New York, United States , May 15, 2024 (GLOBE NEWSWIRE) -- The Global Electric Air Taxi Market Size is to Grow from USD 4.9 Billion in 2023 to USD 80.33 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 32.27% during the projected period.
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Electric air taxis are commercial aircraft intended for short flights. They are eVTOL (electric vertical takeoff and landing) aircraft that use electricity to take off and land vertically. eVTOL-based systems evolved as a result of advanced battery, motor, and controller combinations, as well as rising demand for urban air mobility. NASA encouraged the development of air taxis in 2001, and the notion was revived in 2016 as personal air vehicles, sometimes known as passenger drones. Power electronics developments, such as improved motor controls and energy management systems, improve EVs' overall efficiency and dependability, lowering energy consumption and increasing flight duration. These technological advancements not only enable EVs to meet performance and safety criteria, but they also help to reduce operational costs and environmental effects, thereby encouraging widespread adoption. As battery, motor, and power electronics technologies progress, the EV market will benefit from increased efficiency, extended capabilities, and overall performance, resulting in electric air taxi market growth. However, small start-ups and businesses with minimal resources may find it difficult to gain entrance due to the high upfront payments. This constraint may make it difficult for them to enter the market, decreasing competition and innovation and having a long-term impact on the sector's overall growth.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Electric Air Taxi Market Size, Share, and COVID-19 Impact Analysis, By Type (Two Seat, Four Seat), By Application (Military Use, Passenger Use, Delivery Use), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The two seat segment is expected to hold the largest share of the global electric air taxi market during the anticipated timeframe.
Based on the type, the global electric air taxi market is categorized into two seats, and four seat. Among these, the two-seat segment is expected to hold the largest share of the global electric air taxi market during the anticipated timeframe. These taxis are designed to carry a small number of passengers and are a convenient way to travel short to medium distances in cities or suburbs. The two-seater taxi is simple to fly because of the structure of the electric air taxi.
The passenger use segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the application, the global electric air taxi market is categorized into military use, passenger use, and delivery use. Among these, the passenger use segment is expected to grow at the fastest CAGR during the anticipation timeframe. Passengers can book air taxi services on-demand through mobile apps or websites, offering them schedule flexibility and eliminating the need for advanced preparation or long waits at airports. Air taxis can bypass ground traffic, allowing passengers to reach their destinations much faster than ordinary ground transportation.
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North America is projected to hold the largest share of the global electric air taxi market over the anticipated timeframe.
North America is projected to hold the largest share of the global electric air taxi market over the anticipated timeframe. The Federal Aviation Administration's (FAA) laws and requirements are projected to have a substantial impact on market growth in the United States. In addition, numerous US-based air taxi companies, including Joby Aviation, Wisk Aero, and Kitty Hawk Corporation, are already working on frameworks for regional air taxi services. These companies are among the most prominent providers of air taxi services. Mobility businesses are focusing on the development of electric-powered air taxis to provide alternative modes of transport.
Europe is expected to grow at the fastest CAGR growth of the global electric air taxi market during the anticipated timeframe. Since 2018, the European Union Aviation Safety Agency (EASA) has begun creating aviation certifications for eVTOL projects. Thus, all of the variables described above are expected to contribute to the expansion of the electric air taxi market in the near future. The government and aviation firms will work together to develop and test eVTOL prototypes.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global electric air taxi market are General Motor, Hyundai, Uber, Archer, ImagineAir, Airstream Jets, Skymax, Propair, Volocopter, Boeing, Airbus, Toyota, Lilium, and others.
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Recent Developments
- On January 2024, Joby Aviation, Inc., a startup building all-electric aircraft for commercial passenger service, stated that it has inked a definitive deal with Dubai's Road and Transport Authority (RTA) to begin air taxi services in the Emirate in early 2026, with first operations scheduled for 2025.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global electric air taxi market based on the below-mentioned segments:
Global Electric Air Taxi Market, By Type
- Two Seat
- Four Seat
Global Electric Air Taxi Market, By Application
- Military Use
- Passenger Use
- Delivery Use
Global Electric Air Taxi Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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