Rising new technology and development in eVTOL aircrafts driving the growth of global eVTOL Aircraft Market in the forecast period through 2030.
According to TechSci Research report, “eVTOL Aircraft Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2030F”, The global electric vertical take-off and landing (eVTOL) aircraft market is expected to grow at a high CAGR during the projected period due to increased demand for greater operating efficiency and the need for both inter and intra-city mobility. The market for eVTOL aircraft is focusing on improving its operational effectiveness with the goal of improving customer experience by offering flexibility and convenience. It also enables rapid travel. These are electric aircraft that operate quickly and efficiently.
The development of eVTOL aircraft is aided by urban air mobility, which is a brand-new aspect of air travel that offers exciting opportunities to aviation stakeholders. Additionally, in 2022, ITA Airways and Airbus signed a Memorandum of Understanding to collaborate on Urban Air Mobility (UAM) in Italy. In October 2022, Delta Air Lines made a USD 60 million investment in Joby Aviation, a US venture-backed aviation business working on an electrically driven air cab with vertical take-off and landing capabilities. Furthermore, The Boeing Company invested around USD 450 million in Wisk Aero for their 6th generation eVTOL aircraft. In April 2021, United Parcel Service announced that it had a contract with Beta Technologies to acquire 10 electric vertical take-off and landing aircraft. Owing to above factors, it is anticipated that growth of eVTOL will rise in coming years. However, eVTOL aircraft manufacturers must overcome obstacles like poor ground infrastructure, high expenses, or low battery energy density.
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The aviation industry is one of the major industries of greenhouse gas emissions, contributing to global climate change. In order to cut down on carbon emissions, the Environmental Protection Agency (EPA) released a regulation for greenhouse gas (GHG) emissions for aircraft operating globally. Furthermore, because electric propulsion-based aircraft are emerging with advanced technology, it is estimated that the market for eVTOL aircraft would expand throughout the projected time. North America is expected to lead the eVTOL aircraft market in forecast years, followed by Europe and Asia Pacific. Additionally, Asia Pacific region is one of the key markets to grow at high CAGR due to countries such as China, Japan, South Korea and Singapore.
The EVTOL Aircraft Market is segmented by application, by propulsion type, by lift technology, by operation mode, by range, by region and competitive landscape. Based on the application, the market is segmented into Commercial, Military, Cargo. Based on propulsion type, it is segmented into Hybrid Electric, Fully Electric, and Hydrogen Electric. Based on lift technology it is divided into Vectored Thrust, Lift plus Cruise, Multicopter, Others. Based on Operation Mode it is fragmented into Autonomous, Semi-Autonomous, Piloted and on the basis of range, the market is segmented into up to 200 Km and 201-500 Km. The market analysis also segmented by region among Asia-Pacific, Europe, North America, South America, Middle East & Africa.
Some of the major companies operating in the Global eVTOL Aircraft Market include:
- Airbus SE
- Bell Textron Inc.
- The Boeing Company
- Lilium GmBH
- BETA Technologies
- Archer Aviation Inc.
- Neva Aerospace Ltd.
- Aurora Flight Sciences Corp.
- Joby Aviation Inc.
- Volocopter GmbH
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“The global eVTOL Aircraft Market is driven by the rising need for efficient and fast air travel for short distances. Furthermore, increase in technology towards eVTOL and emerging new players boost the eVTOL aircraft market in the coming years. Additionally, North America is anticipated to lead the market due to presence of many emerging players with new technologies” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“eVTOL Aircraft Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2030F, Segmented By Application (Commercial, Military, Cargo), By Propulsion Type (Hybrid Electric, Fully Electric, Hydrogen Electric), By Lift Technology (Vectored Thrust, Lift plus Cruise, Multicopter, Others), By Operation Mode (Autonomous, Semi-Autonomous, Piloted), By Range (Upto 200 Km, 201-500 Km), By Region” has evaluated the future growth potential of global eVTOL Aircraft Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global eVTOL Aircraft Market.
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