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Electric Aircraft Market Growth Forecast To Be Steady At 4.17% To 2023

Expected To Reach $121.8 Million By The End Of The Forecast Period

A new report projects that the electric aircraft market is projected to grow from an estimated $99.3 million in 2018 to $121.8 million by 2023, at a CAGR (Compound Annual Growth Rate) of 4.17% from 2018 to 2023. Lower cost of ownership of electric aircraft and advantages of electric aircraft over traditional aircraft are key factors driving the growth of the market.

The electric aircraft market has been segmented into ultralight aircraft and light jet. The ultralight aircraft segment is expected to lead the electric aircraft market in 2018. The ownership of ultralight aircraft is cost-effective due to the simplistic design and construction of these aircraft. With the increase in fuel prices, the demand for ultralight aircraft is expected to increase for training purposes.

Significant investment incurred in development of different types of electric aircraft is a major factor restraining growth of electric aircraft market across globe. Significant investments are required at different stages of value chain of electric aircraft industry (especially in R&D, manufacturing, system integration, & assembly stages).

The European region is estimated to account for the largest share of the electric aircraft market in 2018.This region is highly fragmented with a large number of electric aircraft manufacturers, namely, PC Aero (Germany), Pipistrel (Italy), Lilium (Germany), Alisport SRL (Italy), and Schempp-Hirth (Germany). The aircraft and its component industry in Europe is aiming to use new advanced materials, such as gamma-titanium aluminides and single crystals, with improved mechanical properties, these advanced engines help aircraft reduce its fuel consumption, carbon emissions, and noise pollution.

Major factor restraining growth of tension control market is the high initial cost required to set up and install tension control equipment, particularly automated tension control in the paper processing and flexible printing & packaging industries. The restraining factor is particularly prevalent in the Asia Pacific region, where small-scale packaging industry has a considerable share.

The key players profiled in this report from ReportsnReports.com are Zunum Aero (US), Yuneec International (China), PC Aero (Germany), Pipistrel (Italy), Eviation Aircraft (Israel) Lilium (Germany), Schempp-Hirth(Germany), Volta-Volaré (US), Bye Aerospace (US) and Electric Aircraft Corporation(US).Some of the innovators of different types of electric aircraft are DeLorean Aerospace (US), Joby Aviation(US), Siemens(Germany), and Evektor (Czech Republic).

(Source: ReportsnReports news release)

FMI: www.reportsnreports.com

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