The rising demand for green energy aircraft is driving the EVTOL Aircraft market.
According to Custom Market Insights (CMI), The Global EVTOL Aircraft Market Size was valued at USD 5.5 billion in 2021 and is estimated to reach USD 25 billion by the end of 2030 at a CAGR of approximately 25% during the forecast period 2022-2030. The report examines the EVTOL Aircraft market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the EVTOL Aircraft market.
EVTOL Aircraft Market: Overview
The term “electric vertical takeoff and landing” (eVTOL) refers to aircraft. This system deals with autonomous electric airplanes that provide improved services in the name of safety and comfort. Additionally, they aid in reducing noise production, which lowers noise pollution. The eVTOL aircraft market focuses on improving its operating effectiveness to improve customer experience by offering flexibility and convenience. It also facilitates quick travel. These are electric airplanes that operate quickly and efficiently.
There are significant suppliers of infeasible communication solutions and a more dependable customer experience with e-VTOL aircraft. The eVTOL aircraft market prediction is expected to expand due to the enormous global expansion and key companies heavily investing in the research and development sector.
EVTOL Aircraft Market: COVID–19 Impact Analysis
The unexpected COVID-19 epidemic has harmed several industries, with aviation suffering the most. The eVTOL aircraft market, however, does not appear to have been as significantly affected by the epidemic as the aviation sector as a whole. Military forces frequently employed electric UAVs for various tasks, including border security, but governments and law enforcement organizations only sometimes deployed them.
Commercial and civil uses for eVTOL aircraft include aerial photography and the transportation of medical supplies by businesses like Zipline. Due to sporadic lockdowns and the global implementation of social distancing regulations, retail, and other logistics organizations are looking increasingly toward using electric UAVs to deliver necessities. Businesses like Amazon and USP have already increased their use of electric drones for deliveries in the US. Electric drones are also being utilized more frequently in Africa, where EMS services deliver supplies like medicines and other necessities and move organs and blood between cities. These elements have aided the eVTOL aircraft business in mitigating the COVID-19 pandemic’s overall effects on the world economy.
EVTOL Aircraft Market: Growth Drivers
Rising demand for noise-free, green-energy aircraft
The rise in CO2 emissions is the cause of the expanding need for green energy. The population has led to a rise in CO2 emissions, according to the EIA’s International Energy Report 2021. Around 2% of CO2 emissions worldwide are attributed to aviation, according to the Air Transport Air Group (ATAG). According to ATAG’s most recent report, a long-term target for combating climate change has been established: cutting CO2 emissions in half by 2050. It is anticipated that the study and development of electric, hybrid, and hydrogen aircraft will contribute to the switch from fossil fuel to sustainable aviation fuel.
The eVTOL aircraft employs the sustainable aviation fuel mentioned above to reduce carbon emissions. ElectriceVTOL manufacturers should make use of a variety of integrated, simulated, and dual-use aircraft noise models that have been created over time by the FAA (Federal Air Aviation), NASA, and the US Department of Défense, according to the US Department of Transportation’s Volpe National Transportation Systems Center. As a result, some eVTOL aircraft producers, including Airbus, Bell, Ehang, and Joby Aviation, have developed several models with reduced noise and carbon emissions. For instance, Airbus unveiled its eVTOL CityBus next GEN aircraft, the quieter variant.
Rising investments in R&D
The eVTOL aircraft market is projected to grow as demand for cutting-edge, self-driving alternative means of transportation increases. Additionally, this market presents expansion potential to manufacturers of numerous cutting-edge technologies, including lithium metal batteries, sophisticated composites, and axial flux motors.
EVTOL Aircraft Market: Segmentation Analysis
In our research scope, the EVTOL Aircraft market is segmented into lift technology, system, propulsion type, mode of operation, MTOW, range, and application. Based on lift technology, the multirotor segment is expected to dominate the eVTOL aircraft market in 2021. Multirotor aircraft are often employed for various tasks, including passenger transportation, emergency response, and even leisure pursuits like aerial photography. As major eVTOL manufacturers embrace lift plus cruise technology because it is less complicated and enables long-distance flight with stability, this market segment is anticipated to develop at the fastest rate over the forecast period.
Based on MTOW, the 100-1,000 kg segment market for eVTOL aircraft is anticipated to develop at the greatest CAGR rate throughout the projection period. Electric VTOL aircraft with an MTOW of 100–1,000 kg for intercity passenger and cargo transportation is utilized. Less than 200 kg of the payload is carried by this eVTOL aircraft. This makes the hauling of goods the preferred purpose for these aircraft.
|Feature of the Report||Details|
|Market Size in 2021||USD 5.5 Billion|
|Projected Market Size in 2030||USD 25 Billion|
|CAGR Growth Rate||25% CAGR|
|Prominent Players||Airbus, Boeing, Bell Textron Inc., Eve Air Mobility, Opener, Lilium GmbH, EHang, Pipistrel Group, BETA Technologies, Volocopter GmbH, Heart Aerospace, Joby Aviation Inc., Archer Aviation Inc., and Others|
|Key Segment||By Propulsion Type, Lift Technology, System, Application, Mode of Operation, Range, MTOW, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfill your requirements for research.|
- As per the analysis shared by our research analyst, the EVTOL Aircraft market is estimated to grow annually at a CAGR of around 25% over the forecast period (2022-2030).
- In terms of revenue, the EVTOL Aircraft market size was valued at around USD 5.5 billion in 2021 and is projected to reach USD 25 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The EVTOL Aircraft market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
- The study includes data on the major market drivers, challenges, opportunities, and their effects.
- The study elaborates on the SWOT analysis and Porter’s Five Forces model.
- The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.
- 2022: Eve and Thales collaborated on the development of eVTOL. Thales stated that it would aid Brazil in developing its eVTOL aircraft. The strategic alliance calls for a series of cooperative studies to be conducted over 12 months, beginning in January 2022, on the technical, financial, and adaptable viability of an airplane driven entirely by electricity.
- 2021: The new ES-19 electric aircraft, an all-electric aircraft designed to carry nineteen passengers on brief regional journeys, was co-developed by Heart Aerospace and Arennova Aerospace S.A. The wing, fuselage, and empennage will be designed by Heart’s engineers in collaboration with Aernnova Aerospace S.A.
North America is projected to have the largest market share for eVTOL aircraft throughout the projected period. North America held the biggest market share for eVTOL aircraft and is anticipated to expand at a CAGR over the forecast period. The UAV fleet deployed for military and civilian purposes is the greatest in the US. The US also sees early eVTOL aircraft usage for urban air mobility. The market in North America is anticipated to be driven by these factors.
Europe is also at the forefront of eVTOL aircraft adoption, eVTOL technology development, and eVTOL technology spending. This is the main factor boosting the demand for eVTOL aircraft. The market for eVTOL aircraft in Europe has begun to recover quickly from its growth. Businesses like Lilium and Volocopter have also noticed a spike in pre-orders, which is anticipated to grow the industry once it is commercialized.
To gain a dominant position in the market, these businesses are developing various business strategies, such as mergers & acquisitions, and collaborations.
- Bell Textron Inc.
- Eve Air Mobility
- Lilium GmbH
- Pipistrel Group
- BETA Technologies
- Volocopter GmbH
- Heart Aerospace
- Joby Aviation Inc.
- Archer Aviation Inc.
The global EVTOL Aircraft market is segmented as follows:
By Propulsion Type
- Hybrid Electric
- Fully Electric
- Hydrogen Electric
By Lift Technology
- Vectored Thrust
- Lift plus Cruise
- Batteries & Cells
- Electric Motor/Engine
- Air Taxis
- Private Transport
- Cargo Transport
- Air Ambulance & Medical Emergency
- Air Shuttles & Air Metro
- Last Mile Delivery
- Inspection & Monitoring
- Surveying & Mapping
- Special Mission
By Mode of Operation
- <= 200 km
- > 200 km
- >2,000 kg
- 1,000–2,000 kg
- 100–1000 kg
- <100 kg
On the basis of Geography
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America