Report ID:
SQMIG20A2267 |
Region:
Global |
Published Date: October, 2024
Pages:
192
|Tables:
171
|Figures:
78
Global eVTOL Aircraft Market size was valued at USD 1.35 Billion in 2022 and is poised to grow from USD 2.09 Billion in 2023 to USD 44.75 Billion by 2031, growing at a CAGR of 54.9% in the forecast period (2024-2031).
The demand for eVTOL aircrafts is rapidly increasing because of the advancements in battery technologies. Nowadays, batteries are becoming more powerful, lighter, and has the potential of faster charging times. This is helping eVTOLs to fly longer distances with reduced downtimes, making them more practical and attractive for urban air transportation and other applications. This technological advancement is increasing operational efficiency and expanding the possibility of using more eVTOLs. They can be used as passenger drones and cargo delivery systems, driving market growth. Furthermore, the demand for sustainable transport solutions are also increasing with the growing awareness among people about climate change and governmental initiatives moving towards minimizing carbon emissions. eVTOL aircraft signifies for eco-friendly urban air transportation by considerably decreasing the dependency on ground transportation, which is often powered by fossil fuels. The incorporation of autonomous technologies into eVTOL designs is an important factor boosting the growth of the market growth. Autonomy in aviation is augmenting safety by decreasing human error, improving efficiency through better route planning, and decreasing operational expenses by minimizing the necessities for pilots.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The Global eVTOL Aircraft Market is segmented into Lift Technology, Mode of Transportation, Propulsion Type, Mode of Operation, Application, System, and Region. Based on lift technology, the market is segmented into Lift Plus Cruise, Multirotor, and Vectored Thrust. Based on mode of transportation, the market is segmented into Semi-Autonomous, Autonomous, and Piloted. Based on propulsion type, the market is divided into Hybrid-Electric, Hydrogen-Electric, and Battery-Electric. Based on mode of operations, the market is segmented into Piloted, Autonomous, and Semi-Autonomous. Based on application, the market is segmented into Surveillance & Monitoring, Passenger Transport, Commercial, Military, and Emergency Medical Service. Based on system, the market is segmented into Hardware and Software. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis by Mode of Operation
Based on mode of operation, the piloted segment is dominating the eVTOL market with the largest revenue. The market is witnessing immense growth due to increasing urbanization and the subsequent demand for efficient intra-city transportation solutions. Technological advancements in avionics and control systems have enhanced safety and reliability, making piloted eVTOLs more viable. Additionally, regulatory bodies are progressively establishing frameworks to integrate piloted eVTOLs into existing airspaces. Investor confidence and substantial funding in this segment are further propelling its expansion.
Based on operation mode, autonomous segment is witnessing the fastest growth in the eVTOL aircraft market. The autonomous operation mode segment is experiencing rapid growth due to advancements in artificial intelligence and machine learning, which enhance the precision and safety of autonomous systems. Increased investments from both public and private sectors in smart city initiatives and urban air mobility are driving this growth. Additionally, regulatory support and pilot programs for autonomous flights are enhancing the segment growth.
Analysis by Application
Based on application, the surveillance & monitoring segment is dominating the eVTOL aircraft market with maximum market share. The market growth is mainly due to advancements in autonomous technology, which enhance precision and efficiency in various monitoring tasks. The increasing need for real-time data collection and surveillance in urban environments, driven by security and safety concerns, further propels this demand. Additionally, the integration of AI and machine learning enhances predictive capabilities, making eVTOLs indispensable in proactive monitoring. These factors collectively drive the adoption of eVTOLs for surveillance & monitoring applications, fueling market expansion.
Based on application, the passenger transport segment is witnessing the fastest growth in the eVTOL aircraft market. Urban air mobility initiatives are addressing traffic congestion and reducing travel time, making eVTOLs an attractive alternative for city commutes. Technological advancements in battery efficiency and autonomous flight systems are enhancing the feasibility and safety of eVTOLs. Additionally, increased investment from both private and public sectors, alongside supportive regulatory frameworks, is accelerating the development and deployment of passenger transport eVTOLs, thereby driving the segment growth.
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North America is dominating the eVTOL aircraft market with the largest market share. The market is primarily driven by the region's increasing emphasis on technological innovation. Public and private facilities are heavily investing in advancing the required structure for urban air mobility. This is focusing on the region's dedication towards introducing eVTOLs as an ideal transportation. The technological development and investment in the research sector of eVTOL aircraft are one of the prominent driving factors for the eVTOL aircraft in the region. Furthermore, the increasing expenditure from the US government in advancing VTOL aircraft is anticipated to drive market expansion.
Asia Pacific is witnessing the fastest growth in the eVTOL market. The rapid pace of urbanization, along with escalating traffic congestion in major cities, has placed a premium on efficient, alternative transportation solutions like eVTOLs. Governments in the region are actively supporting urban air mobility projects through favorable policies and incentives, keen to integrate eVTOL aircrafts into their transportation ecosystem. In India, rapid urbanization and the need for sustainable transportation alternatives are driving the adoption of eVTOL aircraft. China's commitment to reducing urban air pollution and its investment in innovative air mobility solutions are propelling the eVTOL aircraft market forward. Japan's focus on hosting futuristic Olympics, including the demonstration of flying cars, showcases its initiative to integrate eVTOL aircraft into daily transportation.
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Drivers
Enhancing Technologies in Batteries
Advancements in Electric Motors
Restraints
Increasing Failure in Software Leading to Crash
Lack of Infrastructure and Certification
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The eVTOL aircraft market is witnessing immense development because of the rising investment in research and development and the rising collaboration among the market players and governments. The market growth is also being influenced by the growing demand for air transportation in developing countries and increasing emphasis on minimizing carbon emissions. The market is boosted by the presence of prominent players like Airbus, Bell Helicopter, Boeing, EHang, and more. These organizations are heavily investing in R&D to innovative and increase the efficiency of eVTOL aircraft. Strict regulatory structures and safety standards set by aviation authorities are also improving the growth of the market. The demand for eVTOL aircraft market will constantly increase for sustainable and efficient air transportation solutions.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global eVTOL aircraft market is experiencing massive growth due to the increasing demand for efficient and eco-friendly air transportation solutions. The popularity for eVTOL aircraft is increasing constantly as they offer numerous advantages like reduced emissions, lower noise levels, and increased passenger capacity. The market is driven by various factors including technological advancements, government initiatives, and growing consumer preference for sustainable transportation. These factors are cumulatively responsible for the progression and advancement of the EVTOL market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.35 Billion |
Market size value in 2031 | USD 44.75 Billion |
Growth Rate | 54.9% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the eVTOL Aircraft Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the eVTOL Aircraft Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the eVTOL Aircraft Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the eVTOL Aircraft Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20A2267