The global hybrid electric aircraft market size stood at USD 2.80 billion in 2023. The market revenue is anticipated to rise from USD 3.31 billion in 2024 to USD 465.60 billion by 2050, registering a CAGR of 21.7% from 2024 to 2050.
Hybrid electric aircraft can decrease fuel consumption and emissions by integrating electric propulsion systems and provide a more sustainable substitute for aviation. An increase in environmental regulations, a rise in fuel expenses, and several operational advantages of hybrid electric aircraft are boosting market expansion.
The COVID-19 pandemic had a detrimental effect on the market growth. Delayed production and testing forms due to lockdowns hindered market expansion.
Fortune Business Insights™ shares this information in its report titled “Hybrid Electric Aircraft Market, 2024-2050.”
List of Key Players Profiled in the Market Report
Airbus SE (Netherlands)
Ampaire Inc. (U.S.)
Archer Aviation Inc. (U.S.)
Aura Aero (France)
Electra Aero Inc. (U.S.)
Embraer S.A. (Brazil)
Heart Aerospace (Sweden)
Honeywell International Inc. (U.S.)
Joby Aviation, Inc. (U.S.)
Lockheed Martin Corporation (U.S.)
Northrop Grumman Corporation (U.S.)
PIPISTREL (Textron Aviation) (U.S.)
The Boeing Company (U.S.)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/hybrid-electric-aircraft-market-109795
Segmentation: Hybrid Electric Aircraft Market
Rising Demand for Commercial Aircraft due to Rise in Fuel Costs Boosted Segment Growth
In terms of platform, the hybrid electric aircraft market is segregated into commercial aircraft, military aircraft, business jets, and urban air mobility. The commercial aircraft segment led the market. Rising demand for commercial aircraft due to a rise in fuel costs and concerns about energy security is fueling segment growth.
Growing Emphasis on Environmental Concerns by Regulatory Bodies Fueled Pilot-operated Segment Expansion
By operation, the market is bifurcated into pilot-operated and autonomous. The pilot-operated segment held the major hybrid electric aircraft market share in 2023. An increase in emphasis on environmental concerns and sustainability initiatives by regulatory bodies and stakeholders is driving segment expansion.
Increasing Need To Reduce Aviation's Carbon Footprint Augmented Piston Engine With Electric Motor Segment Expansion
On the basis of engine configuration, the market is classified into turbine engine with electric motor and piston engine with electric motor. The piston engine with electric motor segment dominated the market. A rise in environmental concerns and an increasing need to reduce aviation's carbon footprint are boosting segment expansion.
Rising Demand for Lightweight Structures to Boost Efficiency Fueled Aerostructures Segment Growth
Based on component, the market is divided into aerostructures, engine, avionics, electric motors, batteries & fuel cells, generators, and others. The aerostructures segment dominated the market. Rising demand for lightweight structures to boost efficiency and range is propelling segment expansion.
Rapid Integration of CTOL Lift Technology in Hybrid Electric Aircraft BoostedCTOL Segment Growth
In terms of lift technology, the market is categorized into CTOL (Conventional Take-off and Landing), STOL (Short Take-off and Landing), and VTOL (Vertical Take-off and Landing). The CTOL segment was the leading segment in the market in 2023. CTOL lift technology allows hybrid electric aircraft to take off and land conventionally, making them appropriate for different applications and operating environments. This is driving segment expansion.
From the regional ground, the market is classified into Europe, North America, Asia Pacific, and the Rest of the World.
Report Coverage
The report has studied the hybrid electric aircraft market in depth and underlined several crucial aspects and leading market participants. It provides important insights into the recent market trends and key industry developments. In addition to the factors mentioned above, the report covers many other factors that have helped the market grow.
Drivers and Restraints
Rapid Adoption of Air Taxis to Fuel Market Development
The aviation industry is witnessing a revolution with the advent of electric vertical take-off and landing planes. These aircraft provide several benefits over conventional aircraft, such as cost-effectiveness and the potential for metropolitan air flexibility. The use of air taxis is considered as a transformative reality that has the potential to change the awareness of air travel among individuals. eVTOLs, urban air mobility, and hybrid electric aircraft will be at the front position of all changes that will happen in the future of aviation. An increase in investments by several companies for the development and acquisition of these aircraft is fueling the hybrid electric aircraft market growth.
On the other hand, stringent regulations and airworthiness certifications are hindering market expansion.
Regional Insights
Rising Demand for Hybrid Aircraft Offering Exclusive Design Possibilities Boosted Market Growth in North America
North America commanded the global hybrid electric aircraft market. Rising demand for hybrid aircraft as they provide exclusive design possibilities and operational efficiencies is boosting market expansion in the region.
Asia Pacific is set to be a significant region in the coming years. An increase in air travel due to economic growth, rapid urbanization, and rising disposable incomes is driving market expansion in the region.
Competitive Landscape
Key Players Emphasize Acquisitions and Collaborations to Boost Their Market Positions
The market comprises other top players, such as Archer Aviation Inc., Embraer S.A., Joby Aviation, Inc., PIPISTREL (Textron Aviation), and others. These participants emphasize acquisitions, collaborations, and new product introductions to boost their market positions.
Key Industry Development
December 2023: Maeve Aerospace revealed tactics to create an 80-seat hybrid-electric turboprop intended to substitute regional jets and the De Havilland Canada Dash 8-400. The new aircraft, named the M80, is ready to take its maiden flight by the end of 2028, with strategies to join commercial service by 2030 or 2031.