More Electric Aircraft Market Size & Share 2023 to 2032
Market Size by Aircraft Type (Fixed Wing, Rotary Wing), by System (Power Electronics, Thermal Management System, Safety Systems & Advanced Material, Energy Storage Devices), by Application & Forecast.
Report ID: GMI3357
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Published Date: September 2023
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Report Format: PDF
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Authors:
Suraj Gujar, Ankita Chavan
More Electric Aircraft Market Size
More Electric Aircraft Market size was valued at over USD 4.2 billion in 2022 and is anticipated to grow at a CAGR of over 13.1% between 2023 & 2032. The rising focus on aircraft electrification is a significant factor driving the more electric aircraft industry growth. Airlines and manufacturers are increasingly investing in electrification technologies to reduce carbon emissions & enhance sustainability. Electrification allows for the replacement of heavy, fuel-dependent systems with lighter, more energy-efficient electric components. As the aviation sector increasingly prioritizes sustainability, the adoption of more electric aircraft powered by advanced electrical systems becomes pivotal in achieving these goals, driving market growth & innovation.
More Electric Aircraft Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
More Electric Aircraft (MEA) refers to an aircraft that relies extensively on electrical systems for various onboard functions traditionally powered by hydraulic or pneumatic systems. These aircraft use advanced electrical components & technologies for tasks such as flight control, landing gear operation, environmental control, and more. The shift to electric systems aims to improve aircraft efficiency, reduce maintenance costs, and enhance environmental sustainability by minimizing the reliance on fossil fuels & optimizing power management.
While electric propulsion is environmental-friendly and cost-effective, these aircraft often lack the range required for long-haul flights. This limitation restricts these aircraft to shorter routes and regional operations, limiting their market potential. Overcoming this range limitation through advancements in battery technology and infrastructure development is essential for the MEA market to expand its market share and competitiveness in the aviation industry.
COVID-19 Impact
The COVID-19 pandemic had significant impacts on the more electric aircraft market. It caused a severe downturn in the aviation industry, leading to decreased passenger demand and financial crises for airlines. These challenges resulted in airlines deferring or canceling MEA orders to conserve capital. Additionally, supply chain disruptions disrupted the production of critical MEA components, causing delays in manufacturing and delivery. Travel restrictions and lockdowns also hindered testing & certification processes for MEA technologies. The economic strain on airlines further limited their ability to invest in innovative MEA solutions, slowing down market growth and adoption during the pandemic.
More Electric Aircraft Market Trends
Advancements in electrical systems and components are improving aircraft efficiency & reliability, driving the adoption of more electric aircraft. These aircraft are more fuel-efficient than traditional aircraft, which can lead to significant cost savings for operators. They rely on electric systems over traditional hydraulic & pneumatic ones and offer increased fuel efficiency and reduced carbon footprints. Airlines and manufacturers are increasingly investing in research & development to address technological challenges. Additionally, there is a rising interest in hybrid-electric & all-electric propulsion systems that reduce the environmental impact. However, regulatory & certification hurdles remain significant challenges influencing market growth and development.
More Electric Aircraft Market Analysis
Based on system, the more electric aircraft market is segmented into power electronics, thermal management system, safety systems & advanced material, and energy storage devices. The power electronics segment held the largest market share of 40% in 2022. Power electronics play a pivotal role in enabling the transition to electric & hybrid-electric propulsion systems. These systems are becoming more efficient and reliable, making them better suited for use in MEA. New semiconductor technologies are enabling the development of power electronics systems that are smaller, lighter, and more efficient than previous generations. There is a growing emphasis on reducing fuel consumption & emissions, improving energy efficiency, and ensuring the reliability of critical aircraft functions. As the MEA market develops, power electronics technology continues to evolve, driving innovation & growth in the sector.
Based on application, the more electric aircraft market is segmented into power distribution, passenger comfort, air pressurization & conditioning, and flight control & operations. The passenger comfort segment will experience a CAGR of over 10% till 2032. Passenger comfort is a key growth driver as it directly influences customer satisfaction and airline competitiveness. MEAs offer quieter and smoother rides due to their electric systems, reducing noise & vibrations. Moreover, the advanced environmental control systems in MEAs can maintain a more comfortable cabin temperature & air quality. These aircraft allow for improved cabin amenities, lighting, and entertainment options, making air travel more pleasant.
North America held a more electric aircraft market share of over 30% in 2022 owing to a strong aerospace industry with several leading aircraft manufacturers & suppliers. This gives MEAs a strong foothold in the region. North America is a major hub for air travel with a high demand for both domestic & international flights. The U.S. government supports MEA development through research grants and initiatives, fostering innovation. For example, in 2022 the U.S. Air Force is funding the development of an electric fighter jet. Similarly, the U.S. Department of Energy awarded USD 253 million to support the development of more electric aircraft technologies.
More Electric Aircraft Market Share
Major players operating in the more electric aircraft market are;
These players heavily invest in research to introduce innovative services & products and garner maximum revenue in the market.
More Electric Aircraft Industry News
The more electric aircraft market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million and Units) from 2018 to 2032, for the following segments:
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By Aircraft Type
By System
By Application
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
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Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
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Verified data sources
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GMI archive
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