CHICAGO, Aug. 22, 2023 /PRNewswire/ -- The Hybrid Aircraft Market is estimated to be USD 1.2 Billion in 2023 to USD 13.2 Billion by 2030, at a CAGR of 41.6% from 2023 to 2030 according to a new report by MarketsandMarkets™. The increasing demand for fast and effective transportation and increasing need for sustainable development are driving the growth of the hybrid aircraft market.
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Browse in-depth TOC on "Hybrid Aircraft Market"
120 – Tables
80 – Figures
270 – Pages
Hybrid Aircraft Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $1.2 billion |
Estimated Value by 2030 | $13.2 billion |
Growth Rate | Poised to grow at a CAGR of 41.6% |
Market Size Available for | 2019–2030 |
Forecast Period | 2023–2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Aircraft Type, Power Source, Lift Technology, Mode of Operation, Range, System and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Supply chain integration |
Key Market Opportunities | Sustainable development |
Key Market Drivers | Increasing demand for Short-Haul range connectivity |
Based on mode of operation, the piloted segment is estimated to have the second highest CAGR during the forecast period.
The piloted segment is projected to grow at the second highest CAGR in the hybrid-electric aircraft market during the forecast period. The piloted segment involves human pilots who actively control and maneuver hybrid aircraft. Piloted hybrid aircraft offer certain advantages, such as human decision-making capabilities, adaptability to unexpected situations, and the ability to handle complex scenarios. Pilots can leverage their expertise and experience to respond effectively to changing conditions, perform manual flight maneuverers, and ensure higher confidence and trust for passengers. Piloted hybrid aircraft vehicles require human involvement as they do not have pre-programmed features. These are used in civil & commercial applications such as air taxis, cargo transportation, air ambulance, and personal air transportation. Passenger drone manufacturers are developing piloted drones capable of autonomous flight but requiring a pilot to perform only critical operations. Piloted hybrid aircraft segment is expected to grow as it fills the gap between short-haul routes, providing quicker connections and reducing congestion at major airports.
Based on aircraft type, the advanced air mobility segment is estimated to have the highest CAGR in the forecasted period.
The advanced air mobility segment is projected to grow at the highest CAGR in the hybrid aircraft market during the forecast period. Advanced Air Mobility (AAM) uses eVTOL aircraft that are usually short-range, runway independent, and highly automated. They incorporate non-traditional electric or hybrid propulsion for piloted or automated operations. Hybrid advanced air mobility technologies are in high demand because they have the ability to completely change urban transportation. Hybrid AAM vehicles are expected to grow exponentially due to its combined VTOL capabilities with effective hybrid power and its promise to ease traffic congestion and cut down on pollution.
Based on range, the <100 km segment is estimated to have the second highest CAGR in the forecasted period.
The <100 km segment is projected to grow at the second highest CAGR in the hybrid aircraft industry during the forecast period. The < 100km segment majorly include advanced air mobility aircrafts and UAVs which are used for short distances. Hybrid-electric aircraft with this range are used for cargo delivery, surveillance and reconnaissance, monitoring, medical services and many more. These aircraft are of small size and their nimble maneuverability allows it to fit into small spaces and make shorter runway landings, increasing its operating flexibility.
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Based on region, the Europe segment is estimated to have the highest CAGR and largest share during the forecast period.
The Europe region is projected to grow at the highest CAGR and largest share during the forecast period. Various technological advancements, increased demand for efficient transportation, and government support have propelled the expansion of hybrid aircraft market in this region. Europe has attracted several established aerospace companies and innovative startups to transform hybrid aircraft. The hybrid aircraft market in North America is also driven by a wide array of applications, including hybrid air taxis, cargo delivery, and emergency services. This growth is expected to bring about a transformative shift in hybrid-electric aircraft, revolutionizing the future of transportation in the region.
Major players operating in the hybrid aircraft companies are XTI Aircraft (US), Electra Aero (US), Manta Aircraft (Italy), Transcend Air Corporation (US), and Ava Propulsion, Inc. (US), among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America, and Rest of the World.
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