NEW
YORK, July 17, 2024 /PRNewswire/ -- The global
EVTOL aircraft market size is estimated to grow by
USD 12.27 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 52.65% during the forecast
period. Demand for enhanced customer service is
driving market growth, with a trend towards increasing
potential of evtol in various industries. However, high
production cost of evtol aircraft poses a challenge. Key
market players include 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..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Cargo and
Passengers), Technology (Lift plus cruise, Multirotor, and Vectored
thrust), and Geography (Europe, North America, APAC, Middle East
and Africa, and South America)
|
Region
Covered
|
Europe, North America,
APAC, Middle East and Africa, and South America
|
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.
|
Key Market Trends Fueling Growth
The eVTOL aircraft market is experiencing significant growth in
various industries, including transportation, agriculture,
Emergency Medical Services (EMS), search and rescue missions, and
law enforcement. In transportation, eVTOL aircraft, or air taxis,
offer a cost-effective and efficient alternative to traditional
ground transportation, particularly in densely populated areas. In
agriculture, eVTOL aircraft can enhance farming operations through
smart surveillance, selective pesticide dusting, and data
collection using UAVs or drones. In EMS, eVTOL aircraft ambulances
can reduce response times and improve patient outcomes, potentially
saving thousands of lives in remote areas. For search and rescue
missions, eVTOL aircraft can quickly access disaster sites and
provide visual assistance. In law enforcement, eVTOL aircraft and
drones can increase situational awareness and enable officers to
respond effectively to crimes or threats. Overall, the versatility
and potential applications of eVTOL aircraft are driving the growth
of this market, with the US passenger eVTOL aircraft market size
projected to reach USD17.7 billion by
2040.
The Evtol aircraft market is experiencing significant growth,
particularly in the commercial segment. Next-generation travel
solutions are in high demand, with maximum take-off weights and
efficient motors being key factors. Safety is a top priority, with
multi-facet benefits including reduced noise, improved trip timing,
and increased transportation capacity for various sectors. These
include medical services, agricultural activities, rescue missions,
logistics, and national security. Electronic technologies are
driving innovation, from runway sensors to semi-autonomous
aircraft. Manufacturing units are investing in strategic
partnerships and raw materials to meet increased demand. However,
supply chain challenges and delayed orders remain concerns. The
aviation sector is embracing air mobility, with commercial
companies like Flapper, AIR, Volare, and Eve Air Mobility leading
the way. Military applications are also exploring hybrid-electric,
battery-electric, and hydrogen-electric options. Public acceptance
and safety concerns are being addressed through strict regulations.
Drones and air ambulances are also part of the evolving landscape.
Motors manufacture and aircraft efficiency are critical focus areas
for manufacturers. Overall, the Evtol aircraft market offers
exciting opportunities for investments in this urbanizing
world.
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Market Challenges
- The global eVTOL aircraft market faces significant
challenges due to high investments in infrastructure and research
and development, as well as the lack of 5G infrastructure. These
challenges could hinder the market's growth, as eVTOLs have the
potential to revolutionize urban and regional transport with
reduced travel times and improved mobility options. The size and
complexity of eVTOL aircraft increase production and maintenance
costs, which may deter initial implementation. Notable investments,
such as Toyota Motor Corp.'s USD394
million investment in Joby and Volocopter's USD113 million investment, demonstrate industry
commitment. However, the development of revolutionary AI and the
modification of existing technologies for airspace navigation and
carbon fiber-reinforced polymers for eVTOL aircraft add to the
considerable production costs. Uber predicted a USD1.2 million manufacture price for a
four-seater air taxi, and the development of infrastructure for
this vehicle may be excessively expensive for industries. Current
aerospace manufacturing methods may also prove too sluggish and
expensive for eVTOL aircraft. These factors may negatively impact
the growth of the global eVTOL aircraft market during the forecast
period.
- The Evtol aircraft market is experiencing significant
growth as aerospace manufacturers and transportation service
providers look to address the challenges of urbanization and faster
commutes. However, this market faces hurdles such as power
electronics and software failures, safety issues, and regulatory
approvals. Key players like Joby Aviation, Bell Helicopter, and
Boeing Company are investing in various types of propulsion,
including vectored thrust, multirotor, and lift plus cruise. These
aircraft come in piloted, autonomous, and semi-autonomous modes.
Powering these aircraft are various options like fully electric,
hybrid, electric hydrogen, and hydrogen fuel cells. Regulatory
bodies are focusing on infrastructure development for urban air
mobility, addressing concerns related to cervical spondylosis,
corporate workers, and potential cervical injuries from vehicle
accidents. The vectored thrust segment, piloted segment,
semi-autonomous segment, and battery-electric segment are expected
to dominate the market.
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Segment Overview
This evtol aircraft market report extensively covers market
segmentation by
- Application
- Technology
- 2.1 Lift plus cruise
- 2.2 Multirotor
- 2.3 Vectored thrust
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Cargo- The eVTOL aircraft market witnessed
significant growth in 2022, with cargo being the largest segment.
Most eVTOL aircraft are designed for urban air mobility, medical
assistance, and personal use. In 2020, JumpAero introduced a small,
one-seater eVTOL aircraft for emergency services, expanding the
capabilities of first responders. The Canadian Air Mobility
consortium studied the benefits of eVTOL aircraft for
hospital-to-hospital transportation in 2022. Companies like
Vertical Aerospace and Babcock International collaborated to use
eVTOL aircraft for aerial emergency medical services (EMS) and
cargo. They aim to establish a joint working group to explore
potential applications in critical services and build modular
maintenance solutions. Similarly, Dufour Aerospace partnered with
V-Star Powered Lift Aviation to focus on eVTOL aircraft for
domestic applications, including medical, commercial, and search
and rescue operations in Australia. These collaborations will drive the
growth of the global eVTOL aircraft market through the cargo
segment, offering efficient and environmentally-friendly
solutions.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The market for aircraft ejection seats is driven by advancements
in safety technology and military modernization efforts. Key
players focus on enhancing survivability rates through innovative
designs and lightweight materials. With airlines seeking
flexibility and cost-efficiency, the commercial aircraft leasing
market is expanding rapidly. Lessors provide airlines with newer,
fuel-efficient aircraft, enabling them to manage fleet sizes
dynamically. The aerospace parts manufacturing sector is pivotal in
supporting aircraft production worldwide. Demand is fueled by
rising air travel, defense spending, and technological upgrades in
materials and manufacturing processes.
Research Analysis
eVTOL aircraft, or electric vertical takeoff and landing
aircraft, are poised to revolutionize transportation in urban
environments. These innovative machines offer point-to-point
transportation solutions, reducing traffic congestion and
maximizing the use of vertical space. Passengers and cargo can be
transported efficiently, making eVTOL aircraft an ideal option for
air taxi services, emergency response, and aerial logistics. Urban
populations stand to benefit greatly from eVTOL aircraft, as they
provide a next-generation travel solution for those suffering from
conditions like cervical spondylosis, enabling them to travel
without the discomfort and strain of traditional vehicles.
Corporate workers can save valuable time, while those with cervical
injuries or who have been involved in vehicle accidents can access
medical services more quickly and easily. Aircraft producers are
developing eVTOL aircraft with impressive ranges and maximum
take-off weights, ensuring they meet the demands of various
commercial segments. Safety is a top priority, with multi-facet
benefits including reduced emissions and minimal noise pollution.
With trip timing and transportation becoming increasingly
important, eVTOL aircraft offer a promising solution for urban air
mobility.
Market Research Overview
eVTOL aircraft, or electric vertical takeoff and landing
aircraft, are poised to revolutionize urban transportation by
providing point-to-point solutions in congested urban environments.
These aircraft can carry passengers and cargo, reducing traffic
congestion and the need for large runways. EVTOLs offer a
noise-free and eco-friendly alternative to traditional air taxis
and delivery drones, using electric propulsion systems and advanced
lift technology. However, challenges such as software failures,
safety issues, and battery technology limitations must be
addressed. EVTOL aircraft are being developed by various aerospace
manufacturers and transportation service providers, collaborating
with regulatory bodies and infrastructure developers. The market
includes segments such as vectored thrust, multirotor, lift plus
cruise, piloted, autonomous, and various modes of operation like
optionally piloted, fully electric, hybrid, and electric hydrogen.
The benefits of eVTOL aircraft extend beyond faster commutes and
urbanization. They can serve various industries like medical
services, agricultural activities, rescue missions, logistics, and
national security. As urban populations continue to grow, eVTOL
aircraft will become a next-generation travel solution, offering
multi-facet benefits such as improved trip timing, increased
efficiency, and reduced carbon emissions. The aerospace sector is
investing heavily in eVTOL aircraft production, with companies like
Joby Aviation and Bell Helicopter leading the way towards
commercially viable air taxi services. The future of urban mobility
is electric, vertical, and on-demand.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Technology
-
- Lift Plus Cruise
- Multirotor
- Vectored Thrust
- Geography
-
- Europe
- North America
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
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Technavio's comprehensive coverage, extensive research, and
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and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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