More Electric Aircraft Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


More Electric Aircraft Market Analysis:

During the forecast period, the more electric aircraft market is expected to experience a compound annual growth rate (CAGR) of over 6%. The global air passenger traffic was significantly impacted by the COVID-19 pandemic in 2020 and 2021, leading to a decrease in flight activity and affecting airline cash flows worldwide. Consequently, many airlines have chosen to either cancel or postpone their aircraft orders. Similarly, commercial aircraft original equipment manufacturers (OEMs) have reduced their production rates due to the decreased demand for new jets caused by the pandemic. However, as the COVID-19 situation has gradually normalized in 2021 and 2022, both the passenger traffic segment and the aircraft delivery segment have regained stability in the market, thereby supporting the growth of the more electric aircraft market in the upcoming years.

The advancement of technology in power electronics, fault-tolerant architecture, electro-hydrostatic actuators, flight control systems, high-density electric motors, and power generation and conversion systems has played a significant role in promoting the more electric aircraft market. Furthermore, the increasing emphasis on eco-friendly aircraft has resulted in the implementation of various regulations concerning aircraft emissions. As emission regulations become more stringent, manufacturers have shifted their focus towards developing more electric aircraft.

The growth of the more electric aircraft market is driven by the recognition of its potential advantages by aircraft OEMs. These advantages include improved fuel efficiency, reduced maintenance costs, and enhanced reliability through the utilization of modern power electronics. Additionally, the installation of more electric aircraft involves fewer hydraulic and pneumatic components. Consequently, it is anticipated that more electric aircraft with shorter ranges will become a viable option for regional transportation in the forthcoming years.

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