eVTOL Aircraft Market worth $30.8 billion by 2030 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 12, 2021 /PRNewswire/ -- According to a research report "eVTOL Aircraft Market by Lift Technology (Vectored Thrust, Multirotor, Lift plus Cruise), Propulsion Type (Fully Electric, Hybrid Electric, Hydrogen Electric), System, Range, MTOW, Mode of Operation, Application, and Region-Forecast to 2030", published by MarketsandMarkets™, the global market for eVTOL aircraft is estimated to be USD 8.5 billion in 2021 and is projected to reach USD 30.8 billion by 2030, at a CAGR of 15.3% during the forecast period. The growth of this market is mainly driven by the growing need for green energy and noise-free aircraft and the increasing use of eVTOL aircraft for cargo applications and increasing demand for an alternative mode of transport.
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The major players in the eVTOL aircraft market include Airbus SE (Netherlands), Bell Textron Inc. (US), Embraer SA (Brazil), EHang Holdings Ltd (China), and Elbit Systems Ltd. (Israel), These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well.
The sudden outbreak of the COVID-19 has taken a toll on various industrial sectors, with aviation being one of the worst affected. However, the eVTOL aircraft market did not seem to have been impacted by the pandemic as much as the aviation industry as a whole. Electric UAVs were widely used by militaries for a variety of missions like border security, while governments and law enforcement agencies used them on an experimental basis.
Civil & commercial applications of eVTOL aircraft include transportation of medical supplies by companies like Zipline and mostly for aerial photography. Retail and other logistics companies are increasingly looking towards the usage of electric UAVs to distribute essential items due to intermittent lockdowns and the imposition of social distancing protocols worldwide. In the US, companies like Amazon and USP have already scaled up their usage of electric drones for their deliveries. Electric drones are also witnessing an increased application in Africa, as they are being used as the art of EMS services to supply medicines and amenities as well as transport organs and blood across cities. These factors have helped the eVTOL aircraft market to sustain the overall impact of the COVID-19 pandemic on the global economy.
Short range operations is expected to fuel the growth of the multirotor eVTOL aircraft market during the forecast period.
The multirotor segment is estimated to lead the market during the forecast period, with a share of 79% in 2021. Multirotors are increasingly used in an array of applications, from passenger transport, emergency services to recreational activities like aerial photography. The lift plus cruise segment is expected to grow at the highest rate during the forecast period as leading manufacturers in the eVTOL market are adopting the lift plus cruise technology as it is less complex and enables long-range travel with stability.
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The hydrogen-electric segment is projected to witness the highest CAGR during the forecast period.
Based on propulsion type, the hydrogen-electric segment is projected to be the highest CAGR rate for the eVTOL aircraft market during the forecast period. Hydrogen fuel cells are an alternative power source for eVTOL. Generating electricity from hydrogen and oxygen fuel cells is vibration-free and is low on maintenance. Fuel cells can offer energy storage and faster refueling, giving them the potential to substitute electric batteries.
The software segment is projected to witness the highest CAGR during the forecast period.
Based on the system, the software segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. Aviation software produces insights that enable users to enhance operator safety and efficiency, reduce operational disruptions, improve passenger experience, and make decisions better regarding real-time fleet health. Advanced software systems are required to run complicated systems of urban air mobility aircraft.
The piloted segment is projected to witness the highest CAGR during the forecast period
Based on the mode of operation, the piloted segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. Large deployment in civil applications, including air taxi and ems services, will drive this segment. Most of the civil eVTOL aircraft are designed for urban air mobility, air taxis, medical assistance, and personnel passenger transportation.
The last-mile delivery segment is projected to witness the highest CAGR during the forecast period.
Based on application, the last mile delivery segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. The demand for autonomous last-mile delivery is skyrocketing with the rising adoption of autonomous vehicles for the delivery of products without any human intervention.
The 100-1,000 kg segment is projected to witness the highest CAGR during the forecast period
Based on MTOW, the 100-1,000 kg segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. eVTOL aircraft with an MTOW of 100 -1,000 kg are used for intercity travel of passengers and cargo transportation. The payload that these eVTOL aircraft carry is less than 200 kg. Thus, these aircraft are preferably used for cargo transportation.
The >200 km segment is projected to witness the highest CAGR during the forecast period
Based on range, the >200 km segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. eVTOL aircraft with a range of >200 km have higher battery capacity. Some of the applications of this aircraft include last mile delivery, air taxis, and private transport.
The North American market is projected to contribute the largest share from 2021 to 2026
eVTOL aircraft market in North America is projected to hold the highest market share during the forecast period. North America accounted for the largest share of 34.5% of the eVTOL aircraft market and is expected to grow at a CAGR of 17.0% during the forecast period. The US has the largest UAV fleet used in military and civil applications. Early adoption of eVTOL aircraft for urban air mobility is also being witnessed in the US. These factors are expected to drive the market in North America.
The eVTOL aircraft market is dominated by a few globally established players such as Airbus SE (Netherlands), Bell Textron Inc. (US), Embraer SA (Brazil), EHang Holdings Ltd. (China), and Elbit Systems Ltd. (Israel).
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Unmanned Aerial Vehicle (UAV) Market by Point of Sale, Systems, Platform (Civil & Commercial, and Defense & Governement), Function, End Use, Application, Type, Mode of Operation, MTOW, Range, and Region - Global Forecast to 2026
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