More Electric Aircraft Industry Set for 15.4% CAGR Growth, Reaching USD 40.33 Billion by 2031

The global More Electric Aircraft (MEA) Market is poised for significant expansion, projected to grow from USD 17,000 million in 2023 to USD 40,330 million by 2031, with a robust CAGR of 15.40%.

Market Overview

The aviation sector is undergoing a profound shift as the demand for sustainable, efficient, and low-emission aircraft intensifies. At the heart of this transformation is the More Electric Aircraft (MEA) concept, which replaces traditional hydraulic and pneumatic systems with electric-based systems. These aircraft offer enhanced fuel efficiency, reduced maintenance, and lower emissions, addressing growing environmental concerns and regulatory pressures.

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MEA technology is being increasingly adopted in both commercial and military aviation, as well as unmanned aerial systems. Driven by a focus on cost-efficiency and green aviation, OEMs and Tier 1 suppliers are heavily investing in the development of electric-powered subsystems such as electric actuators, power electronics, and electric environmental control systems.

Industry Trends

One of the most noticeable trends in the MEA market is the ongoing shift toward hybrid and fully electric propulsion systems. With companies like Airbus and Boeing actively researching electric propulsion technologies, there’s a strong push to bring zero-emission flights closer to reality.

Furthermore, the growing integration of advanced power distribution systems, compact electric power generators, and next-generation energy storage solutions is propelling innovation across the MEA ecosystem.

Key players in the industry are also collaborating with tech firms and startups to fast-track developments in electric motors and high-density batteries. Additionally, rising fuel costs and tightening carbon emission norms from global regulatory bodies are making MEA adoption not only environmentally essential but economically viable.

Key Regions

North America holds the largest market share, fueled by the presence of major aerospace manufacturers, ongoing RD efforts, and defense sector investments. The U.S. Air Force’s growing interest in electric-powered military aircraft is expected to boost regional demand.

Europe is also a significant market, supported by environmental policies, electrification initiatives under the European Green Deal, and leading aircraft manufacturers like Airbus investing in next-gen electric platforms.

Asia-Pacific is emerging rapidly, led by China and India. Government support for indigenous aerospace development and rising air travel demand are encouraging investment in MEA infrastructure and development.

Meanwhile, the Middle East and Latin America are projected to grow steadily, with increasing defense budgets and plans to modernize existing aircraft fleets with electric systems.

Key Takeaways from Report

The global MEA market will grow at a CAGR of 15.4% between 2023 and 2031.
Electric power generation and distribution will be among the fastest-growing sub-segments.
Technological advancements in battery systems and electric motors are shaping the next wave of aircraft designs.
Regulatory support and public-private partnerships are key growth accelerators.
North America and Europe remain the dominant markets, but Asia-Pacific shows the highest growth potential.

Major Key Players:

Airbus
Boeing
Rolls-Royce
General Electric (GE) Aviation
Honeywell International
MagniX
Pipistrel
Vertical Aerospace
Eviation Aircraft
Zunum Aero
Joby Aviation
Lilium
AeroVironment
Safran
Siemens

Major aerospace companies, research institutions, and governments are collaboratively pushing the boundaries of what electric aircraft can achieve, making this one of the most dynamic and rapidly evolving segments in aviation today.

For stakeholders across the aerospace ecosystem, from OEMs to MRO providers and component manufacturers, this presents an unparalleled opportunity to innovate and lead in a market that is flying toward a cleaner, quieter, and smarter tomorrow.

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Market Segmentation