Electric Aircraft Market Size to Achieve a Valuation of US$ 40.11 billion, at 25.1% CAGR by 2031, Experiences Surging Focus on Development of Urban Air Mobility Infrastructure

The report runs an in-depth analysis of market trends, key players, and future opportunities. The environmental regulations and carbon neutrality goals; urban air mobility infrastructure development; cost reduction and operational efficiency benefits; and government support and investment initiatives; are some of the major drivers of market growth.

/EIN News/ -- US & Canada, May 26, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global electric aircraft market is observing significant growth opportunities owing to the increasing development of urban air mobility infrastructure across different regions.

The electric aircraft market share is rapidly expanding, driven by the global push for sustainable aviation, reduced carbon emissions, and advancements in battery technology. Electric aircraft, powered by electric propulsion systems, are gaining traction for regional transport, urban air mobility, and pilot training. Increasing investments from governments and aerospace companies, along with rising fuel costs, are accelerating innovation and commercialization.

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Overview of Report Findings

      1.   Market Growth: The electric aircraft market is expected to reach US$ 8.76 billion in 2024 and is expected to reach US$ 40.11 billion by 2031; it is estimated to record a CAGR of 25.1% from 2025 to 2031. The demand for fixed wing electric aircraft is one of the major factors driving the growth for electric aircraft market. Some of the major applications of electric aircraft includes urban air mobility, demand for emergency medical services, demand for cargo delivery operations, and development of vertiport infrastructure across different regions is one of the major factors driving the market growth for electric aircraft market.

      2.   Growing Demand from Carbon Neutrality Goals: Governments of various countries are imposing certain regulations to control the emissions release from the aircraft operations, thus compelling engine manufacturers to opt for alternative engine power solutions such as batteries or fuel cells.

      3.   Adoption of Air Taxis due to Development of Urban Air Mobility: The government of several countries have been investing huge amount of funds for the development of urban air mobility infrastructure including the adoption of EVTOL aircraft and construction of vertiports for UAM transportation operations. This is further propelling the demand for electric aircraft market across different regions. The urban air mobility industry is fueled by recent technological advancements, UAMs usage in different civil and commercial applications, and considerable investments in emerging nations. Several cities are expected to adopt the new generation of transportation using eVTOL aircraft due to recent technological breakthroughs in urban air mobility. The eVTOL aircraft are most suitable for shorter trips across congested cities to avoid traffic. The aircraft also help with middle-mile and last-mile cargo delivery and medical services. Therefore, the adoption of air taxis is growing. The air taxis used for urban air mobility are mostly electric powered. Hence, they do not cause atmospheric pollution. The urban air mobility industry is at the early stage, which is expected to drive the adoption of air taxis in the coming years. In the first quarter of 2020, Toyota had invested US$ 394 million in Joby Aviation eVTOL Aircraft. In addition, in March 2022, Airbus and The Helicopter Company (THC) signed an agreement to introduce urban air mobility and continue expanding helicopter activities in Saudi Arabia. This comes as an additional step toward co-creating an urban air mobility ecosystem in the country. In January 2022, Boeing made an investment of worth US$ 450 million in Wisk Aero to support the development of future pilotless flying taxis. Further, Joby Aviation is planning to achieve the certification for its aircraft from the Federal Aviation Administration (FAA) along with its plan to launch commercial operations and passenger service up by 2024. Asia-Pacific is one of the key markets for urban air mobility and premium transportation as various countries such as China, India, Singapore, and South Korea have significant investments and heavy road traffic.

      4.   Geographical Insights: In 2024, Europe led the market with a substantial revenue share, followed by North America and Asia Pacific, respectively. North America is expected to register the highest CAGR during the forecast period.

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Market Segmentation

• Based on wing type, the electric aircraft market is segmented into fixed wing, rotary wing, and hybrid. The fixed wing segment held the largest market share in 2024.
• By aircraft type, the market is segmented into regional aircraft, business jets, light/ultralight aircraft. The light/ultralight aircraft segment held a larger share of the market in 2024.
• By component, the market is segmented into batteries, electric motors, aerostructures, avionics, and others. The batteries segment held a larger share of the market in 2024.
• By technology, the market is segmented into CTOL, STOL, VTOL. The VTOL segment held a larger share of the market in 2024.

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Competitive Strategy and Development

• Key Players: A few of the major companies operating in the electric aircraft market are Joby Aviation, Lilium GmbH, Archer Aviation Inc, Beta Technologies, EHang Holdings, Vertical Aerospace, Heart Aerospace, Boeing, Airbus, and Embraer Aircraft Holding.
• Trending Topics: Electric aviation market size, eVTOL investment opportunities, Electric aircraft ROI analysis, Urban air mobility business models, Electric aviation cost per mile, Aviation electrification timeline, and Electric aircraft market forecast, etc.

Global Headlines on Electric Aircraft Market

• Airbus partners with MAGicALL to develop the electric motors of CityAirbus NextGen
• Thales partnered with Eve for eVTOL development
• Lilium GmBH disclosed a purchase agreement with fractional aircraft operator NetJets
  
  

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Conclusion

The global electric aircraft market demonstrates resilient growth amidst evolving industrial landscapes and regulatory environments. Europe dominated the global electric aircraft market in 2024 and is expected to retain its dominance during the forecast period as well. North America region is likely to witness highest CAGR during 2025-2031. Lilium GmbH, EHang, Eve Air Mobility, Joby Aviation, and Volocopter GmbH are some of the key players operating in the global electric aircraft market. The listing of five key players based on a common criterion such as revenue is not feasible. Hence, we have derived this listing of “Key Five Players” in the global electric aircraft market by giving weightage to following key parameters: no. of pre-registered contracts, testing, certification, and development of electric aircraft products, estimated revenues, brand image & industry experience, current product portfolio, innovative and advanced technology integration/material enhancements, customer base, geographical reach, new product launches, partnerships, mergers & acquisitions, and other market related activities.

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