How big is the More Electric Aircraft Market?

The More Electric Aircraft Market size is expected to reach USD 3.89 billion in 2024 and grow at a CAGR of 13.22% to reach USD 7.24 billion by 2029. Read More

What is the current More Electric Aircraft Market size?

In 2024, the More Electric Aircraft Market size is expected to reach USD 3.89 billion. Read More

Who are the key players in More Electric Aircraft Market?

Honeywell International Inc., RTX Corporation, Safran, General Electric Company and Eaton Corporation plc are the major companies operating in the More Electric Aircraft Market. Read More

Which is the fastest growing region in More Electric Aircraft Market?

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in More Electric Aircraft Market?

In 2024, the Asia Pacific accounts for the largest market share in More Electric Aircraft Market. Read More

What years does this More Electric Aircraft Market cover, and what was the market size in 2023?

In 2023, the More Electric Aircraft Market size was estimated at USD 3.38 billion. The report covers the More Electric Aircraft Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the More Electric Aircraft Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

More Electric Aircraft Market Share

Statistics for the 2023 & 2024 More Electric Aircraft market share, created by Mordor Intelligence™ Industry Reports. More Electric Aircraft share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of More Electric Aircraft Industry

The more electric aircraft market is semi-consolidated due to a few global players holding significant shares in the market. Some key players in the market are RTX Corporation, General Electric Company, Safran, Honeywell International Inc., and Eaton Corporation PLC. Major players are currently focused on developing advanced electric architecture platforms to keep up with the increasing demand for more electric components. However, due to the complexity of aerospace testing, players need help validating these systems and components.

Players are investing in infrastructure to develop more electric architecture systems to address this issue. For example, Collins Aerospace (RTX Corporation) is building a specialized lab, The Grid, which will be the most advanced electric power systems laboratory. The lab will enable the design and evaluation of systems like high-power generators for the next generation of more electric aircraft, including commercial, military, business aviation, UAV, and urban air mobility platforms. Similarly, in April 2021, Airbus announced its plans to replace the mechanical rudder controls on A320 Neo-family aircraft with an entire electric rudder system, expected to be completed by early 2024. Such developments from OEMs will drive market growth in the coming years.