Dublin, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The "eVTOL Aircraft Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Lift Technology, Propulsion Type, Application, and Operation Mode" report has been added to ResearchAndMarkets.com's offering.
The eVTOL aircraft market is expected to grow from US$ 519.81 million in 2024 to US$ 1756.28 million by 2028; it is expected to grow at a CAGR of 35.6% from 2024 to 2028.
The adoption of air taxis due to developments in urban air mobility worldwide is driving the eVTOL market. The favorable government initiatives from leading countries and a growing number of startups entering the market are fueling the adoption of air taxis worldwide.
In December 2021, the Australian government announced a grant worth US$ 23 million to explore the application of new aviation technology as part of its Emerging Aviation Technology Partnerships Program. In addition, in April 2022, Airbus and ITA Airways signed a Memorandum of Understanding to collaborate and introduce urban air mobility (UAM) in Italy. The agreement also focuses on the safe and sustainable launch of CityAirbus NextGen eVTOL aircraft.
In European countries, the first flight of air taxis is expected to occur by 2024. Thus, as per the European Union Aviation Safety Agency (EASA), commercial use of (air) taxis can start by 2024 or 2025. Thus, upcoming developments and initiatives from leading countries for adopting air taxis would strengthen the demand for urban air mobility, which is expected to provide lucrative opportunities for the eVTOL aircraft market growth during the forecast period.
Developments in electric-propulsion-based eVTOL aircraft are another major factor that is expected to fuel the eVTOL aircraft market growth globally. The aviation industry is one of the fastest-growing sources of greenhouse gas emissions, driving global climate change.
On January 11, 2021, the Environmental Protection Agency (EPA) issued a greenhouse gas (GHG) emissions standard for aircraft operating worldwide to control their carbon emissions. In addition, in November 2021, EPA filed litigation that formulated the commercial aircraft greenhouse gas (GHG) emission standards, which EPA promoted in early 2021.
The development of electric propulsion-based eVTOL aircraft helps mitigate the environmental impact of noise and pollutant emissions. Thus, government regulations and policies for reducing emissions boost the demand for electric propulsion-based eVTOL aircraft.
The US is expected to account for the largest market share in the North American eVTOL aircraft market in 2024. This is owing to the presence of eVTOL aircraft manufacturers and increasing number of investments in the country. Moreover, supportive government funding initiatives further contribute to the country's market growth.
For instance, in March 2021, the US Air Force's Agility Prime initiative will help finance the flight test and certification efforts of ~20 eVTOL aircraft participating in its "Air Race to Certification" program. The growing competition in the eVTOL aircraft market is primarily to achieve the US Federal Aviation Administration (FAA) aircraft certification and enter into commercial service.
In Germany, the eVTOL aircraft market growth is primarily driven by the growing number of developments of electric-propulsion-based eVTOL aircraft across the country. With the growing initiatives for incorporating electric and hybrid-electric air taxis, the eVTOL aircraft market vendors are collaboratively working to develop an extensive charging infrastructure powered by clean energy sources and start and landing facilities.
For example, Rolls Royce's electrical power system will be integrated into the piloted eVTOL vehicle, which will carry up to four passengers for 120 miles at cruise speeds of over ~200mph and is on course to certify by 2024. In addition, in March 2022, the Germany-based eVTOL developer Lilium announced a new partnership with Honeywell and Denso to develop electric motors for eVTOL aircraft. Thus, such developments from the e-commerce industry, companies such as Amazon, and delivery fleets taking significant initiatives to provide the last mile delivery are augmenting the eVTOL aircraft market growth in Germany over the forecast period.
Market Dynamics
Market Drivers
- Adoption of Air Taxis due to Development of Urban Air Mobility
- Development of Electric Propulsion-Based eVTOL Aircraft
Market Restraints
- Certification and Qualification Challenges for Market Vendors
Market Opportunities
- Demand for Last-Mile Delivery
Market Trends
- Emerging Need for Green Energy-Based Mode of Transportation
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. eVTOL Aircraft Market Landscape
5. eVTOL Aircraft Market - Key Industry Dynamics
6. eVTOL Aircraft Market - Global Market Analysis
7. eVTOL Aircraft Market Analysis - by Lift Technology
8. eVTOL Aircraft Market Analysis - by Propulsion Type
9. eVTOL Aircraft Market Analysis - by Application
10. eVTOL Aircraft Market Analysis - by Operation Mode
11. eVTOL Aircraft Market - Geographic Analysis
12. eVTOL Aircraft Market- COVID-19 Impact Analysis
13. Industry Landscape
14. Company Profiles
Companies Mentioned
- Airbus
- Bell Textron Inc.
- Boeing
- Eve Air Mobility
- Lilium GmbH
- Opener
- EHang
- BETA Technologies
- Pipistrel Group
- Volocopter GmbH
- Joby Aviation Inc.
- Heart Aerospace
- Archer Aviation Inc.
For more information about this report visit https://www.researchandmarkets.com/r/zgwr3x
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