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eVTOL Aircraft Global Market Report 2022

·4-min read

Major players in the eVTOL aircraft market are Airbus SE, Bell Textron Inc. , Embraer SA, EHang Holdings Ltd, Elbit Systems Ltd. , Kitty Hawk, Lilium, Volocopter GmbH, Joby Aviation, Urban Aeronautics Ltd.

New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "eVTOL Aircraft Global Market Report 2022" -
, Pipistrel, Moog Inc., The Boeing Co., Karem Aircraft Inc., Lift Aircraft, Aurora Flight Sciences, Workhorse, Elroy Air, Textron Inc., SkyDrive Inc., Neva Aerospace, Opener Inc., Workhorse Group, Uber Technologies Inc, Terrafugia, Archer Aviation Inc, Jaunt Air Mobility LLC, Overair Inc and Samad Aerospace.

The global eVTOL aircraft market is expected to grow from $6.73 billion in 2021 to $8.09 billion in 2022 at a compound annual growth rate (CAGR) of 20.16%. The market is expected to grow to $18.92 billion in 2026 at a compound annual growth rate (CAGR) of 23.66%.

The eVTOL aircraft market consists of sales of eVTOL aircraft by entities (organizations, sole traders, and partnerships) that refer to electric vertical takeoff and landing aircraft that uses electric power to hover, take off, and land vertically.The focus of eVTOL is to offer a new class of aircraft that revolutionizes inter-and-intra-city movement, providing quick, direct, and clean mobility.

It uses motors, batteries, fuel cells, and electronic controllers to generate electric power for hovering, taking off, and landing vertically.

The main technologies used in eVTOL aircraft include vectored thrust, multirotor, and lift pulse cruise.The vectored thrust eVTOL aircraft refers to a technology used to change the thrust angle from its engine or motor to control the attitude or angular velocity of the aircraft.

It is typically used to control pitch and yaw attitude on boosters and upper stages.The propulsion systems used in eVTOL aircraft include fully electric, hybrid electric, and hydrogen-electric.

Both autonomous and piloted eVTOL aircraft are used in a wide range of applications including air taxis, air shuttles and air metro, private transport, cargo transport, air ambulance and medical emergency, last-mile delivery, inspection and monitoring, surveying and mapping, surveillance, special mission, and others.

North America was the largest region in the eVTOL aircraft market in 2021.North America is expected to be the fastest-growing region in the forecast period.

The regions covered in the eVTOL aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The eVTOL aircraft market research report is one of a series of new reports that provides eVTOL aircraft market statistics, including eVTOL aircraft industry global market size, regional shares, competitors with an eVTOL aircraft market share, detailed eVTOL aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the eVTOL aircraft industry. This eVTOL aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The growing need for green energy and noise-free aircraft is propelling the growth of the eVTOL aircraft market.The strive for greater fuel efficiency and reduction of noise pollution is the central need to reduce environmental impact.

The energy for eVTOL aircraft is generated by powered lift designs using turbofan engines with auxiliary/ augmented lift fans.Most electric-powered VTOL aircraft being developed today will use distributed electric propulsion (DEP) as a gateway to sustainable aviation.

For instance, in March 2020, according to Aan article published by Dassault Systèmes, a Europe-based company, estimated the growing need for eVTOL aircraft where the market will grow exponentially, to an estimated 1.3 billion passengers over 20 years, with a demand for 28,000 eVTOL aircraft. Therefore, the growing need for green energy and noise-free aircraft will drive the growth of the eVTOL aircraft market.

Technological advancement is a key trend gaining popularity in the eVTOL aircraft market.Major companies operating in the eVTOL aircraft market are focused on providing technologically-advanced solutions to strengthen their market position.

These companies are implementing next-generation eVTOL aircraft technologies into their services, such as IoT, ultra edge hydrogen and battery cell, Onboard sensors and collision prevention systems, AI technology, 5G communication, and others.For instance, In April 2022, Hyundai, an automotive manufacturer company, explored hydrogen fuel cell technology for the electric short Take-off and landing eVTOL aircraft segment.

The company expects hydrogen fuel cell technology to have a long enough range to complete intercity trips.

In December 2020, Joby Aviation, a US-based aerospace company, developing an electric vertical takeoff and landing aircraft acquired Uber Elevate for an undisclosed amount.This acquisition of Uber elevate will create integration between ground and air travel for future customers by integrating their respective services into each other’s apps for joby aviation.

Uber Elevate is a US-based company initiative to develop, deploy and eventually offer consumers an air-based taxi travel service.

The countries covered in the eVTOL aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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