According to a new market research report published by Credence Research “eVTOL Aircraft Market (by Lift Technology Type – Vectored Thrust, Multirotor, Lift Plus Cruise and Others; by Application – Commercial, Military and Cargo; by Type of Propulsion – Fully Electric, Hybrid and Electric Hydrogen; by MTOW – Less than 250 KGs, 250 KGs to 500KGs, 500KGs to 1500 KGs and More than 1500 KGs; by Mode of Operation – Optionally Piloted and Piloted; by Range – 0 to 200 KMs and 200 KMs to 500 KMs) Market – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026”, the global electronic Vertical Takeoff and Landing (eVTOL) aircraft market set to hit the market value of US$ 315.2 Mn in 2027 and expected to witness significant CAGR of 12.6% throughout the forecast period from 2019 to 2027.
The electric Vertical Takeoff and Landing (eVTOL) aircraft lessen the transportation congestion on the ground by utilizing airspace efficiently. Eco-friendly electric propulsion systems, minimal spatial requirements for taking off & landing and high performance batteries with extremely short charging duration have laid the foundation for revolutionary new applications of eVTOL aircrafts. Such advancements expected to bypass & ease the hassle of congestion, along with streamlining poor connections to swarmed urban areas.
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eVTOL aircrafts expected to save significant amount of time beyond 15 KMs to 25 KMs of distance compared to public transports and establish as the fastest urban mobility option. These aircrafts enable to take personal comfort and speed at premium level, as well as expected to offer its inevitable contribution in rescue services and para-public applications. Urban air mobility will gradually be integrated in the existing mobility landscape, enabling time-efficient mode of travel and safe & enjoyable flight experience to passengers.
Overall eVTOL aircraft market is segmented based on lift technology, application, type of propulsion, Maximum Takeoff Weight (MTOW), mode of operation and operating range. Fully electric aircraft segment is expected to emerge as the fastest growing segment throughout the forecast period. From the last decade, eVTOL aircraft technology with electric propulsive have seized the public imagination. Several start-up ventures have initiated to commercialize aircraft Electric Propulsion (EP). Primary factor motivating the public interest in electrification is the need to reduce environmental impact of hazardous emission. The economic case for electrification offers benefit with major parts, such as reduced operating expenditure compared to conventional aircrafts on existing missions as well as completely new capabilities that may open new and lucrative markets. North America expected to be the largest market for eVTOL in 2027, primarily due to heavy investment towards Urban Air Mobility (UAM). Investment by several leading players as well as emerging startups from the region in the eVTOL aircraft market is credited to wide array of untouched application area of technology.
Major players in the eVTOL aircraft market include A³ by Airbus, Embraer S.A., Workhorse Group, Lilium, Lift Aircraft Inc., Kitty Hawk, Aurora Flight Sciences, Neva Aerospace, Volocopter GmbH, Karem Aircraft, Inc., Ehang, Bell Helicopter Textron Inc., Opener, Pipistrel, and Joby Aviation among others. The eVTOL aircraft manufacturers are aiming on partnership & acquisitions as well as R&D activities to establish in the new market. For instance, in May 2018, The National Aeronautics and Space Administration (NASA) signed second space act agreement with Uber Technologies Inc. to explore concepts pertaining to Urban Air Mobility (UAM) to ensure efficient and safe system for future air mobility in populated areas.
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Lift Technology Segment (2017–2027; US$ Mn)
- Vectored Thrust
- Lift Plus Cruise
Application Segment (2017–2027; US$ Mn)
Type of Propulsion Segment (2017–2027; US$ Mn)
- Fully Electric
- Electric Hydrogen
By Maximum Takeoff Weight (MTOW) Segment (2017–2027; US$ Mn)
- Less than 250 KGs
- 250 KGs to 500 KGs
- 500 KGs to 1500 KGs
- More than 1500 KGs
Mode of Operation Segment (2017–2027; US$ Mn)
- Optionally Piloted
Range Segment (2017–2027; US$ Mn)
- 0 to 200 KMs
- 200 KMs to 500 KMs
By Geography (2017–2027; US$ Mn)
- North America
- Latin America
- Middle East and Africa
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