Global Electric VTOL Aircraft Market Report 2022: Rising Road Traffic Congestion in Urban Areas Driving Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Electric Aircraft VTOL (eVTOL) Market – A Global and Regional Analysis: Focus on Design, Range, Use Case, Mode of Operation, Power Source, Component and Country – Analysis and Forecast , 2023-2032″ report has been added to from ResearchAndMarkets.com offer.

Global Electric VTOL (eVTOL) Aircraft Market is expected to reach USD 700.5 Million in 2032 from USD 27.5 Million in 2023, at a growth rate of 38.2% during the forecast period 2023-2032 . The growth of the global electric VTOL aircraft (eVTOL) market is expected to be driven by the growing number of smart cities and the growing need for sustainable transportation.

Market life cycle stage

Over the past few years, the trends in the number of smart cities and the need for sustainable transportation have dramatically increased around the world to optimize city functions and drive economic growth. In addition, several governments around the world have signed the Paris Agreement to reduce the carbon footprint in their respective countries, which promotes sustainable air transport. However, the road journeys of daily commuters in big cities are becoming very difficult due to increasing traffic congestion, so daily commuters are looking for efficient, sustainable and safer modes of transport to work and other desired destinations. Moreover, several megacities have already reached their limit of road infrastructure expansion due to limited land space in their cities. This provides the opportunity to develop urban air mobility using electric VTOL (eVTOL) aircraft in smart cities and megacities.

Additionally, eVTOL aircraft advancements offer various designs and improve efficiency by increasing 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 has largely paved the way for various growth opportunities for the sectors of defense and trade.

Impact

The global electric VTOL aircraft (eVTOL) market is witnessing an increase in investment across all platforms, which is driving investments in the ecosystem, such as ground infrastructure and battery technology. The main challenge in operating eVTOL aircraft is the lack of battery technology. The batteries currently in use are lithium-ion, lithium-sulfur, and lithium-phosphate, which are insufficient to provide long-range power. In addition, the lithium battery energy density is low for eVTOL aircraft. Additionally, regulations for operating the eVTOL aircraft in urban areas and the development of vertiports are still in the development phase, further delaying the entry of the eVTOL aircraft into the market.

Market segmentation

Segmentation 1: by design

• Elevator and Cruise

• Tiltrotor

• Multicopter

• Channeled Vector

Based on the 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 expected to generate revenue of $13.8 million in 2023 and is expected to grow at a CAGR of 34.8% during the period. forecast.

Segmentation 3: by Range

• 51km – 200km

• 201km – 500km

• >501km

Segmentation 4: by energy source

• Electric drive

• Hybrid drive

• Hydrogen propulsion

Segmentation 5: by mode of operation

• Pilot

• Remote controlled

• Autonomous

Segmentation 6: by component

• Structure

• Avionics

• drive system

• Power supply 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 large number of companies based in the region.

Demand – Factors and Limitations

Following are the Global Electric Aircraft VTOL (eVTOL) Market Drivers:

• Increase in traffic congestion in urban areas

• Growing demand for sustainable air transport

Following are the challenges for the global electric aircraft VTOL (eVTOL) market:

• Lack of ground infrastructure

• Lack of battery technology

Following are the opportunities for the global electric aircraft VTOL (eVTOL) market:

• Opportunities for air taxi services

• Opportunities for Ground Infrastructure Developers

Main market players

• Airbus SE

• Archer Aviation Inc.

• Aura Aerospace LLC

• Aurora Flight Science

• 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

Main topics covered:

1 Markets

2 Electric VTOL platform (eVTOL)

3 Region

4 Markets – Competitive Benchmarking and Company Profiles

5 growth opportunities and recommendations

6 Research methodology

For more information on this report, visit https://www.researchandmarkets.com/r/sr3xzb