Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Global Electric VTOL Aircraft Market Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Electric VTOL (eVTOL) Aircraft Market was worth USD 6 Billion in 2021 and is estimated to be USD 21.43 Billion growing at a CAGR of 15.59 % from 2022 to 2027.
Companies Mentioned
- Airbus SE
- Bell Textron Inc.
- Ehang Holdings Ltd.
- Elbit Systems Ltd.
- Embraer SA
- Kitty Hawk
- Joby Aviation
- Beta Technologies
- Lilium
- Urban Aeronautics
An electric vertical takeoff and landing (VTOL) aircraft is powered by electricity and provides more efficient and faster services. Because of their safety and multi-faceted benefits, eVTOL aircraft is regarded as a next-generation travel solution.
Other benefits of eVTOL aircraft include reduced trip timing, safe trips in remote areas, and being extremely environmentally friendly, which aids in the reduction of carbon emissions.
Transportation, medical services, agricultural activities, rescue missions, logistics, and national security are all served by electrical vertical takeoff and landing aircraft. Electronic technologies are rapidly evolving, resulting in significant growth in the global market for eVTOL aircraft.
Market Drivers
The increased CO2 emissions are driving up the demand for green energy. CO2 emissions have increased due to population growth, according to the EIA's (Energy Information Administration) International Energy Report 2021. According to the Air Transport Air Group (ATAG), global aviation emits about 2% CO2.
According to ATAG's most recent release, a long-term climate change goal of cutting CO2 emissions in half by 2050 has been established. Electric, hybrid, and hydrogen aircraft research and development are expected to aid in the transition from fossil fuel to sustainable aviation fuel.
Thus, the Electric VTOL aircraft reduces carbon emissions by using the above-mentioned sustainable aviation fuel. Airbus has revealed its City Bus next GEN aircraft, which is a quieter and zero-emission version of eVTOL.
Market Restraints
The commercialization of eVTOL travel solutions necessitates the construction of infrastructure such as sports, charging stations, and others. The initial cost of such infrastructure is very high, and development takes time, which is expected to limit the market growth.
Furthermore, strict certifications from aviation agencies such as the Federal Aviation Administration (FAA) and the European Union Aviation Safety Agency (EASA) for eVTOL designs are expected to stymie market growth.
Market Segmentation
Lift Technology
- Vectored Thrust
- Multirotor
- Lift plus Cruise
Propulsion Type
- Fully Electric
- Hybrid Electric
- Hydrogen Electric
System
- Batteries & Cells
- Electric Motor/Engine
- Aerostructures
- Avionics
- Software
- Others
Application Area
- Air Taxis
- Air Shuttles & Air Metro
- Private Transport
- Cargo Transport
- Air Ambulance & Medical Emergency
- Last Mile Delivery
- Inspection & Monitoring
- Surveying & Mapping
- Surveillance
- Special Mission
- Others
Mode of Operation
- Autonomous
- Piloted
MTOW
- 100 kg
- 100-1000 kg
- 1,000-2,000 kg
- >2,000 kg
Range
- < = 200 km
- > 200 km
Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and South Africa
For more information about this report visit https://www.researchandmarkets.com/r/hsmt6
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