According to the latest report by IMARC Group, titled “eVTOL Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global eVTOL aircraft market size reached US$ 10.9 Billion in 2022. An eVTOL, or electric vertical takeoff and landing aircraft, is an aircraft that uses electric propulsion and advanced technologies to take off and land vertically. It consists of multi-rotors, fixed-wing, and tilt-wing aircraft having sensors, cameras, and radar. Some eVTOL aircraft are designed to be fully autonomous, while others require a pilot. It offers several advantages over conventional aircraft, such as reduced noise pollution, lower emissions, and the ability to operate in confined spaces. eVTOL aircraft is safe, effective, environmentally friendly, less expensive than helicopters, and can transport passengers and cargo more quickly and efficiently. As a result, they find various applications in transportation, agriculture, healthcare, defense, and logistics industries across the globe.
Global eVTOL Aircraft Market Trends:
The expanding adoption of eVTOL aircraft as ambulances in the healthcare industry to provide medical support and reduce emergency response time is one of the key factors driving the market growth. Besides this, increasing traffic congestion caused by the rising population and rapid urbanization is propelling the demand for eVTOL aircraft, thus favoring the market growth. Moreover, the increasing product utilization to improve search and rescue operations post natural calamities or accidents, such as landslides, fires, floods, and earthquakes, is presenting remunerative growth opportunities for the market. Concurrent with this, the widespread product adoption in the construction industry for surveying lands, providing continuous project notifications, improving safety, and preventing dangerous incidents on sites are creating a positive outlook for the market. In addition to this, the escalating product adoption due to its several benefits over conventional aircraft, such as a lesser environmental impact, reduced noise pollution, and flying at lower altitudes, is aiding in market expansion. Furthermore, innovative technological advancements and extensive investments in research and development (R&D) activities to improve aircraft design, performance, and power output is contributing to the market growth. Looking forward, the market value is projected to reach US$ 24.1 Billion by 2028, expanding at a CAGR of 13.6% during 2023-2028.
- On the basis of the lift technology, the market has been divided into vectored thrust, multirotor, and lift plus cruise.
- Based on the mode of operation, the market is categorized into piloted, autonomous, and semi-autonomous.
- On the basis of the maximum take-off weight (MTOW), the market has been distinguished into <250 Kg, 250-500 Kg, 500-1500 Kg, and >1500 Kg.
- Based on the range, the market is bifurcated into 0-200 Km and 200-500 Km.
- On the basis of the propulsion type, the market has been classified into battery-electric, hybrid-electric, and hydrogen-electric.
- Based on the application, the market is segregated into commercial (air taxi and delivery drones), military (cargo transport and combat mission), and emergency medical service (air ambulance and medical cargo transport).
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Airbus SE, Archer Aviation Inc., Beta Technologies, Guangzhou EHang Intelligent Technology Co. Ltd, Lift Aircraft Inc., Lilium GmbH, Moog Inc., Piasecki Aircraft Corporation, Pipistrel d.o.o Ajdovšcina, Vertical Aerospace Group Ltd., Volocopter GmbH, Wisk Aero LLC and Xti Aircraft Company.
|Base Year of the Analysis
||Lift Technology, Mode of Operation, Maximum Take-off Weight (MTOW), Range, Propulsion Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Airbus SE, Archer Aviation Inc., Beta Technologies, Guangzhou EHang Intelligent Technology Co. Ltd, Lift Aircraft Inc., Lilium GmbH, Moog Inc., Piasecki Aircraft Corporation, Pipistrel d.o.o Ajdovšcina, Vertical Aerospace Group Ltd., Volocopter GmbH, Wisk Aero LLC and Xti Aircraft Company
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