The global electric vertical take-off and landing (eVTOL) aircraft market is estimated to rise at a significant CAGR during the forecast period due to an increase in demand for improved operational efficiency and the requirement for both inter and intra-city connectivity. The aircraft manufacturers are progressively integrating higher efficiency, less weight, and superior quality designs to enhance the flying experience.
An electric vertical take-off and landing (eVTOL) aircraft is a type of VTOL aircraft that uses electrical energy to produce vertical take-off and landing. Due to significant advancements in electric propulsion system including motors, batteries, fuel cells, and electronic controllers which propels air mobility demand in coming years. Additionally, in 2022, ITA Airways and Airbus signed a Memorandum of Understanding to collaborate on Urban Air Mobility, (UAM) in Italy. Thus, by 2024 or 2025, commercial use of (air) taxis may begin, according to the European Union Aviation Safety Agency (EASA). Furthermore, in 2021, Urban eVTOL announced the Leo, a three-seat, 250 mph (400 per/h), 300-mile (480 km) vehicle.
Prior to the pandemic, the eVTOL aircraft market had better growth while being in its initial stages. The global spread of the COVID-19 pandemic has resulted in the global economic crisis. The pandemic majorly affected the aviation industry around the world. The eVTOL aircraft market faces major challenge in acquiring investments which slows down the growth of the market. In post Covid Era, common flight models are expected to be reliable in many countries. However, the market is showing encouraging signs of recovery, owing to the entry of new competitors and rising investment in the eVTOL aircraft market. Notably, The Boeing Company invested around USD 450 million in Wisk Aero, which is an advanced air mobility (AAM) company for the development of their 6th generation eVTOL aircraft. Also, Delta Air Lines invested USD 60 million in Joby Aviation, a US venture-backed aviation company.
Rising Demand for Urban Air Mobility
Urban air transportation is mostly provided by electric-powered air taxis, contributing to zero-emission transportation. The use of aerial mobility in various civil and commercial applications, as well as significant investments in developing countries, are the primary driving factors behind the urban air mobility business. Due to recent technological advancements in urban air mobility, several cities are likely to adopt the new generation of eVTOL transportation to deliver fast and reliable services. Furthermore, eVTOL aircraft can provide medical services and first aid in a short period of time. It also handles product deliveries to the last mile. As a result, demand for air taxis is increasing. The development of urban air mobility is also anticipated to accelerate the popularity of eVTOL aircraft market in the forthcoming years.
Increasing Demand for Electric Based eVTOL Aircraft
The aviation industry is one of the fastest-growing sources of greenhouse gas emissions, causing climate change, globally. The Environmental Protection Agency (EPA) released a greenhouse gas (GHG) emissions regulation for aircraft operating worldwide to reduce their carbon emissions. Therefore, the demand for eVTOL aircraft powered by electric propulsion is driven by restrictions and policies for lowering emissions. Furthermore, constantly improving battery technology boost the eVTOL aircraft market in the forecast years. eVTOL aircrafts have greater speed and range capabilities. Both intra-city and inter-city aviation can use eVTOL, powered by electric motor. Moreover, the eVTOL aircraft are anticipated to grow during the projected period due to the evolving electric propulsion-based aircrafts.
Increasing Trend Towards Last Mile Delivery
The eVTOL aircraft are simple to operate as aircraft but produce little to no noise. As a result, the use of aircraft for package delivery on e-commerce platforms is growing. The electric VTOL aircraft lowers expenses and its carbon footprint. With the rise of e-commerce, consumer preferences have become increasingly relevant in the one-day delivery business market. Last-mile services have been recognized as a crucial difference by both established e-commerce companies and a variety of start-ups. The eVTOL industry may find it more and more appealing to transfer cargo. Therefore, it is projected that such development possibilities in the need for same-day delivery would fuel the demand for last mile delivery, which is boosting the expansion of the eVTOL aircraft industry.
The global 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, and 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, and Others. Based on Operation Mode, it is fragmented into Autonomous, Semi-Autonomous, Piloted and on the basis of range, the market is segmented into upto 200 Km and 201-500 Km. The market analysis is also segmented by region among Asia-Pacific, Europe, North America, South America, Middle East & Africa.
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 are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
In this report, Global EVTOL Aircraft Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• eVTOL Aircraft Market, By Application:
• eVTOL Aircraft Market, By Propulsion Type:
• eVTOL Aircraft Market, By Lift Technology:
–Lift plus Cruise
• eVTOL Aircraft Market, By Operation Mode:
• eVTOL Aircraft Market, By Range:
–Upto 200 Km
• EVTOL Aircraft Market, By Region:
· United States
–Europe & CIS
· United Kingdom
· South Korea
–Middle East and Africa
· Saudi Arabia
· United Arab Emirates
· South Africa
Company Profiles: Detailed analysis of the major companies present in Global EVTOL Aircraft Market.
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• Detailed analysis and profiling of additional market players (up to five).