Global Electric VTOL Aircraft Market Report 2022: Increasing Efficiency, Operational Range and Autonomous Vehicles Boost Sector Viability
DUBLIN, Nov. 14, 2022 /PRNewswire/ -- The "Electric VTOL (eVTOL) Aircraft Market - A Global and Regional Analysis: Focus on Design, Range, Use Case, Mode of Operation, Energy Source, Component, and Country - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The global electric VTOL (eVTOL) aircraft market is estimated to reach $700.5 million in 2032 from $27.5 million in 2023, at a growth rate of 38.2% during the forecast period 2023-2032. The growth in the global electric VTOL (eVTOL) aircraft market is expected to be driven by the increasing number of smart cities and growing need for sustainable transportation.
Market Lifecycle Stage
Over the past few years, trends in the number of smart cities and the need for sustainable transportation are growing drastically worldwide to optimize city functions and drive economic growth. In addition, several governments worldwide have signed the Paris Agreement to reduce the carbon footprint in their respective countries, which drives sustainable air transport. However, traveling by road by the daily commuters in large cities is becoming very difficult due to increased traffic congestion, so the daily commuters are looking for efficient, sustainable, and safer modes of transportation to the workplace and other desired destinations. Moreover, several megacities have already reached their limit of expanding the road infrastructure due to the limited land space in their cities. This provides the opportunity for the growth of urban air mobility using electric VTOL (eVTOL) aircraft in smart cities and megacities.
In addition, advancement in the eVTOL aircraft offers various designs and improves efficiency by increasing the operating range and enabling autonomous technology. In addition, the eVTOL platform offers various applications, such as air taxi, private air vehicle, cargo transportation, and air ambulance, which largely paved the way for various growth opportunities for the defense and commercial sectors.
Impact
The global electric VTOL (eVTOL) aircraft market is observing rising investment across all the platforms, which drives the investments across the ecosystem, such as ground infrastructure and battery technology. The major challenge in operating eVTOL aircraft is the lack of battery technology. The batteries that are used currently are lithium-ion, lithium-sulfur, and lithium phosphate, which are insufficient to provide power for long-range. In addition, the energy density of the lithium battery is low for eVTOL aircraft. Moreover, the regulation for operating the eVTOL aircraft in urban areas and developing the vertiports is still in the development stages, which further delays the eVTOL aircraft from entering the market.
Market Segmentation
Segmentation 1: by Design
- Lift and Cruise
- Tiltrotor
- Multicopter
- Ducted Vector
Based on design, the global electric VTOL (eVTOL) aircraft market is expected to be dominated by the lift and cruise model during the forecast period.
Segmentation 2: by Use Case
- Air Taxi
- Personal Air Vehicle
- Cargo
- Air Ambulance
The personal air vehicle segment is estimated to have the highest market penetration in 2023. This segment is anticipated to report $13.8 million in revenue in 2023 and is expected to grow at a CAGR of 34.8% during the forecast period.
Segmentation 3: by Range
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- 51 Km - 200 Km
- 201 Km - 500 Km
- >501 Km
Segmentation 4: by Energy Source
- Electric Propulsion
- Hybrid Propulsion
- Hydrogen Propulsion
Segmentation 5: by Mode of Operation
- Piloted
- Remotely Piloted
- Autonomous
Segmentation 6: by Component
- Structure
- Avionics
- Propulsion System
- Electric Power System
- Sensor
Segmentation 7: by Region
- North America
- Europe
- Asia-Pacific
- Rest-of-the-World
North America is expected to account for the highest share of 54.74% in the electric VTOL (eVTOL) aircraft market by value in 2023, owing to a significant number of companies based in the region.
Demand - Drivers and Limitations
Following are the drivers for the global electric VTOL (eVTOL) aircraft market:
- Increasing Road Traffic Congestion in Urban Areas
- Rising Demand for Sustainable Air Transportation
Following are the challenges for the global electric VTOL (eVTOL) aircraft market:
- Lack of Ground Infrastructure
- Lack of Battery Technology
Following are the opportunities for the global electric VTOL (eVTOL) aircraft market:
- Opportunities for Air Taxi Services
- Opportunities for Ground Infrastructure Developers
Key Market Players
- Airbus SE
- Archer Aviation Inc.
- Aura Aerospace LLC
- Aurora Flight Sciences
- Bell Textron Inc.
- Beta Technologies
- Eve Holding, Inc.
- Elroy Air
- EHang
- Jaunt Air Mobility LLC
- Joby Aviation
- Lilium GmbH
- Piasecki Aircraft Corporation
- Urban Aeronautics
- Terrafugia
- Vertical Aerospace Group Ltd.
- Wisk Aero LLC
- XTI Aircraft Company
Key Topics Covered:
1 Markets
2 Electric VTOL (eVTOL) Platform
3 Region
4 Markets - Competitive Benchmarking & Company Profiles
5 Growth Opportunities and Recommendation
6 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/ucgbvi
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