Richmond, Nov. 21, 2023 (GLOBE NEWSWIRE) -- According to a research report "eVTOL Aircraft Market”, by Lift Technology (Vectored Thrust, Multirotor, Lift Plus Cruise), Mode of Operation (Piloted, Autonomous, Semi-Autonomous), Range (0-200 Km, 200-500 Km ), Maximum Take-off Weight (MTOW) (<250 Kg, 250-500 Kg, 500-1500 Kg, >1500 Kg), Propulsion Type (Battery-Electric, Hybrid-Electric, Hydrogen-Electric), Application ({Commercial [Air Taxi, Delivery Drones], Military [Cargo Transport, Combat Mission], Emergency Medical Service [Air Ambulance, Medical Cargo Transport]}), and Region.
Global eVTOL Aircraft Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.2 Billion |
| Market size value in 2030 | USD 3.1 Billion |
| CAGR (2023-2030) | 14.5% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Lift Technology, Mode of Operation, Range, Maximum Take-off Weight, Propulsion Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on eVTOL Aircraft Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The eVTOL Aircraft Market is experiencing dynamic growth, propelled by a convergence of factors that underscore their pivotal role in various industries. The demand surge is fueled by advancements in nanotechnology, offering unprecedented possibilities in materials science, electronics, healthcare, and energy. The ability of advanced nanomaterials to exhibit exceptional properties at the nanoscale, such as enhanced strength, conductivity, and reactivity, has led to their widespread adoption. Moreover, ongoing research and development efforts are continually expanding the applications of these materials, promising breakthroughs in fields like medicine for targeted drug delivery and diagnostics, as well as in renewable energy for more efficient and sustainable solutions. As a result, the eVTOL Aircraft Market is marked by a dynamic interplay of innovation, commercialization, and a growing awareness of their transformative potential across diverse sectors.
Major vendors in the Global eVTOL Aircraft Market are:
- Airbus SE
- Bell Textron Inc.
- EHang Holdings Ltd.
- Elbit Systems Ltd.
- Embraer SA
- Kitty Hawk
- Joby Aviation
- Beta Technologies
- Lilium
- Volocopter GmbH
- Bell Textron Inc.
- Airbus S.A.S
- Beta Technologies
- Joby Aviation
- Urban Aeronautics Ltd
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The rise of traffic congestion is fueling the growth of the eVTOL Aircraft Market
As urban populations burgeon in developing nations such as China and India, there has been a notable surge in traffic congestion. To address this challenge and promote sustainability, urban transportation systems are increasingly investing in alternative solutions like urban air mobility and air taxi services, particularly in response to the escalating congestion on roadways. Key players in the aerospace industry, such as Airbus SE and Joby Aviation, are actively engaged in the development and testing of prototypes for electric vertical take-off and landing (eVTOL) aircraft. It is projected that by 2024, air taxis will achieve commercial viability. The demand for products facilitating faster commutes is expected to witness a concurrent increase with the ongoing trend of urbanization.
Significant eVTOL development programs are underway at prominent aircraft manufacturers such as Bell Helicopter, Airbus SE, and Boeing Company. Concurrently, major aerospace suppliers, including Raytheon Technologies Inc. and GE Aviation, are channeling substantial investments into eVTOL-related technologies, such as electric motors and hybrid-electric powertrain components. Companies like Honeywell International and Rolls Royce PLC are actively involved in advancing these technologies through their investment initiatives.
Market Dynamics
Drivers:
- Favorable regulatory environment
- Increasing Need For Efficient And Sustainable Urban Transportation Solutions
- Rising Investment from Different Sectors
Opportunities:
- Growing demand for urban air mobility (UAM) solutions
- Increasing demand for sustainable transportation
- Expanding range of applications
Advancement of technologies for hazard identification and collision mitigation
In the dynamic landscape of the electric vertical take-off and landing (eVTOL) aircraft market, a notable trend is the continuous advancement of technologies focused on hazard identification and collision mitigation. As the industry strives for enhanced safety and reliability, significant efforts are being directed towards the development of sophisticated systems that can identify potential hazards and effectively mitigate collision risks. This includes the integration of cutting-edge sensors, artificial intelligence algorithms, and real-time data processing capabilities to enable eVTOL aircraft to navigate urban environments and airspace with heightened situational awareness. The emphasis on these technologies reflects a commitment to ensuring the safety of passengers and bystanders, addressing a crucial aspect for the widespread acceptance and successful integration of eVTOL aircraft into urban transportation systems. As the market matures, the evolution of these safety technologies is likely to play a pivotal role in shaping the regulatory framework and public perception surrounding the viability and adoption of eVTOL aircraft.
The market for EVTOL Aircraft Market is dominated by North America.
North America has asserted dominance in the eVTOL (electric vertical take-off and landing) aircraft market due to a confluence of factors. The region's leadership is underpinned by robust technological innovation, a mature aerospace industry, and a favorable regulatory environment that fosters the development and deployment of cutting-edge aviation technologies. Major players in the eVTOL sector, such as established aerospace companies and ambitious startups, are headquartered in North America, contributing to a concentration of expertise and resources. Moreover, the region has experienced heightened interest and investments in urban air mobility solutions, with a strong emphasis on addressing urban congestion and sustainable transportation. The proactive engagement of regulatory bodies and the presence of a robust ecosystem of research institutions further solidify North America's position as the primary hub for eVTOL innovation and market dominance.
Europe is anticipated to experience the most rapid growth in the eVTOL aircraft market throughout the forecast period, driven by several factors conducive to the region's expansion. Robust economic development in Europe has resulted in heightened air travel demand and a flourishing commercial aviation sector. The increasing focus on sustainable aviation practices, coupled with the emergence of urban air mobility and advanced air mobility solutions, is set to propel the demand for eVTOL aircraft. Key economies in the region, including France, the UK, and Germany, have demonstrated a commitment to bolstering their aerospace sectors through substantial investments. The presence of major aircraft manufacturers and suppliers further reinforces Europe's market dominance in the field of eVTOL aircraft.
Vectored Thrust Segment Is Anticipated To Hold The Largest Market Share During The Forecast Period
Based on the technology for lift, the global market for eVTOL aircraft includes multirotor, vectored thrust, & and lift plus cruise. The vectored thrust section is poised to maintain a significant revenue share and continue its growth trajectory throughout the forecast period. This technology plays a pivotal role in enhancing aircraft endurance and overall performance efficacy. The remarkable capabilities associated with vectored thrust, such as improved maneuverability, stability, and versatility during takeoff, landing, and hover, contribute to its dominance in the market, particularly within the urban air mobility sector. Notably, vectored thrust stands out as the leading lift technology for electric vertical take-off and landing (eVTOL) aircraft, boasting the largest market share. On the other hand, multirotor technology emerges as a rapidly growing segment, driven by its application in aerial photography, surveillance, and the escalating demand for delivery services. The versatility and proven performance of vectored thrust technology instill confidence among manufacturers and operators, solidifying its prominent position in the evolving landscape of eVTOL technologies.
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