Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Global eVTOL Aircraft Market Overview:
According to Market Research Future (MRFR) experts, the Global eVTOL Aircraft Market is estimated to acquire a market value of USD 4,063.3 million while expanding at a CAGR of 30.30% by 2030, The Electric Vertical Takeoff and Landing aircraft (eVTOL) is a hybrid aircraft that can take off and land vertically. The aircraft offers enhanced safety, reduced noise, and comfort.
The growing need to increase operational efficiency is anticipated to be a significant factor that can drive the global eVTOL market during the forecast period. The growing demand to minimize human interference and the rising investment in the sector across the globe are predicted to be other salient factors that can augment the market size during the analysis timeframe. The industry is expected to witness tremendous growth due to its extensive application in medical emergencies. The technical development and the increasing R&D by the established players such as NASA, Uber, and Airbus are recognized to steer the market significantly. On the other hand, the higher initial investments in infrastructure, high expenses associated, and the lack of 5F infrastructure in various countries are anticipated to hamper the growth of the industry during the forecast period.
COVID-19 to Affect Manufacture-Supply Chain:
The global market for eVTOL aircraft is anticipated to witness a significant growth rate during the COVID-19 era. The pandemic affected the supply and manufacturing chain of the craft owing to the imposition of lockdown. On the other hand, various players are adopting strategies to deal with losses. For example, Ehang, a renowned aviation company in China, has come forward to help the country during the outbreak by offering medical supplies during the emergency.
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Market Segmentation:
The global eVTOL Aircraft Market is segmented into battery type, type, type of propulsion, lift technology, range, and mode of operation, application, and type of MTOW. In the battery type segment of the eVTOL aircraft market, the lithium-ion batteries segment is projected to experience a CAGR of 29.46% during the forecast period. In the type segment of the eVTOL aircraft market, the air taxis segment is expected to expand at a CAGR of 29.98% in the assessment tenure. In the type of propulsion segment of the eVTOL aircraft market, the fully electric segment is anticipated to dominate the market in the forecast tenure. In the lift technology segment of the eVTOL aircraft market, the multirotor segment is expected to witness the highest CAGR in the assessment time. In the range segment of the eVTOL aircraft market, the 0-200 km segment is predicted to lead the market during the forecast period. In the mode of operation segment of the eVTOL aircraft market, the piloted segment is likely to gain superior position in the market during the assessment time. The segment is anticipated to display a CAGR of 28.94% during the assessment time. In the MTOW segment of the eVTOL aircraft market, the 500-1500 kg segment is likely to record the highest CAGR in the analysis tenure.
Browse In-depth Market Research Report (136 pages) on eVTOL Aircraft: https://www.marketresearchfuture.com/reports/evtol-aircraft-market-7952
Growing Partnerships to Offer Lucrative Opportunities to Key Players:
Some of the Renowned Players of the Global eVTOL Aircraft Market are:
- A³ by Airbus (US)
- EHANG (China)
- Volocopter GmbH (Germany)
- Lilium GmbH (Germany)
- Uber Technologies Inc. (US)
- Aurora Flight Sciences (US)
- TERRAFUGIA (US)
- Bell Textron Inc. (US)
- Kitty Hawk (US)
- EmbraerX (Brazil)
- Workhorse (US)
- Karem Aircraft, Inc. (US)
- LIFT Aircraft Inc. (US)
- Neva Aerospace (UK)
- Opener (Canada)
- OXIS Energy Ltd (UK)
- Workhorse (US) and
- Karem Aircraft, Inc. (US)
The established players in the industry are adopting various strategies that have resulted in accelerated competition in the market. The players are implementing strategies such as; partnerships, mergers, acquisitions, and others to strengthen their user base. Recently, the air taxi start-up Archer announced their partnership with automaker FCA on the production of its electric aircraft, which will lead to the expansion of its user base. In another example, a California-based player, Archer Aviation and Fiat Chrysler Automobiles, have announced their collaboration to build eVTOL flying taxis. In addition, Singapore also revealed to have its first electric air taxi services by 2023. The initiative can intensify the competition in the industry. Furthermore, Los Angeles has announced the Urban Air Mobility Partnership to make flying mini-choppers a reality in the coming period. The partnership is between LA Mayor’s Office, Urban Movement Labs, the Urban Air Mobility Partnership of Hyundai Motor Group, and the Los Angeles Dept. of Transportation. The rising cases of partnership have resulted in an intense competition among key players of the industry.
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Regional Analysis:
MRFR predicts that the global eVTOL Aircraft Market is anticipated to be dominated by North America during the forecast period. The region is expected to expand at a CAGR of 29.54% in the analysis timeframe. The presence of crucial payers is likely to play a salient role in developing the market in the region. The key players are making collaborations to strengthen their grip in the market. For example, Radar Company Metawave announced a contract in January 2021 to advance the USAF’s (United States Air Forc) new autonomous eVOT aircraft. The US and Canada are predicted to make significant contribution in the coming time. Europe is anticipated to procure notable market share during the assessment tenure. The increasing collaboration is likely to augment the market size in the region. For instance, Urban-Air Port, a British start-up has announced their partnership with Hyundai, the globally renowned automobile player, to develop an airport for flying cars in the English city of Coventry. APAC is anticipated to acquire significant market value during the forecast period. The region is expected to procure a market value of USD 811.0 million by 2030 while expanding at a CAGR of 31.88%. The increasing technical development in growth-centric countries such as; India and China is anticipated to play a salient role in driving the market in the region. For example, Hyundai Motor Company and Uber collaborated in 2020 to develop eVTOL aircraft for Uber air taxi services. Such initiatives are expected to steer the market in the APAC in the forthcoming time.
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