EVTOL Aircraft Market size to increase by USD 5.43 billion during 2022-2027, Increasing requirement for clean and quiet aircraft to drive the market growth, Technavio

NEW YORK, March 6, 2024 /PRNewswire/ -- The EVTOL aircraft market size is expected to grow by USD 5.43 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 39.53% during the forecast period. The market is segmented by 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). 

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The increasing requirement for clean and quiet aircraft drives the growth of the market during the forecast period. Airplanes emit around 100 times more CO2 per hour than a shared bus or train ride. Also, the emissions of global aviation are around 1 billion tons of CO2 per year. Furthermore, organizations and governing bodies called for sustainable aircraft fuel alternatives, estimating that by 2050, aircraft-generated emissions will have tripled in volume. 

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Key Highlights:

• The report recognizes the following as some of the key players in the EVTOL aircraft market: 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.
• EVTOL Aircraft Market is fragmented in nature.
• Market to observe 33.01% YOY growth in 2023.

The development of drone infrastructure is identified as the key trend in the market.

The application of drones is increasing in various areas of operations, including security and surveillance, agriculture, civil infrastructure inspection, and others. They are instrumental in search and rescue (SAR) activities and can expedite rescue and recovery activities during natural or man-made disasters such as floods.

• The operating power and heat management challenges the market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The cargo segment will be significant during the forecast period. End-consumers use EVOLT aircraft for urban air mobility, medical assistance, and personal use. Furthermore, this type of vehicle is not a replacement for land vehicles or helicopters, but a new tool since electric motors are faster than others. 

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Analyst Review

The eVTOL aircraft market represents a transformative shift in urban transportation, with the emergence of air taxi services poised to revolutionize emergency response and aerial logistics. As cities grapple with noise pollution and carbon emissions, the integration of batteries, motors, and power electronics in Electric Vertical Takeoff and Landing (EVTOL) vehicles presents a promising solution.

In this dynamic landscape, the EVTOL market is driven by technological advancements in flight control, enabling autonomous operations while mitigating software failures to enhance safety and reliability. Collaboration between aerospace manufacturers, technology companies, and transportation service providers fosters innovation in research and development while navigating regulatory frameworks and bolstering infrastructure development.

A burgeoning ecosystem of EVTOL start-ups utilizes dedicated test sites and vertiports to demonstrate viability to governments and regulatory bodies. Attention to safety issues is paramount, ensuring passenger safety and crew safety through robust emergency procedures in diverse adverse weather conditions. Engaging industry stakeholders and standards organizations, safety protocols are established, validated through rigorous testing and simulation to bolster public confidence and mitigate safety incidents.

The eVTOL market ecosystem thrives on collaboration among aerospace manufacturers, technology firms, and transportation service providers, bolstered by regulatory bodies and government agencies supporting infrastructure developers. Standardization of safety standards and certification processes ensures the seamless integration of vertiports and charging networks.

Leading EVTOL players such as Jaunt Air Mobility, Lilium, Volocopter, and EHang drive innovation while adhering to stringent safety protocols. Their success hinges on navigating regulatory frameworks, fostering strategic partnerships, and ensuring public confidence. As the eVTOL aircraft market continues to evolve, collaboration and adherence to safety standards will be crucial in realizing its full potential in shaping the future of urban mobility.

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Market Overview

The eVTOL aircraft market is poised for exponential growth, especially in urban environments where congestion is a pressing issue. These electric Vertical Takeoff and Landing vehicles promise transformative solutions for air taxi services and emergency response. Offering swift transportation, they revolutionize aerial logistics, mitigating noise pollution and reducing carbon emissions. One key aspect propelling this market is the advancement in battery technology. Batteries with higher energy density enable longer flight durations, enhancing the viability of eVTOLs. With governments emphasizing sustainability, eVTOLs represent a significant stride towards eco-friendly urban mobility. As demand surges, innovation drives further enhancements in performance and efficiency, solidifying eVTOLs' position as the future of aerial transportation.

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Related Reports:

The commercial aircraft aviation fuel market size is estimated to grow at a CAGR of 7.65% between 2022 and 2027, and the size of the market is forecast to increase by USD 49.5 billion.

The aircraft evacuation systems market size is expected to increase by USD 821.11 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.36%. 

ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio