Market Size of More Electric Aircraft Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.89 Billion |
| Market Size (2029) | USD 7.24 Billion |
| CAGR (2024 - 2029) | 13.22 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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More Electric Aircraft Market Analysis
The More Electric Aircraft Market size is estimated at USD 3.89 billion in 2024, and is expected to reach USD 7.24 billion by 2029, growing at a CAGR of 13.22% during the forecast period (2024-2029).
Recent technological advances in power electronics, fault-tolerant architecture, electro-hydrostatic actuators, flight control systems, high-density electric motors, and power generation and conversion systems have boosted the growth of the more electric aircraft market.
With increasing focus on eco-friendly aircraft, many regulations have been imposed on aircraft emissions. Due to the stringency of emission regulations, manufacturers are shifting toward more electric aircraft. The demand for more electric aircraft is growing as original equipment manufacturers (OEMs) for aircraft realize the architecture's potential advantages, like improved fuel efficiency, reduced maintenance costs, and enhanced reliability using modern power electronics.
In addition, engine installation has fewer hydraulic and pneumatic components. In the coming years, more electric aircraft with short ranges are expected to become viable for regional transportation. On the other hand, the lack of suitable infrastructure, the high cost associated with propulsion systems, and investment risks may hamper the market's growth.
