(USGovernment-News.Com, November 24, 2022 ) The report "eVTOL Aircraft Market by Lift Technology (Vectored Thrust, Multirotor, Lift plus Cruise), Propulsion Type (Fully Electric, Hybrid Electric, Hydrogen Electric), System, Range, MTOW, Mode of Operation, Application, and Region-Forecast to 2030" The global market for eVTOL aircraft is estimated to be USD 8,5 million in 2021 and is projected to reach USD 30,8 million by 2030, at a CAGR of 15.3% during the forecast period. The increasing need for environmentally sustainable modes of transportation and low noise aircraft to be one of the key drivers for the market. The market is witnessing adoption in cargo applications, for instance last mile deliveries and transportation of medical supplies.
The major players in the eVTOL aircraft market include Airbus SE (Netherlands), Bell Textron Inc. (US), Embraer SA (Brazil), EHang Holdings Ltd (China), and Elbit Systems Ltd. (Israel), These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well.
The sudden outbreak of the COVID-19 has taken a toll on various industries, with aviation being one of the most affected. However, the eVTOL aircraft market has not been impacted by the pandemic as much as the aviation industry as a whole. Electric UAVs were widely used by militaries for a variety of missions which include border security, while governments and law enforcement agencies used them on surveillance activities and other experimental activities. eVTOLs were also extensively used for medical supply transportation and EMS services, especially in the African region, as well as by retail giants like Amazon and USP for last mile delivery applications. They were also used to supply essential items due to lockdowns and the imposition of social distancing protocols. These factors have helped the eVTOL aircraft market to sustain the overall impact of the COVID-19 pandemic on the global economies.
Increasing need for alternative mode of transportation to drive demand for eVTOL Aircraft market
According to the International Air Transport Association (IATA), the number of passenger numbers travelling by aircraft could double to 8.2 billion by 2037. According to the UN Reports, 68% of the population is expected to live in urban areas by 2050. As the population increases, the number of vehicles on road also increases and thereby traffic. Thus, there is an increasing need for alternative transportation. The eVTOL aircraft is proving to be best alternative owing to several reasons. Few eVTOL aircraft are most suitable for shorter trips over congested cities to avoid traffic. This results in reducing the number of vehicles on road thereby reducing traffic. eVTOL aircraft also helps with middle-mile and last-mile cargo delivery and medical services. eVTOL aircraft are getting introduced in the market as ride sharing aircraft. The cost of the eVTOL ride is lesser when compared to helicopters. Uber Elevate estimated that fully electric air taxis would have near-term operating costs of around USD 700 per hour, at least 35% less than a comparably utilized single-engine helicopter.
Short range operations is expected to fuel the growth of the multirotor eVTOL aircraft market during the forecast period.
The multirotor segment is estimated to lead the market during the forecast period, with a share of 79% in 2021. The usage of multi rotor eVTOLs for short range applications like last mile delivery, medical supply transportation and EMS activities have contributed to the growth in the market. Recreational usage of drones for aerial photography and by hobbyists and prosumers have also provided a growth to the market.
The piloted segment is projected to witness the highest CAGR during the forecast period
Based on the mode of operation, the piloted segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. Major developments are being made for UAM applications like air taxis, medical assistance, and personnel passenger transportation. As of now these applications are being developed in the piloted aircraft. These factors will drive the market growth.
The >200 km segment is projected to witness the highest CAGR during the forecast period
Based on range, the >200 km segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. eVTOL aircraft with range of more than 200 require higher battery capacity. these aircraft are mainly used for cargo transportation, air taxis and private transportation.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: