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Aircraft Electrification Market Share

Report ID: GMI7069
Published Date: Oct 2023
Report Format: PDF

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Aircraft Electrification Market Share

MagniX is a leading manufacturer of electric propulsion systems for aircraft. The company offers a range of products, including the magni500, magni650, and magni750 electric propulsion units (EPUs). These EPUs are designed to power a variety of aircraft, including small Cessnas, regional airliners, and even cargo planes. MagniX is a major player in the aircraft electrification industry, and its products are being used by several companies to develop electric aircraft. For instance, in September 2022, Eviation's all-electric aircraft, the Alice, successfully completed its first test flight, powered by 2 magni650 electric propulsion units. The Alice is expected to enter service in 2025, and it will be the world's first all-electric commuter plane. Major players operating in the global aircraft electrification industry are:

Honeywell (U.S.)
General Electric (U.S.)
Collins Aerospace (U.S.)
Safran (France)
MagniX (U.S.)
Eviation (Isreal)
Joby Aviation (U.S.)

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Market size for aircraft electrification was USD 6.5 billion in 2022 and may over 13% CAGR between 2023 and 2032 due to the increasing awareness of climate change and the higher need to reduce greenhouse gas emissions

Aircraft electrification industry from the electric motors component segment is estimated to reach over USD 4 billion by 2032 offer numerous advantages, including high efficiency, lower maintenance requirements, reduced noise levels, and environmental benefits

The electric propulsion application segment in the aircraft electrification market is estimated to exceed USD 6 billion in revenue by 2032 due to growing government concerns and the rising technological advancements

North America industry for aircraft electrification garnered over 35% of the market share in 2022 and is expected to grow through 2032 owing to the growing government support for the development and adoption of electric aircraft through various initiatives, such as tax breaks and grants.