Dublin, Nov. 26, 2024 (GLOBE NEWSWIRE) -- The "eVTOL Global Market Insights 2024, Analysis and Forecast to 2029, by Market Participants, Regions, Technology, Product Type" report has been added to ResearchAndMarkets.com's offering.
The electric Vertical Take-Off and Landing (eVTOL) market is rapidly emerging as a transformative force in urban air mobility. The ability of eVTOL aircraft to take off and land vertically allows for their deployment in congested urban areas, making them highly attractive for various applications including cargo transportation, air taxis, medical services, and surveillance. This innovative technology aims to alleviate urban congestion and reduce travel times, offering significant potential for improving urban transport systems.
Market Size
The eVTOL market has experienced explosive growth over the past few years. According to industry reports, the global eVTOL market was valued at approximately $2.8 billion in 2023 and is projected to grow at a CAGR of around 25.1%, reaching approximately $13.5 billion by 2029. The rise in demand for sustainable transportation solutions and advancements in battery technology are key factors propelling this growth.
Share & Trends Analysis Report
By Product Type
The eVTOL market can be segmented into several types based on design and functionality:
- Multirotor: The multirotor segment is anticipated to hold the largest market share due to its simplicity and ability to hover. It is widely used in aerial taxis and delivery services.
- Winged Aircraft: This segment is expected to grow significantly due to its efficiency over longer distances, making it ideal for intercity travel.
- Hybrid VTOL: Combining traditional combustion engines with electric propulsion, hybrid designs are gaining traction, particularly for applications requiring longer ranges.
By Key Players
The eVTOL market is competitive, with several prominent players working towards commercialization:
- Joby Aviation: Leading in air taxi services and having secured significant funding to advance its development.
- Aura Aero: Known for producing innovative eVTOL designs aimed at urban mobility.
- Boeing: Involved in various projects and collaborations to develop eVTOL technologies.
- Airbus: Their Vahana project aims to create autonomous eVTOL aircraft.
- Volocopter: Bringing concepts to reality in the urban air mobility sector.
By Process
The key processes in the eVTOL market include:
- Design and Development: Focused on creating efficient and safe aircraft that comply with regulatory standards.
- Manufacturing: Involves advanced materials and automation to achieve lightweight structures and efficient propulsion.
- Testing and Certification: A critical phase as companies navigate complex regulations surrounding aerial transport.
By Application
The applications of eVTOL aircraft are varied:
- Passenger Transport: Targeted mainly at urban commuting to reduce road traffic.
- Cargo Transport: Ideal for logistics and delivery services, especially in hard-to-reach areas.
- Medical Services: Emergency medical services utilizing air ambulances for fast transport of patients.
- Surveillance and Security: Used by governmental organizations for monitoring purposes.
By End-Use
The end-use sectors for eVTOLs include:
- Commercial: Primarily focused on air taxi services and logistics.
- Government: Utilization for law enforcement, monitoring, and tactical missions.
- Medical: Specifically, emergency healthcare applications.
By Region
The geographical segmentation of the eVTOL market shows varied growth rates:
- North America: Dominates the market share due to early investment and technological advances.
- Europe: A strong focus on sustainable transportation is leading to significant developments in the region.
- Asia-Pacific: Rapid urbanization in this region is expected to boost market growth.
- Latin America and Middle East & Africa: Gradual increasing investment in eVTOLs driven by a demand to minimize congested transport systems.
Market News on Policy and Companies
In recent months, regulatory bodies such as the Federal Aviation Administration (FAA) and the European Union Aviation Safety Agency (EASA) have been setting standards for eVTOL operations. They have established frameworks that focus on safety, noise regulations, and air traffic management which are essential for enabling eVTOL services. Companies such as Joby Aviation and Volocopter have made significant advancements in obtaining necessary certifications to launch pilot programs with passenger services slated to commence in the coming years.
Recent partnerships and collaborations are also shaping the market. For instance, Hyundaipartnership with Uber to develop eVTOL aircraft for air taxi services has garnered attention, showcasing the growth of investments in the sector. Additionally, various automakers are exploring opportunities to enter the eVTOL market as consumer interest grows.
Segment Forecasts, 2024 - 2029
The eVTOL market is expected to maintain a robust growth trajectory in the upcoming years. Here are some segment forecasts:
- Product Type Forecast
- By 2029, the multirotor segment is projected to account for approximately 55% of the market share, followed by winged aircraft, which is expected to witness increased adoption due to its efficiency over longer routes.
- Region Forecast
- The North American market is anticipated to grow at the highest CAGR of about 26% during this period, fuelled by technological innovations and substantial investments from major players.
- Application Forecast
- Passenger transport applications are expected to grow exponentially, accounting for more than 65% of the eVTOL market by 2029, as urban air mobility solutions become more feasible and economically attractive.
The eVTOL market represents a critical evolution in transportation, and its growth potential is significant. Factors such as urban congestion, technological advancements, and a shifting regulatory landscape will play vital roles in shaping market dynamics. With leading companies investing heavily in R&D and fostering collaborations, the eVTOL space appears poised for rapid advancements, promising a new era in mobility solutions worldwide.
Key Topics Covered:
Chapter 1 Executive Summary
Chapter 2 Abbreviation and Acronyms
Chapter 3 Preface
Chapter 4 Market Landscape
4.1 Market Overview
4.2 Classification/Types
4.3 Application/End Users
Chapter 5 Market Trend Analysis
Chapter 6 Industry Chain Analysis
6.1 Upstream/Suppliers Analysis
6.2 EVTOL Analysis
6.3 Downstream Buyers/End Users
Chapter 7 Latest Market Dynamics
7.1 Latest News
7.2 Merger and Acquisition
7.3 Planned/Future Project
7.4 Policy Dynamics
Chapter 8 Historical and Forecast eVTOL Market in North America (2019-2029)
Chapter 9 Historical and Forecast eVTOL Market in South America (2019-2029)
Chapter 10 Historical and Forecast eVTOL Market in Asia & Pacific (2019-2029)
Chapter 11 Historical and Forecast eVTOL Market in Europe (2019-2029)
Chapter 12 Historical and Forecast eVTOL Market in MEA (2019-2029)
Chapter 13 Summary For Global eVTOL Market (2019-2024)
Chapter 14 Global eVTOL Market Forecast (2024-2029)
Chapter 15 Analysis of Global Key Vendors
- Joby Aviation
- Archer Aviation
- Volocopter
- Lilium
- Airbus
- Ehang
- Vertical Aerospace
- Urban Aeronautics
For more information about this report visit https://www.researchandmarkets.com/r/p6rsex
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