According to the Market Statsville Group (MSG), the global eVTOL aircraft market size is expected to grow from USD 8,531.6 million in 2021 to USD 30,248.8 million by 2030, at a CAGR of 15.1% from 2022 to 2030. eVTOL aircraft are electric vertical takeoff and landing aircraft. This is a technology for self-driving electric aircraft that improves safety and comfort. The market for electric vertical takeoff and landing aircraft also contributes to the rising demand for less noise aircraft. The electric vertical landing and takeoff aircraft market is boosting operating efficiency in order to provide consumers with flexibility and convenience. This electric aircraft moves rapidly and can do tasks in a short amount of time. Major electric vertical takeoff and landing aircraft vendors invent unthinkable communication technologies and provide a more dependable client experience.
The growing need for eVTOL aircraft for security, naval reconnaissance, satellite imaging, cargo management in aerospace applications, and as a method of transportation for product delivery is driving the market growth. The increased necessity of locating victims during natural disasters such as floods and earthquakes and giving them food packs and the strong need for more environmentally friendly aircraft are boosting market demand. However, one of the most challenging challenges for eVTOL businesses is developing commercially viable aircraft that comply with regulatory regulations.
Growing R&D investments by the government and technological developments in the aviation industry, demand for alternative modes of transportation such as air taxi services, increased public awareness of the environmental footprint, and a desire for modern as well as novel full-electric and hybrid-electric eVTOL configurations are all driving market growth. eVTOL aircraft can become a critical tool for public service organizations worldwide in applications like firefighting, public health and safety, search-and-rescue, humanitarian relief, and law enforcement. The great speed and efficiency of electric vertical takeoff and landing aircraft, the rising desire for renewable technology and noise-free aircraft, and the increased usage of eVTOL aircraft for freight applications are factors driving the market growth.
The emergence of the new COVID-19 viruses has hampered the rapid growth of economies. As a result, most economic sectors have suffered, with aviation suffering the most. Electric vertical takeoff and landing aircraft manufacturers confront a tougher difficulty. Due to lockdowns, travel bans, and company closures, COVID-19 severely impacted economies and organizations in various nations. Various plant and factory closures have substantially influenced global supply chains, manufacturing operations, delivery schedules, and sales of electric vertical takeoff and landing aircraft market.
The increased CO2 emissions are driving up the need for green energy. CO2 emissions have grown owing to population growth, according to the EIA's (Energy Information Administration) International Energy Report 2021. According to the Air Transport Air Group (ATAG), worldwide aviation emits around 2% CO2. ATAG's most recent announcement established a long-term climate change objective of cutting CO2 emissions in half by 2050. Electric, hybrid, and hydrogen aircraft research and development are intended to aid in the transition from fossil fuel to sustainable aviation fuel. As a result, the eVTOL aircraft uses the previously mentioned sustainable aviation fuel to cut carbon emissions.
The commercialization of eVTOL travel options necessitates the creation of infrastructures such as skyports, charging stations, and others. The initial cost of such infrastructure is quite costly, and development takes time, which is expected to limit the market growth. Furthermore, the demanding certifications of aviation organizations such as the Federal Aviation Administration (FAA) and the European Union Aviation Safety Agency (EASA) for licensing eVTOL designs are projected to hinder industry expansion.
The market for sophisticated and autonomous alternative means of transportation is expected to grow in the coming years. This industry also provides prospects for advancing various cutting-edge technologies, including lithium metal batteries, innovative composites, and axial flux motors. Many eVTOL aircraft ideas are emerging, spearheaded by both major industry giants and startups. Airbus, Volo copter, Bell, and Joby Aviation are some of the market's more established companies.
The study categorizes the evtol aircraft market based on lift technology, propulsion type, system, mode of operation, and application at regional and global levels.
Based on the propulsion type, the eVTOL aircraft market is divided into fully electric, hybrid electric, and hydrogen electric. The hydrogen electric segment is expected to have the highest CAGR rate for the eVTOL aircraft market due to the multiple benefits of hydrogen. Hydrogen fuel cells are an alternative eVTOL power source. The power generated by hydrogen and oxygen fuel cells is vibration-free and requires little maintenance. Fuel cells can replace electric batteries since they provide energy storage and speedier refilling.
Based on the regions, the global evtol aircraft market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America dominated the eVTOL aircraft market with the largest market share due to the United States' largest UAV fleet for military and civil applications. In the United States, eVTOL aircraft are being adopted early for urban air mobility.
As a result, such market trends are likely to assist North America in dominating the overall market.
The global evtol aircraft market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global eVTOL aircraft market are:
Frequently Asked Questions
Want to Review Complete Market Research Report
Budget constraints? Get in touch with us for special pricing
Request for Special PricingCustomize this Report
Related Reports
Laser Mounted Riflescopes Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024Submarine Antenna Market 2024: Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033
Oct 2024Space Capsule Market: Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033
Mar 2024Global Firefighting Products Market 2024: Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033
Oct 2024Very Light Jet Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024