PUBLISHER: The Business Research Company | PRODUCT CODE: 1245938
PUBLISHER: The Business Research Company | PRODUCT CODE: 1245938
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“eVTOL Aircraft Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on evtol aircraft market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for evtol aircraft? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The evtol aircraft market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the eVTOL aircraft market are: Airbus SE, Bell Textron Inc., Embraer SA, EHang Holdings Ltd., Elbit Systems Ltd., Kitty Hawk, Lilium, Volocopter GmbH, Joby Aviation, Urban Aeronautics Ltd., Pipistrel, Moog Inc., The Boeing Co., Karem Aircraft Inc., Lift Aircraft, Aurora Flight Sciences, Workhorse, Elroy Air, Textron Inc., SkyDrive Inc., Neva Aerospace, Opener Inc., Workhorse Group, Uber Technologies Inc., Terrafugia, Archer Aviation Inc., Jaunt Air Mobility LLC, Overair Inc and Samad Aerospace.
The global evtol aircraft market grew from $7.88 billion in 2022 to $9.24 billion in 2023 at a compound annual growth rate (CAGR) of 17.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The evtol aircraft market is expected to grow to $20.72 billion in 2027 at a CAGR of 22.4%.
The eVTOL aircraft market consists of sales of eVTOL aircraft having carrying weight capacity of less than 200 Kg and beyond. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The eVTOL aircraft refer to electric vertical takeoff and landing aircraft that uses electric power to hover, take off, and land vertically. The focus of eVTOL is to offer a new class of aircraft that revolutionizes inter-and-intra-city movement, providing quick, direct, and clean mobility. It uses motors, batteries, fuel cells, and electronic controllers to generate electric power for hovering, taking off, and landing vertically.
North America was the largest region in the eVTOL aircraft market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the eVTOL aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main technologies used in eVTOL aircraft include vectored thrust, multirotor, and lift pulse cruise. The vectored thrust eVTOL aircraft refers to a technology used to change the thrust angle from its engine or motor to control the attitude or angular velocity of the aircraft. It is typically used to control pitch and yaw attitude on boosters and upper stages. The propulsion systems used in eVTOL aircraft include fully electric, hybrid electric, and hydrogen electric. Both autonomous and piloted eVTOL aircraft are used in a wide range of applications including air taxis, air shuttles and air metro, private transport, cargo transport, air ambulance and medical emergency, last-mile delivery, inspection and monitoring, surveying and mapping, surveillance, special mission, and others.
The growing need for green energy and noise-free aircraft is propelling the growth of the eVTOL aircraft market. The strive for greater fuel efficiency and reduction of noise pollution is the central need to reduce environmental impact. The energy for eVTOL aircraft is generated by powered lift designs using turbofan engines with auxiliary/ augmented lift fans. Most electric-powered VTOL aircraft being developed today will use distributed electric propulsion (DEP) as a gateway to sustainable aviation. For instance, in March 2020, according to Aan article published by Dassault Systemes, a Europe-based company, estimated the growing need for eVTOL aircraft where the market will grow exponentially, to an estimated 1.3 billion passengers over 20 years, with a demand for 28,000 eVTOL aircraft. Therefore, the growing need for green energy and noise-free aircraft will drive the growth of the eVTOL aircraft market.
Technological advancement is a key trend gaining popularity in the eVTOL aircraft market. Major companies operating in the eVTOL aircraft market are focused on providing technologically advanced solutions to strengthen their market position. These companies are implementing next generation eVTOL aircraft technologies into their services, such as IoT, ultra-edge hydrogen and battery cell, Onboard sensors and collision prevention systems, AI technology, 5G communication, and others. For instance, In April 2022, Hyundai, an automotive manufacturer company, explored hydrogen fuel cell technology for the electric short Take-off and landing eVTOL aircraft segment. The company expects hydrogen fuel cell technology to have a long enough range to complete intercity trips.
In December 2020, Joby Aviation, a US-based aerospace company, developing an electric vertical takeoff and landing aircraft acquired Uber Elevate for an undisclosed amount. This acquisition of Uber elevate will create integration between ground and air travel for future customers by integrating their respective services into each other's apps for joby aviation. Uber Elevate is a US-based company initiative to develop, deploy and eventually offer consumers an air-based taxi travel service.
The countries covered in the eVTOL aircraft market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The eVTOL aircraft market research report is one of a series of new reports from The Business Research Company that provides eVTOL aircraft market statistics, including eVTOL aircraft industry global market size, regional shares, competitors with an eVTOL aircraft market share, detailed eVTOL aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the eVTOL aircraft industry. This eVTOL aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.