At 18.56 % CAGR, eVTOL Aircraft Market Size Is Expected to Grow at a Fast Pace, says Brandessence Market Research
PUNE, India, Feb. 23, 2021 /PRNewswire/ -- Global eVTOL Aircraft Market is expected grow with a CAGR of 18.56% over the forecast period 2021 to 2027. Increasing technological developments, rising environmental pollution & traffic congestion along with growing priority towards renewable energy resources are anticipated to drive the growth of Global eVTOL Aircraft Market.
EVTOL Aircraft Market Size By Mode of Operation (Piloted, Optionally Piloted), By Lift Technology (Vectored Thrust, Multirotor, Lift Plus Cruise), By Range (0 To 200 Km, 200 To 500 Km), By MTOW (<250 Kilograms, 250–500 Kilograms, 500–1,500 Kilograms, >1,500 Kilograms), By Propulsion (Electric/Battery, Electric/Hybrid, Electric/Hydrogen), By Application (Commercial, Military, Cargo), Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
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Key Players for Global eVTOL Aircraft Market Report: Some of the key players for global eVTOL aircraft market are EHANG, A³ by Airbus, Volocopter, Uber Technologies, Lilium, Aurora Flight Sciences, Bell Textron, TERRAFUGIA, Kitty Hawk, Workhorse, EmbraerX, Karem Aircraft, Neva Aerospace, LIFT Aircraft, Opener, Pipistrel Group, Vertical Aerospace, HOVERSURF, Cartivator, Joby Aviation, Amprius Technologies, Sion Power Corporation, MOLICEL, EaglePicher Technologies, OXIS Energy, MGM COMPRO, Bell Helicopter and others.
During Covid-19 pandemic, the government has imposed the restriction on movement has led to significant drop in eVTOL market which is limited to few economies. The post covid-19 era is anticipated to grow at fast pace due to the increased social distancing and increasing connectivity between smaller cities.
eVTOL aircraft includes the electric vertical takeoff and landing aircraft which are meant to be used for air taxis and urban air mobility. This aircraft uses new technology which helps in moving faster, quieter with autonomous flight capabilities. The increasing world population and urbanization is leading to rise in traffic congestion which leads to more pollution, wastage of time, high travelling cost with faster depletion of fossil fuel. The increased focus on environmental issues has shifted the attention towards renewable energy source and efficient means of travel. The dependence of eVTOL on electricity helps in reducing CO2 up to 50% and at reduced cost than jet fuel.
The eVTOL system uses autonomous flight control that reduces the chances of error which is major cause of helicopter accidents. The integrated disturbed electric propulsion uses few rotors for vertical lift and achieves safety level four times than helicopters. The increase in UAM will reduce the efforts of individuals to drive, parking problems and reduced maintenance cost due to reduction in movable parts. All these factors can increase its adoption due to the reduced involvement of individual in flying with pick & drop on proximity.
Global eVTOL Aircraft Market report is segmented on the basis lift technology, mode of operation, range, Mtow, propulsion, application and region & country level. Based upon lift technology, global eVTOL aircraft market is divided into vectored thrust, multirotor and lift plus cruise. Based upon mode of operation, global eVTOL aircraft market is divided into piloted and optionally piloted. Based upon range, global eVTOL aircraft market is divided into 0 to 200 Km and 200 to 500 Km. Based upon Mtow, global eVTOL aircraft market is divided into smaller than 250 Kgs, 250–500 Kgs, 500–1,500 Kgs and greater than 1,500 Kgs. Based upon propulsion, global eVTOL aircraft market is divided into electric/battery, electric/hybrid and electric/hydrogen. Based upon application, global eVTOL aircraft market is divided into commercial, military and cargo.
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News: United Airlines Has Ordered Electric Vertical Aircraft from Archer.
On February 10th, 2021; Archer, a start-up developing electric vertical takeoff and landing aircraft has received order for 200 eVTOL aircraft for $1billion with an option to purchase 100 more for $500 million from United Airlines. First aircraft is expected to deliver in 2024 which would carry 4 passengers up to 60 miles with speed of max 150 mph. United estimates to reduce CO2 emission by 50% for 13 mile trip from Hollywood to L.A. Stellantis and Archer are working together to manufacture the carbon-fiber fuselage of the eVTOL aircraft.
Increasing Technological Developments and Growing Need to Improve Operational Efficiency and Rising Traffic Congestion are the Major Factor Driving the Growth of Global eVTOL Aircraft Market.
The major factor driving the growth of global eVTOL aircraft market is the increasing technological advancements and investments to improve the operational efficiency and growing focus on deployment of renewable energy to address the environmental issues. In addition, increasing population and growing urbanization has led to traffic congestion in most parts of world resulted in Jam from minutes to days. Furthermore, various advantages offered by this kind of technology is also expected to supplement the demand for eVTOL aircraft such as it solves numerous key problems around security and safety and security concerns and the potential for noise and visual pollution. However, the lack of technology in developing and under developed region and lack on infrastructure development due to low spending and low skilled labor may hamper the market growth. In spite of that, growing investment in this field may create more opportunities for the further growth of the market.
North America is Anticipated to Dominate the Global eVTOL Aircraft Market.
The global eVTOL aircraft market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. North America is expected to dominate the global eVTOL aircraft market within the forecast period due to the technological advanced industries focusing on automation with early adopter population in this region. In addition, the government support and agreement to develop technology along with high investment leads to faster growth in this region. Asia Pacific is expected to witness a significant growth in the market within the forecast period owing to the increasing adoption of new technology in this region.
EVTOL Aircraft Market Size by Mode Of Operation, By Lift Technology, By Range, By MTOW, By Propulsion, By, Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Continued Evtol Aircraft market Report …
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