eVTOL Aircraft Market Size, Share, Growth & Report 2023-2028
According to the global eVTOL aircraft market report by IMARC Group, the market reached a value of US$ 10.9 Billion in 2022, and it is projected to reach a value of US$ 24.1 Billion by 2028, exhibiting a CAGR of 13.6% during 2023-2028.
What are EVTOL Aircraft?
Electric vertical takeoff and landing (eVTOL) aircraft depend on electric power to hover, take off, and land vertically. It consists of fixed-wing, multi-rotor, and tilt-wing airplanes having cameras, sensors, and radar. An eVTOL aircraft utilizes distributed electric propulsion technique to incorporate the system with the airframe and distribute various motors across the wing. In addition, it also uses diamond nuclear voltaic (DNV) technology, hydrogen cell batteries, and lithium to lower operating costs, increase efficiency, and enhance safety. An eVTOL aircraft is used by farmers for data gathering, crop dusting, yield management, and other farming operations. As a result, this airplane finds widespread applications across several sectors, such as transportation, agriculture, healthcare, defense, and logistics.
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What Are The Growth Prospects And Trends In The EVTOL Aircraft Industry?
The extensive utilization of airplane ambulances in the healthcare industry to extend medical support and reduce emergency services response times is among the primary factors driving the eVTOL aircraft market. Besides this, the escalating demand for this airliner to improve search and rescue operations after natural calamities or accidents, such as landslides, fires, and earthquakes, is further augmenting the market growth.
Moreover, the elevating requirement for eVTOL aircraft in the construction sector to survey lands, provide continuous and precise project notifications, improve safety, and prevent dangerous incidents on building sites is also catalyzing the global market. Apart from this, the expanding transportation industry and the growing popularity of this airplane, owing to the increasing traffic congestion, are acting as significant growth-inducing factors. Additionally, the inflating investments by the leading players for the introduction of advanced technologies to improve airliner design, performance, and power output is also stimulating the market growth. Furthermore, this airplane offers various benefits, including lesser environmental impact, generating no noise, and flying at a lower altitude, which is anticipated to propel the eVTOL aircraft market over the forecasted period.
What is Included in Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Lift Technology:
- Vectored Thrust
- Multirotor
- Lift Plus Cruise
Breakup by Mode of Operation:
- Piloted
- Autonomous
- Semi-Autonomous
Breakup by Maximum Take-off Weight (MTOW):
- <250 Kg
- 250-500 Kg
- 500-1500 Kg
- >1500 Kg
Breakup by Range:
- 0-200 Km
- 200-500 Km
Breakup by Propulsion Type:
- Battery-Electric
- Hybrid-Electric
- Hydrogen-Electric
Breakup by Application:
- Commercial
- Air Taxi
- Delivery Drones
- Military
- Cargo Transport
- Combat Mission
- Emergency Medical Service
- Air Ambulance
- Medical Cargo Transport
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Airbus SE
- Archer Aviation Inc.
- Beta Technologies
- Guangzhou EHang Intelligent Technology Co. Ltd
- Lift Aircraft Inc.
- Lilium GmbH, Moog Inc.
- Piasecki Aircraft Corporation
- Pipistrel d.o.o Ajdovšcina
- Vertical Aerospace Group Ltd.
- Volocopter GmbH, Wisk Aero LLC
- and Xti Aircraft Company.
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