Increase in per capita income has led to a continuous increase in the number of air passengers over the past few years. This has driven the demand for aircrafts, which in turn is driving growth of the light electric aircraft market. An electric aircraft is powered by electric motors. This electricity may be supplied through various methods including, ground power cables, ultra capacitors, batteries, power beaming, and solar cells. Manufacturers are trying to develop electric powered aircraft that will consume no fuel, emit no NOx or CO2 and will be substantially quieter than gas powered airplanes.
According to EU’s first emission report, air pollution from planes is expected to rise by nearly half in the next two decades, which will be linked to lung damage. Over the last twenty five years, there is a tremendous increase in the number of flights and a similar jump in the sector’s carbon di oxide emissions. According to provisional government figures, more than 23,000 Britons die prematurely every year from exposure to NOx. Another 30,000 people die early due to the effect of particulate matter (PM) pollution. The doubling of NOx and carbon di oxide is compelling aircraft manufacturers to make environment-friendly aircraft, which in turn, will drive demand for the light electric aircraft market.
Light Electric Aircraft Market: Dynamics
The growing need for adoption of lithium-based batteries, coupled with the continuous effort to reduce aircraft weight is expected to drive growth of the global light electric aircraft market. Moreover, increasing stringent emission norms related to the aircraft industry to reduce noise pollution across the globe is further expected to upsurge the demand for light electric aircraft. Also, new investment in light components, more efficient power electronics, and high energy dense batteries is expected to collectively drive the light electric aircraft market.
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High taxes on greenhouse emissions are also putting immense pressure on manufacturers to build light weight components for the aircraft industry. However, high amount of investment in R&D is expected to hamper growth of the market during the forecast period. Additionally, the decrease in crude oil prices has indirectly impacted oil & gas, and aviation industries and unskilled pilots, and is expected to restrict the growth of the market.
Light Electric Aircraft Market: Regional Outlook
During the forecast period, North America is expected to be a prominent region for the global light electric aircraft market. Rising military upgrades, such as the purchase of unmanned aerial vehicles, and innovative military jets are expected to upsurge demand for the light electric aircraft market in North America during the forecast period. Europe is also estimated to be a prominent region for the light electric aircraft market, owing to increasing stringent emission norms in countries, such as Germany, the U.K. and France. In Asia-Pacific, India and China are projected to grow at significant rate during the forecast period. China and India are also following ICAO (International Civil Aviation Organization) emission norms to combat air pollution.
With improvement in technology, light electric aircraft act as new emerging frontiers in the aircraft industry. Investment in more efficient power electronics, light weight components and more competent batteries altogether drive demand for the light electric aircraft market. Moreover, support from governments, such as tax benefits will support the growing demand over the forecast period.
Light Electric Aircraft Market: Segmentation
On the basis of type, the light electric aircraft market can be segmented into:
- Manned
- Unmanned
On the basis of power source, the light electric aircraft market can be segmented into:
- Battery
- Solar Cells
- Fuel Cells
- Ultra Capacitors
- Others
On the basis of application, the light electric aircraft market can be segmented into:
- Commercial
- Military
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Light Electric Aircraft Market: Market Participant
Examples of some of the market participants in the global light electric aircraft market, identified across the value chain include:
- Boeing
- Airbus
- Electric Aircraft
- DigiSky Srl
- Alisport Srl
- Aero Marine
- PC-Aero
- ACS Aviation
- Cessna
- Solar Impulse