Pune, India, Jan.27, 2022(GLOBE NEWSWIRE) -- The global eVTOL aircraft market size was estimated to be worth USD 1.11 billion in 2020. The market value is expected to increase from USD 5.41 billion in 2021 to USD 23.21 billion in 2028 at a CAGR of 23.13% during 2021-2028. Growing urbanization, increasing traffic congestion, and the need for smarter transportation solutions are some of the major factors propelling the market forward. Fortune Business Insights presents this information in its report titled “EVTOL Aircraft Market, 2021-2028."
Electric vertical take-off and landing aircraft are increasingly gaining traction across the globe. This technology represents the next generation of transportation solutions that are safer, quieter, and cleaner. Such aircraft work on electric propulsion, making them a sustainable option compared to conventional air carriers. The demand for this technology will increase significantly in the next few years, powered by increasing demand for urban air mobility, growing awareness regarding carbon footprint, and the need to cut aircraft operating costs.
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List of Key Players Profiled in the EVTOL Aircraft Market Report:
COVID-19 Impact:
Diminished Aviation Operations to Impact Developments in eVTOL Technology
The aviation sector suffered significant disruption during the COVID-19 pandemic. Supply chain disruptions, workforce shortages, and stricter protocols caused a major slowdown in the development and testing of eVTOL technology. Numerous R&D projects were also affected amid the pandemic. These factors have affected the aircraft market growth during the COVID-19 pandemic.
However, investments in the eVTOL space remained strong in several regions. Data provider Pitchbook reports that North America and Europe invested USD 1.3 billion in air mobility firms despite COVID-19 disruptions in 2020. With the gradual recovery of the aviation sector, the market will start to gain momentum in the forthcoming years.
Market Segments:
Based on lift technology, the market is divided into
By mode of operation, the market is segmented into
In terms of range, the market is bifurcated into
On the basis of maximum take-off weight (MTOW), the market is classified into
By propulsion type, the market is split into
In terms of application, the market is broken down into
Geographically, the market is segmented into
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Drivers & Restraints:
Need for Smarter & More Sustainable Transportation to Augment the Product Adoption
With growing urbanization, traffic congestion is emerging as a major concern. In addition, the rising amount of air pollution is giving rise to the need for smarter and more sustainable transportation solutions. The growing concept of urban air mobility solutions, such as air taxis, is anticipated to create favorable opportunities for eVTOL aircraft companies.
Major aircraft makers, such as Airbus SE, Boeing Company, and Bell Helicopter, are accelerating ongoing eVTOL development programs. Automotive giants are also entering the space which will further heat up the market competition. In January 2020, Toyota invested USD 400 million in eVTOL startup Joby Automation.
Despite constant developments in the market, grow could be affected due to the lack of suitable infrastructure and strict regulations enforced by aviation agencies.
Regional Insights:
North America is expected to dominate the global eVTOL aircraft market share during 2021-2028. The regional trends will be influenced by the presence of major market players including Bell Textron Inc., Kitty Hawk, Joby Aviation, and others in the U.S.
The market in Asia Pacific will grow on account of growing investments by eVTOL companies, such as Ehang, in urban air mobility. Europe will record notable gains driven by government initiatives such as the Urban Air Mobility (UAM) Initiative.
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Detailed Table of Content:
TOC Continued…!
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Notable Industry Development:
June 2021 – Vertical Aerospace received a pre-order contract worth USD 1 billion from American Airlines to supply about 250 eVTOL aircraft to fly passengers in urban regions.
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