Electric aircraft are powered by electricity via one or more electric motors which drive the propellers. In this type of aircraft, electricity is supplied via a variety of methods, the most common being batteries or solar cells. The electric aircraft industry is currently in the introduction stage of the industry life cycle and is expected to witness its growth stage during 2021-2030.
In the year 2020, the electric aircraft market witnessed a relatively negligible impact of the Covid-19 pandemic as the industry is still at the introduction stage. The electric aircraft market is likely to grow at a lucrative CAGR of 168% over the next five years to reach US$ 6.6 billion in 2026, owing to the ongoing efforts of governments and companies towards introducing Urban Air Mobility across countries/regions.
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