Electric VTOL (eVTOL) Aircraft Market 2022
Persistence Market Research analysis projects the global Electric VTOL (eVTOL) Aircraft Market to expand at an impressive CAGR of more than 21% over the forecast period of 2021-2031. Electric VTOL (eVTOL) Aircraft Market is anticipated to reach beyond US$ 27.3 Bn by the end of 2031.
Electric Vertical Takeoff and Landing (eVTOL) aircraft are capable of vertical takeoff and landing, which is possible through electrification of the lift and thrust provided by automated controls. They are technology enablers for Advanced Aerial Mobility, Urban Aerial Mobility, and Passenger Air Vehicles. In the wake of a green future, these aircraft are emission-free, emit zero noise, safe, affordable, small, precise, fast, quiet, adaptable with most weather conditions, and easy to use and maintain. Across regions, air-taxi services will be the main driver for increasing demand for eVTOL aircraft over the coming years.
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Key Companies-
- Airbus SE
- Embraer S.A.
- The Boeing Company (Aurora Flight Sciences)
- Volocopter GmbH
- EHang
- Pipistrel d.o.o Ajdovš?ina
- Moog, Inc.
- Bell Textron Inc.
- Karem Aircraft, Inc.
- Neva Aerospace
- Kitty Hawk Corporation
- Opener Inc.
- Lift Aircraft
- Joby Aviation
- Lilium GmbH
- SkyDrive Inc.
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Key Takeaways from Market Study
- eVTOL aircraft are gaining prominence as urban mobility is taking shape. In China, currently, such aircraft are being used for cargo transportation, majorly aiming to improve aerial logistics. The market in China is expected to expand at close to 30% CAGR through 2031.
- The role played by the FAA-Federal Aviation Administration in laying industry standards such as aircraft airworthiness, flight testing, and certification, for eVTOL aircraft, is pivotal. The U.S. is positioned as the top nation in the global market, with the highest market value share. Demand in the U.S. will increase at over 22% CAGR over the next ten years.
- Compared to helicopters and other transport media, eVTOLs provide comparatively better features. They emit least noise, are emissions-free, and have a distributed energy propulsion, enabling improved propulsive efficiency. eVTOLs having maximum takeoff weight below 250 kg are expected to create ample opportunities over the forecast period.
- Multirotor & rotorcraft eVTOLs will generate credible growth opportunities in future. These aircraft are suitable for commuting in cities where they can travel between shorter distances.
- With rising number of autonomous mobility, UAVs (unmanned aerial vehicles) or pilotless aircraft are expected to dominate the global market share, based on operation.
“The number of civil and commercial end uses of eVTOL aircraft will surge as these gradually replace land transportation over the next few years. Rising aircraft developments and surging investments in the aircraft sector are favoring market growth for eVTOL aircraft,” says a Persistence Market Research analyst.
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