March 29, 2020
eVTOL Aircraft

eVTOL Aircraft Market Set To Expand With A CAGR of 12.6% Throughout 2019 To 2027

The global market for electronic vertical take-off and landing (eVTOL) aircraft was set to reach a market value of US$ 315.2 million in 2027 and is expected to have a significant CAGR of 12.6 per cent over the forecast period from 2019 to 2027.

Electrical vertical take-off and landing (eVTOL) aircraft reduce congestion on the ground through efficient use of airspace. Eco-friendly electrical propulsion systems, minimal space requirements for take-off and landing and high-performance batteries with extremely short charging time laid the foundation for revolutionary new applications of eVTOL aircraft. Such advances are expected to bypass and ease congestion, along with streamlining poor connections to swarmed urban areas.

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EVTOL aircraft expected to save a significant amount of time from 15 KM to 25 KM of distance compared to public transport and to establish as the fastest urban mobility option. These aircraft make it possible to take personal comfort and speed at a premium level, as expected to make an inevitable contribution to rescue services and para-public applications. Urban air mobility will gradually be integrated into the existing mobility landscape, enabling a time-efficient mode of travel and safe and enjoyable flight experience for passengers.

The overall market for eVTOL aircraft is segmented based on lift technology, application, type of propulsion, maximum take-off weight (MTOW), mode of operation and operating range. The segment of fully electric aircraft is expected to emerge as the fastest-growing segment in 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). The primary factor motivating the public interest in electrification is the need to reduce the environmental impact of hazardous emissions. The economic case for electrification offers significant benefits, such as reduced operating costs compared to conventional aircraft on existing missions, as well as completely new capabilities that may open up new and lucrative markets. North America is expected to be the largest market for eVTOL in 2027, mainly due to heavy investment in urban air mobility (UAM). Investment by a number of leading players as well as emerging start-ups from the region in the eVTOL aircraft market is credited to a wide range of untouched technology applications.

Competitive Insights:

Major players in the eVTOL aircraft market include Airbus A3, 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 aim of the eVTOL aircraft manufacturers is to establish partnerships and acquisitions as well as R&D activities in the new market.

For example, in May 2018, the National Aeronautics and Space Administration (NASA) signed a second space act agreement with Uber Technologies Inc. to explore concepts related to urban air mobility (UAM) to ensure an efficient and safe system for future air mobility in populated areas.

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?

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