Electric Vertical Take Off And Landing Evtol Aircraft Market
PUBLISHED: 2024 ID: SMRC25749
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Electric Vertical Take Off And Landing Evtol Aircraft Market

Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Forecasts to 2030 - Global Analysis By Technology (Multirotor, Vectored Thrust and Lift Plus Cruise), Mode of Operation, Propulsion Type, Vehicle Type, Payload Capacity, System, Application and By Geography

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4.9 (53 reviews)
Published: 2024 ID: SMRC25749

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market is accounted for $12.7 billion in 2023 and is expected to reach $32.4 billion by 2030 growing at a CAGR of 14.3% during the forecast period. Electric Vertical Take-off and Landing (eVTOL) aircraft represent a pioneering advancement in aviation technology. These innovative vehicles utilize electric propulsion systems to achieve vertical take-off and landing capabilities, eliminating the need for traditional runways. With zero emissions and reduced noise levels compared to conventional aircraft, eVTOLs promise eco-friendly urban air mobility solutions. They hold the potential to revolutionize transportation, offering faster and more efficient commutes in densely populated areas while minimizing environmental impact. 

According to a report by Morgan Stanley, the market for autonomous urban aircraft could reach $ trillion by 2040. With advancements in technology and increasing investments in the sector, eVTOL aircraft are expected to revolutionize urban transportation and potentially transform industries such as logistics and emergency services.

Market Dynamics: 

Driver: 

Growing concerns about climate change

Growing concerns about climate change are driving a significant shift towards sustainable transportation solutions, including electric vertical take-off and landing (eVTOL) aircraft. As traditional modes of transportation contribute to carbon emissions, eVTOLs offer a promising alternative with their electric propulsion systems. This burgeoning awareness of environmental impact has propelled the eVTOL aircraft market forward, with increased investment and innovation in electric aviation technologies. Governments and industries worldwide are recognizing the potential of eVTOLs to mitigate carbon footprint, leading to favorable regulatory frameworks and market growth opportunities for manufacturers and operators alike.

Restraint:

Limitations in terms of battery energy density

Lower energy density translates to reduced flight range and payload capacity, limiting the operational efficiency and commercial viability of these aircraft. This constraint hampers the eVTOL market's growth by impeding its ability to meet the demands of various industries, such as urban air mobility and logistics. Moreover, higher costs associated with mitigating these limitations through alternative solutions may deter investment and adoption. Overall, the constrained battery energy density presents a barrier to the widespread adoption and expansion of the eVTOL aircraft market.

Opportunity:

Integration of autonomous flight technology

By enabling unmanned operation or reducing the need for extensive pilot training, autonomous systems enhance safety, reliability, and operational efficiency. This integration attracts investors and stakeholders looking to capitalize on the burgeoning urban air mobility sector. Moreover, autonomous capabilities pave the way for advanced air traffic management systems, facilitating the seamless integration of eVTOLs into urban airspace. Thus, with these advancements, the eVTOL market experiences accelerated growth, positioning itself as a key player in the future of sustainable, efficient, and autonomous transportation solutions.

Threat:

Safety standards and certification processes 

These requirements increase development costs and timelines, deterring potential investors and delaying market entry for manufacturers. Additionally, navigating complex regulatory frameworks can create uncertainty, stifling innovation and hindering market competition. The prolonged certification timelines also delay commercial operations, limiting revenue generation opportunities for eVTOL operators.

Covid-19 Impact

The global market for eVTOL aircraft was negatively affected during the Covid-19 pandemic. The prolonged imposed lockdown disrupted the supply chain of raw materials used in the manufacturing process during the financial year 2020. The production units for aircraft were shut down to prevent infection. Commercial companies' rising application of electric drones in delivering goods during the Covid-19 pandemic to maintain social distancing norms upheld the market. However, the global eVTOL aircraft market has started recovering post-Covid-19 pandemic owing to the completion of pending projects, ongoing deals within top aircraft companies, and the rising importance of eVTOL aircraft across urban cities worldwide.

The multirotor segment is expected to be the largest during the forecast period

The multirotor segment is estimated to have a lucrative growth, because multirotor configurations significantly influence Electric Vertical Take-off and Landing (eVTOL) aircraft by offering enhanced maneuverability, stability, and redundancy. By employing multiple rotors, these eVTOLs can achieve vertical take-off and landing, hover efficiently, and navigate urban environments with precision. The distributed propulsion system inherent in multirotor designs enhances safety by providing redundancy, mitigating the risk of single-point failures. Additionally, multirotor configurations enable advanced flight control algorithms, allowing for autonomous operation and improved responsiveness driving the growth of the market.

The batteries & cells segment is expected to have the highest CAGR during the forecast period

The batteries & cells segment is anticipated to witness the highest CAGR growth during the forecast period, owing to advances in battery technology, such as lithium-ion cells, enable eVTOLs to achieve the power-to-weight ratios necessary for vertical take-off and sustained flight. High-energy-density batteries allow for extended flight durations, while rapid advancements in battery management systems enhance safety and reliability. Moreover, improvements in battery charging infrastructure contribute to the practicality and scalability of eVTOL operations encourage in the growth of the market.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period as Asia Pacific region is a major contender for eVTOL development, driven by megacities with heavy traffic congestion. However, challenges remain. Building vertiport infrastructure in densely populated areas is complex. Regulations are still evolving, and public acceptance needs to be won over. Despite these hurdles, companies like Embraer (Brazil) are collaborating with Asian businesses to bring eVTOLs to the skies. With its large and growing potential market, Asia Pacific is poised to be a leader in eVTOL adoption, if these hurdles can be overcome.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, with a focus on sustainability and efficiency; numerous companies are investing in the development of eVTOL technology. These aircraft promise quiet operation, reduced emissions, and the ability to navigate urban environments with ease. Startups and established aerospace firms alike are racing to bring their eVTOL designs to market, driven by the potential to revolutionize urban mobility. Regulatory frameworks are evolving to accommodate these innovative vehicles, positioning North America as a key hub for the advancement and adoption of eVTOL technology.

Key players in the market

Some of the key players in the Electric Vertical Take-off and Landing (eVTOL) Aircraft Market include Airbus SE, Bell Textron, Inc., Beta Technologies, DeLorean Motors Reimagined LLC , EchoBlue Ltd., EHang Holdings Ltd., Elbit Systems Ltd, Embraer SA, Fehr & Peers., ICON Aircraft, Inc., Joby Aviation, Kitty Hawk, Lilium, TERRAFUGIA, Urban Aeronautics Ltd. And Volocopter GmbH  

Key Developments:

In March 2024, Airbus-built EarthCARE (Earth Clouds, Aerosols and Radiation Explorer) spacecraft has left Munich, Germany, and is now on its way aboard an aircraft to its launch site in Vandenberg, California. EarthCARE is planned to be launched in May on a Falcon 9 rocket.

In March 2024, Airbus has presented its full electric CityAirbus NextGen prototype to the public, ahead of its maiden flight later this year and is being developed to fly with a 80 km range and to reach a cruise speed of 120 km/h, making it perfectly suited for operations in major cities for a variety of missions.   

In February 2024, Elbit Systems, unveiled its latest addition to its market leading Hermes family. This Next Generation Unmanned Aerial System (UAS) boasts outstanding endurance, versatility, and cost-effective performance across land, air and sea operations.

Technologies Covered:
• Multirotor 
• Vectored Thrust 
• Lift Plus Cruise 
 
Mode of Operations Covered:
• Autonomous 
• Piloted 
• Semi-Autonomous 

Propulsion Types Covered:
• Fully Electric 
• Hybrid 
• Electric Hydrogen 

Vehicle Types Covered:
• Passenger
• Cargo
• Dual-Use

Payload Capacities Covered:
• Short-Range
• Medium-Range
• Heavy-Lift

Systems Covered:
• Aero structures 
• Batteries & Cells 
• Electric Motor/Engine 
• Avionics 
• Software 
• Other Components 

Applications Covered:
• Air Ambulance & Medical Emergency 
• Air Taxis 
• Private Transport 
• Air Shuttles & Air Metro 
• Cargo Transport 
• Inspection & Monitoring 
• Last Mile Delivery 
• Mapping 
• Surveillance 
• Special Mission 
• Other Applications  

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary            
              
2 Preface             
 2.1 Abstract            
 2.2 Stake Holders           
 2.3 Research Scope           
 2.4 Research Methodology          
  2.4.1 Data Mining          
  2.4.2 Data Analysis          
  2.4.3 Data Validation          
  2.4.4 Research Approach          
 2.5 Research Sources           
  2.5.1 Primary Research Sources         
  2.5.2 Secondary Research Sources         
  2.5.3 Assumptions          
              
3 Market Trend Analysis           
 3.1 Introduction           
 3.2 Drivers            
 3.3 Restraints           
 3.4 Opportunities           
 3.5 Threats            
 3.6 Technology Analysis          
 3.7 Application Analysis          
 3.8 Emerging Markets           
 3.9 Impact of Covid-19           
              
4 Porters Five Force Analysis           
 4.1 Bargaining power of suppliers          
 4.2 Bargaining power of buyers          
 4.3 Threat of substitutes          
 4.4 Threat of new entrants          
 4.5 Competitive rivalry           
              
5 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market, By Technology     
 5.1 Introduction           
 5.2 Multirotor           
 5.3 Vectored Thrust           
 5.4 Lift Plus Cruise           
              
6 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market, By Mode of Operation     
 6.1 Introduction           
 6.2 Autonomous           
 6.3 Piloted            
 6.4 Semi-Autonomous           
              
7 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market, By Propulsion Type     
 7.1 Introduction           
 7.2 Fully Electric           
 7.3 Hybrid            
 7.4 Electric Hydrogen           
              
8 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market, By Vehicle Type     
 8.1 Introduction           
 8.2 Passenger           
 8.3 Cargo            
 8.4 Dual-Use            
              
9 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market, By Payload Capacity     
 9.1 Introduction           
 9.2 Short-Range           
 9.3 Medium-Range           
 9.4 Heavy-Lift           
              
10 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market, By System      
 10.1 Introduction           
 10.2 Aerostructures           
 10.3 Batteries & Cells           
 10.4 Electric Motor/Engine          
 10.5 Avionics            
 10.6 Software            
 10.7 Other Components           
              
11 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market, By Application     
 11.1 Introduction           
 11.2 Air Ambulance & Medical Emergency         
 11.3 Air Taxis            
 11.4 Private Transport           
 11.5 Air Shuttles & Air Metro          
 11.6 Cargo Transport 
 11.7 Inspection & Monitoring          
 11.8 Last Mile Delivery           
 11.9 Mapping          
 11.10 Surveillance           
 11.11 Special Mission           
 11.12 Other Applications           
              
12 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market, By Geography     
 12.1 Introduction           
 12.2 North America           
  12.2.1 US           
  12.2.2 Canada           
  12.2.3 Mexico           
 12.3 Europe            
  12.3.1 Germany           
  12.3.2 UK           
  12.3.3 Italy           
  12.3.4 France           
  12.3.5 Spain           
  12.3.6 Rest of Europe          
 12.4 Asia Pacific           
  12.4.1 Japan           
  12.4.2 China           
  12.4.3 India           
  12.4.4 Australia           
  12.4.5 New Zealand          
  12.4.6 South Korea          
  12.4.7 Rest of Asia Pacific          
 12.5 South America           
  12.5.1 Argentina          
  12.5.2 Brazil           
  12.5.3 Chile           
  12.5.4 Rest of South America         
 12.6 Middle East & Africa          
  12.6.1 Saudi Arabia          
  12.6.2 UAE           
  12.6.3 Qatar           
  12.6.4 South Africa          
  12.6.5 Rest of Middle East & Africa         
              
13 Key Developments            
 13.1 Agreements, Partnerships, Collaborations and Joint Ventures       
 13.2 Acquisitions & Mergers          
 13.3 New Product Launch          
 13.4 Expansions           
 13.5 Other Key Strategies          
              
14 Company Profiling            
 14.1 Airbus SE            
 14.2 Bell Textron, Inc.           
 14.3 Beta Technologies           
 14.4 DeLorean Motors Reimagined LLC          
 14.5 EchoBlue Ltd.           
 14.6 EHang Holdings Ltd.           
 14.7 Elbit Systems Ltd.           
 14.8 Embraer SA           
 14.9 Fehr & Peers.           
 14.10 ICON Aircraft, Inc.           
 14.11 Joby Aviation           
 14.12 Kitty Hawk           
 14.13 Lilium             
 14.14 TERRAFUGIA            
 14.15 Urban Aeronautics Ltd.    
 14.16 Volocopter GmbH        
              
List of Tables             
1 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Region (2021-2030) ($MN)   
2 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Technology (2021-2030) ($MN)   
3 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Multirotor (2021-2030) ($MN)   
4 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Vectored Thrust (2021-2030) ($MN)  
5 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Lift Plus Cruise (2021-2030) ($MN)  
6 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Mode of Operation (2021-2030) ($MN)  
7 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Autonomous (2021-2030) ($MN)   
8 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Piloted (2021-2030) ($MN)   
9 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Semi-Autonomous (2021-2030) ($MN)  
10 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Propulsion Type (2021-2030) ($MN)  
11 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Fully Electric (2021-2030) ($MN)   
12 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Hybrid (2021-2030) ($MN)   
13 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Electric Hydrogen (2021-2030) ($MN)  
14 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Vehicle Type (2021-2030) ($MN)   
15 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Passenger (2021-2030) ($MN)   
16 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Cargo (2021-2030) ($MN)   
17 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Dual-Use (2021-2030) ($MN)   
18 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Payload Capacity (2021-2030) ($MN)  
19 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Short-Range (2021-2030) ($MN)   
20 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Medium-Range (2021-2030) ($MN)  
21 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Heavy-Lift (2021-2030) ($MN)   
22 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By System (2021-2030) ($MN)   
23 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Aerostructures (2021-2030) ($MN)  
24 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Batteries & Cells (2021-2030) ($MN)  
25 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Electric Motor/Engine (2021-2030) ($MN)  
26 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Avionics (2021-2030) ($MN)   
27 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Software (2021-2030) ($MN)   
28 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Other Components (2021-2030) ($MN)  
29 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Application (2021-2030) ($MN)   
30 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Air Ambulance & Medical Emergency (2021-2030) ($MN)
31 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Air Taxis (2021-2030) ($MN)   
32 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Private Transport (2021-2030) ($MN)  
33 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Air Shuttles & Air Metro (2021-2030) ($MN)  
34 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Cargo Transport (2021-2030) ($MN)  
35 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Inspection & Monitoring (2021-2030) ($MN) 
36 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Last Mile Delivery (2021-2030) ($MN)  
37 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Mapping (2021-2030) ($MN)  
38 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Surveillance (2021-2030) ($MN)   
39 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Special Mission (2021-2030) ($MN)  
40 Global Electric Vertical Take-off and Landing (eVTOL) Aircraft Market Outlook, By Other Applications (2021-2030) ($MN)  
              
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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