Before the COVID-19 pandemic crisis, the aviation industry was one of the fastest-growing sources of carbon emissions driving a climate emergency. To curb this, scores of companies are developing electric aircraft, which is a breakthrough in this industry. These electric aircrafts run purely on electric power and can fly significant distances. The other options in consideration are biofuels and hydrogen fuel cells.
Electric aircraft’s future of the aviation industry
As per a new report on the Electric Aircraft Market, the electric aircraft market is estimated to grow from $99.3M in 2018 to $121.8M by 2023. This growth in the electric aircraft market is attributed to the advantages of electric aircraft over the conventional ones and the ownership of such planes. The report further notes that Europe is expected to lead the electric aircraft market until 2023.