By 2023, the EVTOL Aircraft market will bring in $337.7 million in revenue, predicts Persistence Market Research. In the coming years, the market for EVTOL aircraft will expand more quickly, with typical patterns including commercial alliances with airports and infrastructure providers, the transfer from automobiles to EVTOL, infrastructure expansion, electrification, etc. By 2033, the market for EVTOL aircraft is anticipated to be worth US$ 2,367.5 million, expanding at a CAGR of 21.5% from 2023 to 2033.
Electric Vertical Takeoff and Landing (eVTOL) aircraft are capable of vertical takeoff and landing, which is possible through electrification of the lift and thrust provided by automated controls. They are technology enablers for Advanced Aerial Mobility, Urban Aerial Mobility, and Passenger Air Vehicles. In the wake of a green future, these aircraft are emission-free, emit zero noise, safe, affordable, small, precise, fast, quiet, adaptable with most weather conditions, and easy to use and maintain. Across regions, air-taxi services will be the main driver for increasing demand for eVTOL aircraft over the coming years.
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The study also covers the overall market valuation along with the CAGR for the forecast period. The introductory chapter presents an overview of EVTOL Aircraft Market along with the product definition and market scope. The report also analyzes consumer trends regarding the products along with the industry development trends.
EVTOL Aircraft Market growth in the current scenario as well as in the coming years and the factors affecting it has been discussed in detail. The interplay of demand and supply forces in this market along with the external factors have been studied.
The effect on the market in terms of growth has been studied to aid the market forecast. The pricing policies used in various regions of EVTOL Aircraft Market and the effect they have on the consumption behavior have been studied.
Key Takeaways from Market Study
- eVTOL aircraft are gaining prominence as urban mobility is taking shape. In China, currently, such aircraft are being used for cargo transportation, majorly aiming to improve aerial logistics. The market in China is expected to expand at close to 30% CAGR through 2031.
- The role played by the FAA-Federal Aviation Administration in laying industry standards such as aircraft airworthiness, flight testing, and certification, for eVTOL aircraft, is pivotal. The U.S. is positioned as the top nation in the global market, with the highest market value share. Demand in the U.S. will increase at over 22% CAGR over the next ten years.
- Compared to helicopters and other transport media, eVTOLs provide comparatively better features. They emit least noise, are emissions-free, and have a distributed energy propulsion, enabling improved propulsive efficiency. eVTOLs having maximum takeoff weight below 250 kg are expected to create ample opportunities over the forecast period.
- Multirotor & rotorcraft eVTOLs will generate credible growth opportunities in future. These aircraft are suitable for commuting in cities where they can travel between shorter distances.
- With rising number of autonomous mobility, UAVs (unmanned aerial vehicles) or pilotless aircraft are expected to dominate the global market share, based on operation.
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Introduction of Air-taxi Services in Advanced & Emerging Countries
Rise of Urban Air Mobility (UAM) aircraft has changed the paradigm of travel from conventional transport such as cars, buses, and taxis to aerial travel services such as eVTOL. These aircraft are designed to carry up to 10 passengers, commute shorter routes within an urban landscape, provide quick turnarounds for arrivals and departures, and preferably operate autonomously.
This has led to an upsurge in the development of eVTOLs for air-taxi services. Moreover, air-taxis are designed to meet future demand for regional commutes ranging from 30 miles to 300 miles. With growing congestion in urban spaces, the problem of land travel will likely increase. With the use of eVTOLs in the form of air-taxi services, aerial travel will be an affordable transport dimension over shorter places. Use of EVTOLs for air-taxi services is expected to rise by 2023 in select regions, and by 2030 on a global scale.
Prominent players profiled in Persistence Market Research’s eVTOL aircraft market report include Volocopter Gmbh, Joby Aviation, Lilium Gmbh, Ehang Holdings Ltd, Airbus SE, and Boeing Co., among others
Key players seek to establish a foothold in regional as well as global markets. Their strategies revolve around engaging partnerships with infrastructure developers, governments, public associations, and technical service providers. There is a high level of product innovation, which has led to intense product competition amongst market participants.
As of 2021, there are more than 250+ concepts of eVTOL Aircraft around the globe. Joby Aviation’s patented concept has received certification from FAA-Federal Aviation Administration.
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The global market is characterized by the growth of start-ups and shift of automakers to flight technology.
For instance, Aston Martin Lagonda Global Holdings Plc, a luxury car manufacturer from Europe, announced that its Volante Vision, an autonomous flying aircraft, will be available commercially in the next 5-7 years.
Market by Segments
- Vectored Thrust
- Multirotor & Rotorcraft
- Lift Plus Cruise
- Fully Electric
- Light (<250 Kg)
- Medium (250-1000 Kg)
- Heavy (>1000 Kg)
- Civil & Commercial
- Military & Security
- North America
- Rest of the World
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