This report provides an analysis of the eVTOL Aircraft Market for the next twelve years. It discusses industry and technological trends that are currently prevailing in the market. It analyses factors driving and restraining the growth of this market, as well as the challenges faced by it. The market is estimated to be USD 162 million in 2025 and is projected to reach USD 411 million by 2030, at a CAGR of 20.42% during the forecast period.
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Key factors fueling the growth of this market include increasing demand for enhanced operational efficiency, reduced human intervention, and an increase in investment activities around the world. Also, initiatives being undertaken by the governments of various regions to support urban air mobility for establishing smart cities have led to a demand for eVTOL aircraft in urban megacities. For instance, in 2018, the European Commission partnered with the European Innovation Partnership in Smart Cities and Communities to establish infrastructures that support air mobility and small-scale aircraft operations in the urban areas of Europe.
Based on lift technology, the eVTOL aircraft market has been segmented into vectored thrust, multirotor, and lift plus cruise. The vectored thrust segment is projected to grow at the highest CAGR during the forecast period. The increasing demand for air taxi for intercity and intracity transportation at a lesser cost than conventional aircraft is one of the major factors driving the growth of this segment. In September 2017, Lilium developed a five-seat flying taxi with the vectored-thrust lift technology, worth USD 90 million, which is capable of a vertical take-off and jet-powered flight.
Based on mode of operation, the market has been segmented into optionally piloted and piloted. The autonomous segment is projected to grow at a higher CAGR during the forecast period. The demand for autonomous eVTOLs for commercial applications, such as air taxi, personal transportation, and cargo delivery within a shorter time span has enhanced the growth of this segment.
Based on range, the market has been segmented into 0–200 kilometers and 200–500 kilometers. The 0–200 kilometers segment is projected to witness a higher growth rate during the forecast period. eVTOLs with on-demand service will be ideal for intracity and intercity air transportation for passengers and cargo owing to their capability of the point-to-point drop. This efficiency is expected to lead to their higher demand during the forecast years.
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Based on application, the market has been classified into commercial, military, and cargo. The commercial segment is anticipated to witness the highest growth rate during the forecast period. The rise in urban population and their increasing disposable incomes are expected to boost the growth of this segment.
Based on type of propulsion, the eVTOL aircraft market has been divided into electric battery, electric hybrid, and electric hydrogen. The electric battery segment is expected to witness the highest growth rate during the forecast period. In December 2018, LIFT Aircraft (US) publicly announced Hexa, its electric battery single seater eVTOL aircraft aimed for short-distance commutes. With rising fuel emissions, which are adversely affecting the environment, vendors in the eVTOL aircraft market will be focusing on electric battery segment to increase their market share.
Based on Maximum Take-off Weight (MTOW), the market has been segmented into <250 kilograms, 250–500 kilograms, 500–1,500 kilograms, and >1,500 kilograms. The <250 kilograms segment is projected to witness the highest growth rate during the forecast period. With countries such as the US and China approving the operations of aircraft with MTOW <250 kilograms for commercial aviation, the manufacturers of eVTOL aircraft will be focusing on this segment to increase their market share.
Key Market Players
Some of the key players profiled in the eVTOL aircraft market report include Kitty Hawk (US), Lilium (Germany), EHang (China), Volocopter (Germany), Bell Helicopter (US), and A3 by Airbus (US). Partnerships, expansions, and new product launches were key strategies adopted by these players to achieve growth in the market. These strategies accounted for the major share of the total growth strategies adopted by the leading players in 2018.
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