Global EVTOL Aircraft Market By Product Type (Full Electric and Hybrid)
Industry: Automotive
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 234
Report ID: PMRREP28333
According to Persistence Market Research, the EVTOL Aircraft market will generate US $337.7 million in revenue by 2023. The market growth for EVTOL aircraft will accelerate, with common trends such as business partnerships with airports and infrastructure companies, the auto-to-EVTOL transition, infrastructure development, electrification, etc. over the years to come. The global market for EVTOL aircraft is expected to reach US$ 2,367.5 million by 2033, growing at a CAGR of 21.5% between 2023 and 2033.
Electrically powered urban air mobility vehicles such as EVTOLs are eco-friendly, with zero emissions, a tremendous advantage over the majority of current land and air vehicles that continue to run on fossil fuels. With increased customer’s awareness, it is expected that demand will increase over time, in accordance with the stringent regulations that aircraft manufacturers must follow./p>
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Global EVTOL Aircraft Market Size (2022A) |
US$ 265.0 Mn |
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Global EVTOL Aircraft Market Size (2023E) |
US$ 337.7 Mn |
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Projected EVTOL Aircraft Market Value (2033F) |
US$ 2,367.5 Mn |
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Value CAGR (2023-2033) |
21.5% |
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Collective Value Share: Top 3 Countries (2022) |
40.0% |
According to PMR analysis, the urban air mobility sector is taking technology to the next level with actual real-life provision of air taxis, the future aspects of vertical landing and take-off remains extremely optimistic with green energy taking a front foot. Manufacturers, both tier 1 and start-ups face tough competition, which further makes market outlook positive with rocket speed technology development and real life implementation
The EVTOL industry had an outstanding growth trajectory prior to COVID-19. over US$1 billion was invested in the sector since the first few months of 2020 alone, with Toyota leading a US$ 590 Mn investment in Joby and Ehang’s US$650 million IPO valuation. Earlier in 2020, the Federal Aviation Administration (FAA) in the US announced that it was engaged with manufacturers of more than 15 EVTOL aircraft.
There have been some discernible indications of a slowdown since COVID-19. Co-location has been one of the major forces behind invention because engineering is by its very nature a collaborative endeavour. Uber Air acknowledged that the ability of their vehicle partners to carry out R&D activities has been hampered by remote working. It may be argued that EVTOL businesses face an even greater difficulty. The business sector is still developing. To make the economics work, it will depend on a shared flight model, and for some, part of the value proposition hinges on reducing travel time on otherwise congested routes.
EVTOLs are becoming an emerging sector in air mobility that will likely replace some of the automobile traffic in cities in the coming years. As the world is increasingly moving toward cities, there is an inclination towards new modes of urban mobility to reduce congestion and commute times. Electric vertical take-off and landing aircraft are considered as near-term viable candidates for urban mobility. Increasing government efforts to make cities more viable and attractive are likely to be a key driver for the EVTOL aircraft market. The market for EVTOL aircraft is anticipated to expand at a 21.5% CAGR between 2023 and 2033. The market is expected to grow from $337.7 million in 2023 to $2,367.5 million by 2033.
Aerial travel services using EVTOL have replaced more traditional modes of transportation, including cars, buses, and taxis, as a result of the rise of the new Urban Air Mobility aircraft. These aircraft are preferably operated autonomously, which provides quick turnarounds for arrivals, can carry up to 10 passengers, and can travel shorter routes within urban areas for departures. This has driven a surge in the advancement of EVTOLs for taxi administration. Besides, these air taxis are outlined to meet future requests for territorial commutes. The use of EVTOLs for taxi administrations is expected to increase by 2023 in selected areas and by 2030 on a global scale.
The key players in the global EVTOL aircraft market are actively involved in various aircraft programs, have acquired membership in affiliated societies, and reap benefits from industry consortiums. These groups of representatives and members gain additional insights into the EVTOL landscape and benefit from industry knowledge.
During the projected period of 2023–2033, it is anticipated that the market for EVTOL aircraft will grow due to the desire for cutting-edge and autonomous transportation systems. The producers will be able to introduce items with cutting-edge technology, including advanced composites, axial flux motors, and lithium metal batteries, at a time when there will be plenty of growth potential. Technology development is a major trend that is becoming more and more popular in the eVTOL aircraft market. The main players in the eVTOL aircraft industry are concentrating on offering cutting-edge technologies to improve their competitiveness. Next-generation eVTOL aircraft technologies, including artificial intelligence technology, the Internet of Things, on-board sensors and 5G communication, and others, are being incorporated by these businesses into their services. For instance, Hyundai, a firm that manufactures automobiles, investigated hydrogen fuel in April 2022.
The physical properties and technological trends required to support the development of infrastructure for EVTOLs, such as building vertiports, are a major challenge. A fleet-scale operation frequently finds it difficult to acquire places large enough to establish many landing zones due to the constrained urban space and high real estate values. Moreover, operators will need to equip vertiports with maintenance, repair, and overhaul facilities for incoming and outgoing fleets, charging and refuelling systems, parking spaces for longer-haul EVTOLs, a centrally controlled citywide operations system, and security checkpoints. In addition, placing the vertiports at primary locations feasible for passenger and cargo pickup and drop will require efficient city planning. These issues pose major restraining factors for the EVTOL aircraft market. One of the major barriers in the EVTOL aircraft market is the level of safety that must pertain to the specified framework of EVTOL vehicles. A high level of safety is recommended to gain industry acceptance if used for autonomous ride-sharing services. Occupant safety, crash prevention, and crash mitigation systems are being designed and are still under development.
Where Does the U.S. Stand in the Global Market for EVTOL Aircraft?
In 2022, the demand for EVTOL aircraft in the United States is expected to be around 30% of the global market.Throughout the projection period of 2023–2022, the U.S. is anticipated to hold a significant share of the market in North America. The trend of electrification has been seen in the U.S. since the last few years. With the exponential rise in the number of hybrid and electric vehicles on the road, the trend is now shifting towards autonomous jets and EVTOLs.
A major number of manufacturers are embracing a technology path that utilises distributed electric propulsion (DEP) to build their aircraft. It is being seen as a collective effort towards sustainable aviation, which can potentially reduce operating costs, fuel burn, external noise, and emissions. A pool of investments is ushering in the development of lightweight batteries and the adoption of a transformational technology.
What is the Outlook for European EVTOL Aircraft market?
In European countries like Russia and the U.K., Germany is home to a large number of luxury car manufacturers such as Aston Martin, Rolls Royce, and Porsche, which are revolutionising urban transportation by taking it to the air. With new automation and electrification technologies, these automakers are seizing the opportunity to race to the skies. During the forecast period, Russia, the U.K., and Germany together are estimated to account for more than 20% of the overall EVTOL Aircraft market and are also expected to grow with the highest growth rate owing to the large number of market participants in the EVTOL Aircraft market, which are engaged in EVTOL infrastructure developments and vertiports by partnering with airports like Fraport AG and Düsseldorf Airport, to name a few.
Which Lift Technology has the Most Growth Potential in the EVTOL Aircraft Market?
The Multirotor & Rotorcraft segment registered the highest CAGR of 37.8% in the Global EVTOL Aircraft market. This is because a multirotor system provides distributed electric propulsion and can be used for inter-city travel or short distance travel. The vectored thrust technology is a comparatively simpler technology, and it is also the least expensive EVTOL available in the market. It can perform various manoeuvres and provides a higher range of operation. It registered a CAGR of 27.6% between the forecast period of 2023 and 2033.
Which product type of EVTOL Aircraft Witnesses the Highest Demand?
The rise of electric aircraft is notable as electrification trends sweep the global landscape. Fully electric aircraft are expected to drive the global EVTOL aircraft market. More market participants are focusing on developing hybrid versions of aircraft because battery-operated aircraft are mostly challenging given that EVTOLs require lightweight batteries. The market size for fully electric aircraft is expected to be around USD 1.5 billion by the end of 2033.
Which End Use of EVTOL Aircraft Witnesses the Highest applications?
Based on end use, the civil and commercial end use types are estimated to account for more than 80% of the overall market in the EVTOL aircraft market. In urban air mobility, EVTOLs are seeking applications in a number of areas like aerial tourism services, logistics, emergency medical services, air taxi services, aerial fire apparatus, cargo transport, inspection, border security and military applications, defence, and personal mobility. The Civil & Commercial segment is growing with a healthy CAGR of 34.3%.
The key players in the EVTOL aircraft market are looking for partnerships with other aircraft companies to strengthen their product development by conducting pilot tests, leveraging existing supply chain strengths, gaining technical services, and gaining insights from collaborative expertise that will allow them to grow by building on the design capabilities of the other. The rise of the start-up ecosystem is a predominant trend seen in the EVTOL Aircraft market. The key players are gearing up to build their own market positions, and they want to maintain their individual identities. There was a spike in the number of start-ups in EVTOL manufacturing in the last 2–3 years. Some of the key developments are:
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Lift Technology:
By Product Type:
By Operation Type:
By MTOW:
By End Use:
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The Global EVTOL Aircraft Market is estimated to be valued at over US$ 337.7 Mn as of 2023.
EVTOL Aircraft are projected to increase at 12.5% CAGR and is expected to be valued at around US$ 2,367.5 Mn by 2033 end.
Joby Aviation, Volocopter Gmbh, Bell Textron Inc., Embraer SA, Airbus SE, Boeing Co, Elbit Systems are some of the leading players in the overall market.
U.S., China, Russia U.K., and Germany are driving most of the demand for EVTOL Aircraft.
