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
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.
You know, the eVTOL aircraft market is really poised to take off! A few things are making this happen. For one, people are really looking for greener ways to get around, which is pushing electric vehicle tech forward. Plus, with all the traffic in crowded cities thanks to industrialization, we desperately need faster options. And get this, flying these eVTOLs is getting easier and safer thanks to advancements in autonomous flying. We're also building better, safer aircraft thanks to new lightweight materials like composites. Finally, it helps that governments are throwing their support and funding behind these futuristic vehicles!
The eVTOL aircraft industry is poised for growth, but it's not without its challenges. For starters, the high costs of developing and building these aircraft could make it tough for smaller or newer companies to even get in the game. Plus, we're still limited by the availability of things like batteries and landing pads, which could make widespread use impractical. And let's not forget the legal stuff – things like certification and air traffic control regulations could seriously slow things down. Finally, especially in crowded cities, concerns about safety and environmental impact might also hold back the market.
Even with the challenges, the eVTOL aircraft industry has a ton of room to grow. Think about itthese aircraft could totally change how we get around cities, offering faster, more efficient, and eco-friendly alternatives to what we're used to. That's a major plus for potential customers! Plus, we could see eVTOLs popping up in all sorts of industries, like agriculture, package delivery, and even medical evacuations, opening up new markets and revenue streams. New tech, like advanced materials and software, could really kickstart innovation and expansion too. And with more funding and backing from both entrepreneurs and the government, the whole process of research, development, and using eVTOLs could really speed up.
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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We take a close look at the Market, breaking it down by different groups using both money-related and other important factors. You'll get Market value figures (in USD Billion) for each of these groups. We'll also point out which area and segment are predicted to grow the fastest and be the biggest in the Market. Our analysis looks at how much of the product/service is used in different regions and what's influencing the Market there. We'll show you the competitive scene, including who's on top, what new stuff they're launching, who's teaming up, and how companies have been growing and buying each other in the last five years. We'll give you detailed company profiles, with overviews, insights, product comparisons, and SWOT analysis for the main players. We cover what the Market looks like now and what we expect in the future, considering new happenings, chances for growth, and the challenges in both new and established areas. We dive deep with Porter's five forces analysis to explore the Market from all angles. Plus, we offer a Value Chain perspective and explore Market dynamics, highlighting growth opportunities in the years ahead. And to top it off, we offer 6 months of post-sales analyst support.
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