New York, USA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global eVTOL aircraft market is anticipated to generate significant revenue of $4,222.4 million at a CAGR of 29.6% during the forecast period, 2026-2033.
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The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: The increasing traffic congestion in big cities around the world is the main factor enhancing the growth of the global eVTOL aircraft market. The world population is predicted to increase by at least 68% by 2050 in a survey conducted by the United Nations. This population increase is going to affect the urban traffic in a drastic way. This is expected to enhance the demand of the global eVTOL aircraft market during the forecast period.
The eVTOL aircraft industry will be witnessing massive growth mainly because of the increase in the global urban population followed by the traffic congestion. According to the United Nations, in 2018, around 55% of the world's population lived in urban areas and is expected to increase to 68% by 2050. Therefore, demand for efficient and effective mobility in urban areas is a crucial challenge. There are many companies and municipal corporations currently working on eVTOL aircraft manufacturing for air mobility solutions.
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Restraint: The main restraining factor behind the growth of the market is the requirement of higher investment in infrastructure and research and development.
Opportunity: Rising demand of emergency services is anticipated to create many opportunities for the global eVTOL aircraft market during the forecast period.
Key Segments of the Market
The report has divided the global eVTOL aircraft market into different segments based on lift technology, operation, range, maximum takeoff weight, propulsion, and regional analysis.
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Lift Technology: Vectored Sub-Segment Predicted to be the Most Profitable
Vectored technology sub-segment is predicted to generate a revenue of $1,208.5 million by 2033, surging from $121.1 million in 2025. The main attributor behind this growth is the autopilot features of the unmanned aerial technology.
Operation: Optionally Piloted Sub-Segment Expected to Earn the Highest Market Share
The optionally piloted sub-segment is predicted to garner a revenue of $2,792.6 million by 2033. The main reason behind this growth is the recent advances in the unmanned aerial technologies which enable safe and fast transport services.
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Range: 0 to 200 Kilometers Sub-Segment Predicted to be the Most Beneficial
The 0 to 200 Kilometers is forecasted to register the highest revenue of $3,330.1 million during the analysis period. The short range aircrafts offer exclusive benefits such as smooth and fast travel and less air pollution. This is the main reason behind the growth of the market segment during forecast period.
Maximum Takeoff Weight: 250-500 Kilogram Sub-Segment Expected to be the Most Lucrative
The 250–500 Kilogram sub-segment for the eVTOL aircraft market is expected to garner a revenue of $2,197.9 million during the analysis period. The main reason behind the demand of this type of aircraft is that they are the best suitable option for cargo and passenger transportation purposes.
Application: Commercial Application Sub-Segment Expected to be the Most Profitable
The commercial sub-segment is forecasted to generate a revenue of $2,548.8 million by the end of 2033. The main attributor behind this growth is the safe transportation mode of the eVTOL aircraft in urban air mobility is the most suitable application for the commercial industry.
Propulsion: Electric/Battery Sub-Segment Predicted to be the Most Lucrative
Electric/battery sub-segment is expected to garner a revenue of $3,230.5 million by 2033, increasing from $350.9 million in 2025. Many R&D activities are going on the efficiency of battery technology in eVTOL aircraft. This factor is expected to enhance the growth of the market segment during the forecast period.
Impact Analysis of COVID-19 on the eVTOL Aircraft Market
The coronavirus pandemic has impacted the global eVTOL aircraft market in a significant way. The reason behind this growth is the supply chain disruption during the pandemic period. As the industry is still in its infancy, the COVID-19 restrictions have impacted the initial growth of the market. However, many leading companies of the industry such as Airbus and Ehang helped the society by providing essential staff and PPE kit during the chaotic phase of the pandemic.
Region: Asia-Pacific Expected to be the Most Dominating
Asia-Pacific eVTOL aircraft market is expected to register a revenue of $1,697.4 million by the end of 2033. The main factor behind this growth is the rapid increase in road traffic congestion in urban areas of the countries such as India, China, and Japan.
Key Market Players & Strategies
1. eHang
2. Lilium GmbH
3. Airbus S.A.S.
4. Aurora Flight Sciences
5. Bell Textron Inc.
6. Volocopter GmbH
7. Workhorse
8. Karem Aircraft Inc.
9. Kitty Hawk
10. Pipistrel D.O.O.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Recent Development
In October 2019, Porsche, the global leader in automobile manufacturing and Boeing, the world’s largest aerospace company, inked an agreement to discover the extensive insights of urban traffic into airspace and the premium urban air mobility industry. The partnership is expected to solidify the sole market strengths of both companies to get an overview of the future of premium personal urban air mobility vehicles.
The report also summarizes many significant aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments in the market. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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