Electric Aircraft have been developed using electric motors and battery packs to power the aircraft. They have several technical advantages over conventional fuel aircraft such as high fuel efficiency, near-silent flight experience and zero operational emissions. Electric aircraft have lower maintenance costs due to fewer moving parts compared to traditional fuel engines.

Market key trends:

One of the major trends driving growth of the electric aircraft market is the development of high power and high energy density battery technologies. Improvements in lithium-ion battery technologies have increased the battery capacities and energy densities significantly making electric propulsion of aircraft viable. For instance, researchers are developing lithium-sulfur batteries that offer over five times the energy density of lithium-ion batteries. Such batteries with higher energy density allow electric aircraft to fly longer distances on single charge. Ongoing research and investments into battery technologies is expected to increase the range and payload capacity of electric aircraft, thereby propelling the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements and operating costs have lowered barriers to entry in the Global Electric Aircraft Market Size. However, established brands have significant brand recognition and resources which make it difficult for new players to enter.
Bargaining power of buyers: Buyers have significant bargaining power due to presence of numerous established manufacturers. Buyers can negotiate on price and demand additional services and performance specifications.
Bargaining power of suppliers: Suppliers of critical components like batteries and electric motors have some bargaining power due to limited number of specialized component manufacturers and technology providers in the market.
Threat of new substitutes: advent of hybrid-electric and hydrogen-powered aircraft pose a threat, however, limitations in adoption due to high costs make electric aircraft an attractive option currently.
Competitive rivalry: Intense competition exists between major manufacturers to gain market share by offering superior performance, endurance and price which is driving innovation in the market.

SWOT Analysis

Strengths: Electric aircraft offer near-zero operating costs, reduced noise and zero emissions compared to traditional aircraft. Major manufacturers have made significant investments in R&D.
Weaknesses: Limitations in battery capacity restrict payload and endurance of electric aircraft. High costs of development, certification and manufacture act as barriers.
Opportunities: Growing focus on sustainability is driving demand for electric modes of transport. Potential for scaling up production to cater to rising demand and reduce costs through economies of scale.
Threats: Slow pace of establishing necessary charging infrastructure can hamper large-scale adoption of electric aircraft. Dependency on rare-earth metals for batteries poses supply risks.

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