Electronic Vertical Takeoff and Landing (eVTOL) Aircraft Market – Size, Growth, Trends, COVID19 Impact Analysis and Forecast 2021
The global electronic Vertical Takeoff and Landing (eVTOL) aircraft market set to hit the market value of US$ 315.2 Mn in 2027 and expected to witness significant CAGR of 12.6% throughout the forecast period from 2019 to 2027.
Market Insights
The electric Vertical Takeoff and Landing (eVTOL) aircraft lessen the transportation congestion on the ground by utilizing airspace efficiently. Eco-friendly electric propulsion systems, minimal spatial requirements for taking off & landing and high performance batteries with extremely short charging duration have laid the foundation for revolutionary new applications of eVTOL aircrafts. Such advancements expected to bypass & ease the hassle of congestion, along with streamlining poor connections to swarmed urban areas. eVTOL aircrafts expected to save significant amount of time beyond 15 KMs to 25 KMs of distance compared to public transports and establish as the fastest urban mobility option. These aircrafts enable to take personal comfort and speed at premium level, as well as expected to offer its inevitable contribution in rescue services and para-public applications. Urban air mobility will gradually be integrated in the existing mobility landscape, enabling time-efficient mode of travel and safe & enjoyable flight experience to passengers.
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Overall eVTOL aircraft market is segmented based on lift technology, application, type of propulsion, Maximum Takeoff Weight (MTOW), mode of operation and operating range. Fully electric aircraft segment is expected to emerge as the fastest growing segment throughout the forecast period. From the last decade, eVTOL aircraft technology with electric propulsive have seized the public imagination. Several start-up ventures have initiated to commercialize aircraft Electric Propulsion (EP). Primary factor motivating the public interest in electrification is the need to reduce environmental impact of hazardous emission. The economic case for electrification offers benefit with major parts, such as reduced operating expenditure compared to conventional aircrafts on existing missions as well as completely new capabilities that may open new and lucrative markets. North America expected to be the largest market for eVTOL in 2027, primarily due to heavy investment towards Urban Air Mobility (UAM). Investment by several leading players as well as emerging startups from the region in the eVTOL aircraft market is credited to wide array of untouched application area of technology.
Competitive Insights:
Major players in the eVTOL aircraft market include A³ by Airbus, Embraer S.A., Workhorse Group, Lilium, Lift Aircraft Inc., Kitty Hawk, Aurora Flight Sciences, Neva Aerospace, Volocopter GmbH, Karem Aircraft, Inc., Ehang, Bell Helicopter Textron Inc., Opener, Pipistrel, and Joby Aviation among others. The eVTOL aircraft manufacturers are aiming on partnership & acquisitions as well as R&D activities to establish in the new market. For instance, in May 2018, The National Aeronautics and Space Administration (NASA) signed second space act agreement with Uber Technologies Inc. to explore concepts pertaining to Urban Air Mobility (UAM) to ensure efficient and safe system for future air mobility in populated areas.
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Lift Technology Segment (2017–2027; US$ Mn) |
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Application Segment (2017–2027; US$ Mn) |
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Type of Propulsion Segment (2017–2027; US$ Mn) |
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By Maximum Takeoff Weight (MTOW) Segment (2017–2027; US$ Mn) |
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Mode of Operation Segment (2017–2027; US$ Mn) |
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Range Segment (2017–2027; US$ Mn) |
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Geography Segment (2017–2027; US$ Mn) |
Key questions answered in this report
- What was the market size of eVTOL aircraft in 2018 and forecast up to 2027?
- Which is largest regional market for eVTOL aircraft?
- What are the key market trends observed in the eVTOL aircraft market?
- Which are the most promising lift technology type, application type, type of propulsion, MTOW, mode of operation and range in eVTOL aircraft market?
- Who are the key players leading the market?
- What are the key strategies adopted by the leading players in market?
- What are the key technological development trends across different geographies and sub-geographies?
Browse the full report at https://www.credenceresearch.com/report/evtol-aircraft-market
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