New York, USA, Aug. 15, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global eVTOL aircraft market is anticipated to rise at a stable CAGR of 29.6%, thereby garnering a revenue of $4,222.4 million by 2033. This comprehensive Research Dive report presents a brief outlook of the current framework of the eVTOL aircraft market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2026-2033. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the eVTOL Aircraft Market
Drivers: There has been a huge surge in the problem of traffic congestion in the last few years, thereby fueling the need to look for alternate modes of traveling; this is predicted to drive the eVTOL aircraft market in the forecast period. Along with this, strategic alliances among key market players are expected to boost the market further.
Opportunities: Growing need for emergency ambulance services and air mobility in case of medical emergencies is anticipated to create huge growth opportunities for the market. Additionally, launch of advanced eVTOL services is projected to augment the growth rate of the market.
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Restraints: However, the high cost of the initial investment may restrict the growth of the eVTOL aircraft market in the forecast period.
Impact of Covid-19 on the eVTOL Aircraft Market
The novel coronavirus pandemic and the resulting lockdowns partially impacted the eVTOL aircraft market during the pandemic years. Various market players came forward during the crisis situation to pull out the market from getting hit hard. For example, a leading eVTOL technology company, EHang, provided crucial air support in China during the Covid-19 outbreak by providing medical supplies to the local hospitals. Such initiatives and steps taken by major industrial giants have helped to minimize the negative effects of the pandemic on the market.
Segments of the eVTOL Aircraft Market
The report has fragmented the eVTOL aircraft market into segments based on technology type, mode of operation, range, application, payload, propulsion, and region.
Technology Type: Vectored Technology Sub-segment to be the Most Lucrative
By technology type, the vectored technology sub-segment is expected to have the fastest growth rate and register a revenue of $1,208.5 million by 2033. The main features of vectored technology such as unmanned aerial technology, its associated data link, and autopilot technology are predicted to push the market forward.
Mode of Operation: Optionally Piloted Sub-segment to be the Most Profitable
By mode of operation, the optionally piloted sub-segment of the eVTOL aircraft market is expected to have the highest growth rate and is projected to garner $2,792.6 million by 2033. Continuous research and innovations in the unmanned aerial vehicle technologies is predicted to be the primary growth driver of the sub-segment in the forecast period.
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Range: 200 to 500 Kilometers Sub-segment to Witness Significant Growth
By range, the 200 to 500 kilometers sub-segment is expected to witness rapid growth and register a revenue of $892.2 million by 2033. The eVTOL technology is quite flexible and can travel almost anywhere with quick rapid landing and take-off. This feature of eVTOL technology is anticipated to push the sub-segment forward in the forecast period.
Application: Commercial Sub-segment to Have the Fastest Growth Rate
By application, the commercial sub-segment is expected to be the most profitable sub-segment of the eVTOL aircraft market and register a revenue of $2,548.8 million by 2033. The safe transportation mode provided by eVTOL technology will help in increasing its use as an alternate mode of commercial transport in the form of urban air mobility. This is expected to augment the growth rate of the sub-segment in the 2026-2033 timeframe.
Payload: Greater than 1,500 Kilogram Sub-segment to Have the Highest CAGR
By payload, the greater than 1,500 kilogram sub-segment is expected to have the highest growth rate and register a revenue of $17.1 million by 2033. Rising usage of eVTOL technology for military applications and air ambulance services is anticipated to become the leading growth factor behind the surge in this sub-segment.
Propulsion: Electric/Hybrid Sub-segment to Flourish Immensely
By propulsion, the electric/hybrid sub-segment is expected to witness the fastest growth and register a revenue of $941.1 million by the end of 2033. There is a greater emphasis on manufacturing of electric/hybrid aircrafts, as they don’t cause any significant environmental damage; this is why the electric/hybrid sub-segment is projected to grow at such a fascinating rate in the forecast period.
Region: eVTOL Aircraft Market in the North America Region to Grow Rapidly
By regional analysis, the eVTOL aircraft market in North America region is predicted to grow rapidly in the 2026-2033 timeframe. It is expected to reach $1,283.6 million over the forecast period. Increasing investments by the leading players of the market in this region and technological advancements in the field of air mobility are expected to become two main growth drivers of the market in this region.
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Prominent eVTOL Aircraft Market Players
Some leading players in the eVTOL aircraft market are
- eHang
- Bell Textron Inc.
- Karem Aircraft, Inc.
- Lilium GmbH
- Volocopter GmbH
- Kitty Hawk
- Airbus S.A.S.
- Workhorse
- Pipistrel D.O.O.
- Aurora Flight Sciences, among others.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market. – Inquire Here Before Buying the Full Report
For instance, in March 2022, Textron, a global aerospace company, announced the acquisition of Pipistrel, the manufacturers of the world’s first and only electric aircraft to receive full certification from the European Union Aviation Safety Agency. This acquisition is expected to offer huge growth opportunities to Textron as it will be able to innovate and research about new technologies and consolidate its position in a rather nascent market.
Finally, this comprehensive report also summarizes many crucial aspects of the eVTOL aircraft market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about eVTOL Aircraft Market:
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