Enjoy complimentary customisation on priority with our Enterprise License!
The eVTOL aircraft market size is forecast to increase by USD 5.43 billion between 2022 and 2027, accelerating at a CAGR of 39.53%. In 2017, the held the largest market share, projecting an annual revenue of USD 0.12 billion. The report offers extensive research analysis on the eVTOL Aircraft Market, with a categorization based on Application, including Cargo and Passengers. It further segments the market by Technology, encompassing Lift plus cruise, Multirotor, and Vectored thrust. Additionally, the report provides geographical segmentation, covering Europe, North America, APAC, Middle East and Africa, and South America.
To learn more about this report, Download Report Sample
The increasing requirement for clean and quiet aircraft is notably driving the market growth. Airplanes emit around 100 times more CO2 per hour than a shared bus or train ride, and the emissions of global aviation are around 1 billion tons of CO2 per year. The worldwide aviation sector is responsible for around 2% of all CO2 emissions caused by humans. These figures are projected to rise much more, as the size of the global aircraft fleet and air travel grows. Hence, there has been an increasing demand for eVLOT aircraft to reduce the aviation industry's carbon impact.
Organizations and governing bodies, such as the International Civil Aviation Organization, the Federal Aviation Administration, and the European Union Aviation Safety Agency, have called for sustainable aircraft fuel alternatives, estimating that by 2050, aircraft-generated emissions will have tripled in volume. EVTOL aircraft engines do not produce the sounds associated with jet or combustion engines, thus, no aircraft noise levels are produced by this aircraft. Thus, such factors will boost the growth of the electric vertical take-off and landing (eVTOL) aircraft market in focus during the forecast period.
The cargo segment was valued at USD 400.66 million in 2017 and continued to grow until 2021. Companies are collaborating to create this aircraft that not only save lives but also has reduced environmental impact. These aircraft can offer a range of options, including EMS. Medical service providers and manufacturers of eVTOL aircraft are collaborating to deliver emergency missions with effective and secure solutions.
For instance, in July 2022, UK-based vertical aerospace announced its partnership with aerospace, defense, and security company Babcock International to use its aircraft for aerial EMS and cargo. The companies intend to establish a joint working group to examine potential applications for the VX4 in critical services such as responding to accidents and providing emergency transport between hospitals, as well as assisting the armed forces with medium-range logistics delivery and casualty evacuation services by leveraging Babcock's experience in this area. As part of their agreement, the two businesses will also build modular MRO solutions to increase VX4 availability and enable efficient maintenance during the forecast period. Thus, such collaborations will drive the growth of the global market through the cargo segment during the forecast period.
North America is estimated to contribute 39% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Europe was the largest segment of the global market in 2022 and will continue to remain the largest segment during the forecast period. The market in Europe is expected to experience a positive growth rate due to increased investment in commercial drones and eVTOL aircraft by Western European countries such as the UK, Germany, France, Spain, and Italy. The expansion of the market to other European countries such as Iceland, Norway, Ireland, and Switzerland will also likely drive the market in Europe during the forecast period.
European countries are developing infrastructure for eVTOL aircraft. For instance, in April 2022, the world's first demonstration of a hub for flying taxis and autonomous freight drones, Air-One, was opened in the city of Coventry by the UK eVTOL infrastructure developer Urban-Air Port. With support from the UK government and further assistance from the industry leader in air mobility, Supernal and Air-One will run from its location at Westminster Car Park in the center of Coventry for at least one month. According to Urban-Air Port, the project will serve as the model for more than 200 vertiports that are expected to be built around the world over the next five years. This will have a positive impact on the growth of the regional market.
To understand geographic trends Download Report Sample
The eVTOL Aircraft Market is fragmented in nature. Some significant players include Airbus SE, ARC Aerosystems, Archer Aviation Inc., BETA Technologies Inc., EHang Holdings Ltd.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Elbit Systems Ltd., Elroy Air, Embraer SA, Joby Aviation Inc., Karem Aircraft Inc., Lilium GmbH, Moog Inc., SkyDrive Inc., Textron Inc., The Boeing Co., Urban Aeronautics, Vertical Aerospace Group Ltd., Volocopter GmbH, Wisk Aero LLC, and Zhejiang Geely Holding Group Co. Ltd.
The eVTOL aircraft market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
|
eVTOL Aircraft Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
165 |
|
Base year |
2022 |
|
Historic period |
2017 - 2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 39.53% |
|
Market growth 2023-2027 |
USD 5.43 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
33.01 |
|
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
North America at 39% |
|
Key countries |
US, China, Germany, France, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Airbus SE, ARC Aerosystems, Archer Aviation Inc., BETA Technologies Inc., EHang Holdings Ltd., Elbit Systems Ltd., Elroy Air, Embraer SA, Joby Aviation Inc., Karem Aircraft Inc., Lilium GmbH, Moog Inc., SkyDrive Inc., Textron Inc., The Boeing Co., Urban Aeronautics, Vertical Aerospace Group Ltd., Volocopter GmbH, Wisk Aero LLC, and Zhejiang Geely Holding Group Co. Ltd. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
