuel consumption and less operating cost is playing a vital role in shaping the industrial landscape. Moreover, partnerships among aircraft companies and engine manufacturers to develop advanced hybrid engines for powering aircrafts is expected to propel the growth of the electric aircraft market.
The all-electric aircraft segment is expected to rise with the highest CAGR during the forecast period. The increasing adoption of electric aircraft by the military sector has boosted the market expansion. Also, rapid investment by battery manufacturers to develop a wide range of high-quality batteries for the aviation sector is contributing to the industry in a positive manner. Moreover, numerous advantages of all-electric aircraft including lower carbon emissions, reduced noise pollution, reduced operating costs and some others is expected to boost the growth of the electric aircraft market.
The less than 500 kilometers segment led the electric aircraft industry. The growing adoption of mid-ranged electric aircrafts by the e-commerce sector for delivering goods in urban areas has boosted the market expansion. Also, the deployment of electric aircrafts by airline companies to enhance intercity transportation is playing a vital role in shaping the industrial landscape. Moreover, rapid investment by aerospace brands to develop hybrid aircrafts that deliver a flying range of less than 500 kilometers is expected to drive the growth of the electric aircraft market.
The more than 500 kilometers segment is expected to grow with a significant CAGR during the forecast period. The increasing demand for high-ranged electric crafts from the military sector to invade warfare zones has driven the market expansion. Additionally, rapid investment by aircraft companies to develop long-range electric aircrafts is contributing to the industry in a positive manner. Moreover, the integration of high-quality batteries in electric aircrafts to deliver superior flying range of more than 500 kilometers is expected to boost the growth of the electric aircraft market.
The battery segment held the largest share of the electric aircraft market. The growing use of high-quality li-ion batteries in electric aircrafts for delivering superior flying range has boosted the market growth. Additionally, rapid investment by battery manufacturing companies to open new factories for increasing the production of aviation batteries is contributing to the industry in a positive manner. Moreover, partnerships among aircraft companies and battery manufacturers to develop high-quality batteries for electric aircraft is expected to drive the growth of the electric aircraft market.
The solar cells segment is expected to rise with a considerable CAGR during the forecast period. The increasing application of solar cells in hybrid aircrafts to deliver superior flying range has driven the market expansion. Also, the rising focus of aerospace companies on developing solar-powered aircrafts coupled with the growing demand for eco-friendly aviation is playing a vital role in shaping the industrial landscape. Moreover, numerous advantages of solar cells including cost-effectiveness, low maintenance, versatility, long life span and some others is expected to boost the growth of the electric aircraft market.
The commercial segment held the dominant share of the electric aircraft market. The increasing demand for UAVs from the logistics sector for delivering goods in congested areas has boosted the market expansion. Also, the deployment of long-range electric aircrafts by airline companies to enhance intra-state transportation coupled with rising use of hybrid aircraft in corporate meetings is contributing to the industry in a positive manner. Moreover, numerous government initiatives aimed at developing the commercial aviation sector is expected to foster the growth of the electric aircraft market.
The military segment is expected to grow with a notable CAGR during the forecast period. The growing adoption of high-range electric aircrafts in the military sector for invading war zones has boosted the market growth. Additionally, rapid investment by government for developing the military sector coupled with rising focus of aircraft companies for developing military aircrafts is playing a vital role in shaping the industrial landscape. Moreover, collaborations among defense companies and aircraft manufacturers is expected to boost the growth of the electric aircraft market.
North America led the electric aircraft market. The growing demand for electric-based private aircrafts in the U.S. and Canada has driven the market expansion. Additionally, numerous government initiatives aimed at adopting eco-friendly transportation coupled with technological advancements in the aircraft manufacturing sector is playing a vital role in shaping the industrial landscape. Moreover, the presence of various market players such as Textron, Meggitt plc, AeroVironment Inc and some others is expected to boost the growth of the electric aircraft market in this region.
Asia Pacific is expected to expand with the highest CAGR during the forecast period. The increasing sales of hybrid aircraft in several countries such as India, China, South Korea, Japan and some others has boosted the market growth. Also, technological advancements in battery industry coupled with rise in number of aerospace startups is contributing to the industry in a positive manner. Moreover, the presence of several market players such as EHang, Rhyxeon General Aircraft Company, Yuneec International and some others is expected to propel the growth of the electric aircraft market in this region.
The electric aircraft market is a rapidly developing industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Lockheed Martin Corporation., Raytheon Technologies Corporation, Textron Inc., Elbit Systems Ltd., Astronics Corporation., Amphenol Corporation., Honeywell International Inc., Meggitt PLC., Thales Group, Boeing., Airbus S.A.S., Collins Aerospace., General Electric Company, Moog Inc. and some others. These companies are constantly engaged in developing electric aircraft and adopting numerous strategies such as partnerships, joint ventures, launches, acquisitions, collaborations, business expansions and some others to maintain their dominance in this industry.
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