Global eVTOL Aircraft Market Size By Lift Technology(Lift Plus Cruise, Vectored Thrust), By Mode of Operation(Semi-Autonomous, Autonomous), By Propulsion Type(Hybrid-Electric, Hydrogen-Electric), By Application(Military, Commercial), By Geographic Scope And Forecast
Global eVTOL Aircraft Market Size By Lift Technology(Lift Plus Cruise, Vectored Thrust), By Mode of Operation(Semi-Autonomous, Autonomous), By Propulsion Type(Hybrid-Electric, Hydrogen-Electric), By Application(Military, Commercial), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global eVTOL Aircraft Market Size By Lift Technology(Lift Plus Cruise, Vectored Thrust), By Mode of Operation(Semi-Autonomous, Autonomous), By Propulsion Type(Hybrid-Electric, Hydrogen-Electric), By Application(Military, Commercial), By Geographic Scope And Forecast
eVTOL Aircraft Market Size and Forecast
eVTOL Aircraft Market size was valued at USD 11.12 billion in 2021, it is expected to reach USD 34.92 billion by the end of 2030, growing at a CAGR of 12.16% from 2023 to 2030.
The arrangement of air mobility urban aircraft is driving growth in the eVTOL Aircraft Market. The Global eVTOL Aircraft Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global eVTOL Aircraft Market Definition
Electric-powered aircraft that have the ability for taking off and rest vertically, like a helicopter, but are less disruptive more efficient, and more environmentally friendly are commonly referred to as eVTOLs (Electric Vertical Take-off and Landing) in this growing industry. To provide more efficient and quicker transportation both inside and among cities, eVTOL planes are being investigated as an achievable choice for urban air transportation. They can carry either individual as well as goods, or both, and are designed to be piloted manually or automatically.
Due to enhancements in electric motor technological advances, increasing demand for eco-friendly transport, and the possibility for substantial savings in costs compared with conventional helicopter or corrected-wing aircraft operations, the eVTOL market is going to grow rapidly in the years ahead.
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Global eVTOL Aircraft Market Overview
The COVID-19 epidemic has impacted the market for eVTOL aircraft in several different ways. The pandemic has reduced investment and dragged back certification and testing deadlines, but it has also sparked more interest in urban air mobility as a way of avoiding overcrowded public transit, which could ultimately result in greater demand for eVTOL aircraft.
Because of several factors, the eVTOL aircraft market is expected to grow substantially in the years ahead. It can be observed that there is an increasing demand for environmentally conscious and environmentally friendly transport options, which is driving the advancement of electric vehicle technology. Furthermore, more efficient forms of transport are required, especially in densely populated cities, as a result of industrialization and traffic congestion. Additionally, improvements in autonomous flying technologies are making operating eVTOL aircraft easier and more secure. Lastly, the planning and manufacturing of more effective and secure eVTOL aircraft have been made possible by the invention of lightweight materials like composites. At last, government support and funding for the creation and use of eVTOL aircraft is also an important driver in the market’s development.
The eVTOL aircraft industry has a variety of expansion-promoting factors, but it also faces certain expansion-restraining factors. First and foremost, getting into the market for smaller companies and new companies could be severely restricted by the high development and manufacturing costs connected with eVTOL aircraft. Second, the availability of the facilities required for operating eVTOL aircraft, such as batteries and landing pads, is still restricted which could render it impractical to deploy these aircraft in general. Lastly, legal hurdles such as certification requirements and air traffic control regulations could significantly impede the widespread use of eVTOL aircraft. Lastly, particularly in densely populated places, worries about security and disturbances in the environment might further restrain market development.
There are still a lot of prospects for growth in the eVTOL aircraft sector, despite the obstacles and limitations. The potential for eVTOL aircraft to transform urban transportation by offering more rapid more efficient, and environmentally friendly alternatives to traditional means of transport is one of the major potential customers. In addition, the use of eVTOL aircraft in industries like the agricultural sector, package delivery, and medical evacuations could open up fresh markets and sources of income. The development of new technology, such as advanced materials and programs, may also spur market creativity and expansion. The research and development and use of eVTOL aircraft may also be expedited by the expanding funding and support from entrepreneurs and authorities.
Global eVTOL Aircraft MarketSegmentation Analysis
The eVTOL Aircraft Market is segmented by Lift Technology, Mode of Operation, Propulsion Type, Application, and Geography.
eVTOL Aircraft Market, By Lift Technology
• Lift Plus Cruise• Vectored Thrust• Multirotor
The vectored thrust segment is dominating the eVTOL Aircraft Market and is anticipated to sustain its growth in the coming years. It provides better endurance as compared to the other lift technologies.
eVTOL Aircraft Market, By Mode of Operation
• Semi-Autonomous• Autonomous• Piloted
The piloted segment holds the largest share in this market as compared to the other mode of operations. Its increasing demand in the global market is fueling its growth in the market.
The battery-electric segment is leading the eVTOL Aircraft Market as it is helping in reducing the carbon footprint as well as operation cost.
eVTOL Aircraft Market, By Application
• Military• Commercial• Emergency Medical Services
The commercial segment is growing rapidly with healthy CAGR growth in the eVTOL Aircraft Market. Due to the increasing adoption of air delivery services, this segment is growing substantially.
eVTOL Aircraft Market, By Geography
• North America• Europe• Asia Pacific• Latin America• Middle East and Africa
North America is dominating the eVTOL Aircraft Market globally. This is because of the presence of most of the key players in this region. Besides this, Asia Pacific is also expected to grow more in the coming years.
Key Players
The key players in the eVTOL Aircraft Market are Archer Aviation, Joby Aviation, Airbus SE, Beta Technologies, Bell Textron Inc., Kitty Hawk, Embraer SA, EHang Holdings Ltd., Elbit Systems Ltd., and Volocopter.
Key Developments
In May 2021, Archer Aviation declared a strategic partnership with United Airlines to launch an eVTOL aircraft for aiding air taxi services.
In January 2021, Joby Aviation announced to merger with a special purpose acquisition company (SPAC) so that it can become a publicly traded company. This acquisition will help it to develop eVTOL aircraft and support the launch of commercial air taxi services.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2023-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
Archer Aviation, Joby Aviation, Airbus SE, Beta Technologies, Bell Textron Inc., Kitty Hawk, Embraer SA, EHang Holdings Ltd., Elbit Systems Ltd., and Volocopter.
SEGMENTS COVERED
By Lift Technology, By Mode of Operation, By Propulsion Type, By Application, and By Geography.
CUSTOMIZATION SCOPE
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