The main driver propelling the growth of the worldwide eVTOL aircraft market is the rising demand for eVTOL aircraft for air tours, medical emergency transportation, logistics transportation, transit, and other uses. Other factors influencing the expansion of this market include the growing number of travellers who fly and the demand for quicker and more effective modes of transportation. Government programmes to encourage the usage of these aircraft are also anticipated to support market expansion. Furthermore, during the projection period, possibilities for market expansion are expected to be created by technology developments in eVTOL aircraft.
The growing demand for eVTOL aircraft for air tours, medical emergency transportation, logistics transportation, transit, and other uses is what propels the worldwide eVTOL aircraft market. The main drivers of the expansion of the worldwide eVTOL aircraft market for air tour applications are the expanding number of air tour operators and the rising popularity of air tours. Additionally, throughout the forecast period, the worldwideeVTOL aircraft market for medical emergency transportation applications is anticipated to rise due to the rising number of medical emergencies and the demand for speedy and effective medical transit.
Electric vertical takeoff and landing (eVTOL) aircraft. These aircraft represent a new generation that can take off and land vertically without a runway and are powered by batteries. The demand for eVTOL aircraft is predicted to increase dramatically in the upcoming years due to a variety of uses, including logistical transportation, medical emergency transportation, aviation tours, transit, and several others.
The market for eVTOL aircraft is anticipated to increase from USD 1.5 billion in 2021 to USD 9.6 billion by 2031, at a CAGR of 24.1%. The primary element propelling the expansion of the global eVTOL aircraft market is the rising demand for eVTOL aircraft for air tours, health emergency transportation, logistical transportation, leisure, and other uses.
The shortage of qualified pilots is one of the biggest problems the eVTOL aircraft business is facing. As eVTOL aircraft are novel and distinct from conventional aircraft, teaching pilots to operate them presents a difficulty. To teach pilots to operate these kinds of aircraft, specialised facilities are required. The high price of these aircraft is another difficulty for the market for eVTOL aircraft. Widespread adoption of these aircraft is hindered by their expensive price. Nevertheless, because of the rising demand from numerous applications, including air travel, health emergency transportation, freight transportation, transit, and others, the market is anticipated to expand quickly in the next years.
COVID-19 Impact and Market Status
Global demand for eVTOL aircraft has decreased as a result of the COVID-19 pandemic. The global eVTOL aircraft market hasn't been able to expand because of the lockdown and travel limitations. However, the demand for eVTOL aircraft is anticipated to rise in the upcoming years with the gradual relaxation of lockdown restrictions and the restart of economic activity. Similarly, the potential for the expansion of the worldwide eVTOL aircraft market is anticipated to arise during the forecast period as a result of government initiatives to encourage the usage of eVTOL aircraft.
The Electric Type emerged as the Most Booming Segment
The market is divided into electric, fuel cell hydrogen, as well as hybrid vehicles based on type. The electric variety is anticipated to experience the largest CAGR growth during the projection period. Some of the main factors influencing the growth of this market include the rising demand for electric eVTOL aircraft due to their low noise and pollution levels as well as their suitability for short-range transportation.
The Most Promising Application Segment is the Air Tour
The eVTOL aircraft market is divided into categories based on application, including air tours, transit, emergency medical transportation, logistics transportation, and others. The air tours application category is anticipated to experience the fastest CAGR growth among these applications throughout the course of the projection period. This application area is expanding as a result of the rising demand for eVTOL aircraft for recreational activities including tourism as well as adventure sports.
The North American Region followed by Europe renders Ample Financing Opportunities
The market is divided into North America, South America, Africa, Asia Pacific, Europe, and the Middle East based on region. North America is anticipated to hold the greatest proportion of the global eVTOL aircraft market among these regions during the forecast period. Several of the major reasons propelling the market's growth in North America include the existence of major players in the area and the rising demand for electric and hybrid eVTOL aircraft.
Embraer S.A., Aurora Flight Sciences Corporation, The Boeing Company, Wisk Aero LLC, Airbus S.A.S., Karem Aircraft, Inc., Jaunt Air Mobility Inc., Lilium GmbH, Volocopter GmbH, and Bell Textron Inc. are the major players in the global eVTOL aircraft market. The paper offers a thorough overview of the major eVTOL aircraft industry participants. Business plans, financial details, product offerings, and current developments are all included in the company profiles.
Recent Developments in the eVTOL Aircrafts Market
• In January 2021, Vahana, Airbus' first electric vertical take-off and landing (eVTOL) demonstration was launched. The corporation launched this product to advance its plans to make autonomous flying vehicles commercially viable by the end of this decade.
• In September 2021, the EmbraerX, the company's first eVTOL prototype, made its maiden flight, according to an announcement from Embraer. Under the EmbraerX name, the business intends to introduce a new series of electric vertical takeoff and landing aircraft. These planes are anticipated to be utilised for a variety of purposes, including freight transportation, urban air mobility, and air taxi.
eVTOL Aircrafts Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 9.6 billion|
|Growth Rate||CAGR of 24.1% during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Embraer S.A., Aurora Flight Sciences Corporation, The Boeing Company, Wisk Aero LLC, Airbus S.A.S., Karem Aircraft, Inc., Jaunt Air Mobility Inc., Lilium GmbH, Volocopter GmbH, and Bell Textron Inc.|
Key Segments of the Global eVTOL Aircrafts Market
Type Overview, 2021-2031 (USD Billion)
- Hydrogen Fuel Cell
Application Overview, 2021-2031 (USD Billion)
- Air Tour
- Medical Emergency Transportation
- Logistics Transportation
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa
- South Africa