eVTOL Aircraft Market 2022 Size | Increasing Traffic Congestion and Need for Smarter Transportation to Fuel Growth

According to Precision Business Insights (PBI), latest report the global eVTOL aircraft market is expected to be worth USD 5,361.8 million in 2021 and is projected to grow at a 13.5% CAGR over 2022 to 2028. The increased CO2 emissions are driving up the need for green energy. CO2 emissions have grown owing to population growth, according to the EIA's (Energy Information Administration) International Energy Report 2021. According to the Air Transport Air Group (ATAG), worldwide aviation emits around 2% CO2. According to ATAG's most recent announcement, a long-term climate change objective of cutting CO2 emissions in half by 2050 has been established. Electric, hybrid, and hydrogen aircraft research and development are intended to aid in the transition from fossil fuel to sustainable aviation fuel. Thus, leading to eVTOL aircraft market growth.

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The Vectored Thrust Segment is Dominating the EVTOL AircraftMarket:
Based on Lift Technology the market is being segmented in to vectored thrust, multirotor, lift plus cruise. Vectored thrust segment anticipated to grow at significant CAGR over the forecast years owing to the factors driving the segment are growth of the thrust vector control is the increasing usage of flex nozzles in satellite launchers and missiles. Furthermore, increased acquisition of fighter aircraft in emerging nations such as India is expected to give sufficient development possibilities for participants in the thrust vector control market.

North America Leads EVTOL Aircraft Market
North America is expected to hold significant market share in the global eVTOL Aircraft market and is projected to grow at a prominent growth rate over the forecast years due to the existence of important manufacturers such as Joby Aviation, Bell Textron Inc., Kitty Hawk, and others in the United States. Furthermore, increased government expenditure on the development of VTOL aircraft is likely to boost market expansion. For instance, in May 2021, the United States Air Force Research Laboratory (AFRL) granted Bell a USD 950,000 contract to perform applied research on high-speed VTOL aircraft.

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Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global eVTOL Aircraftmarket further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In August 2021, Pipistrel's new aircraft, including the fixed-wing Surveyor and both unmanned Nuuva platforms, the V300 and smaller V20, will be using Honeywell's compact satellite communications technology. Honeywell's Small UAV SATCOM system is 90% lighter than the company's next smallest connectivity system, yet it brings the same capabilities enjoyed by larger aircraft to the Nuuva V300, V20, and Surveyor.

Detailed Segmentation
1) By Lift Technology
Vectored Thrust
Multirotor
Lift plus Cruise

2) By Propulsion Type
Fully Electric
Hybrid Electric
Hydrogen Electric

3) By System
Batteries & Cells
Electric Motor/Engine
Aerostructures
Avionics
Software
Others

4) By Application
Air Taxis
Air Shuttles & Air Metro
Private Transport
Cargo Transport
Air Ambulance & Medical Emergency
Last Mile Delivery
Inspection & Monitoring
Surveying & Mapping
Surveillance
Special Mission
Others

5) By Mode of Operation
Autonomous
Piloted

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Key player's profiles in the evtol aircraft market report are EHANG (China), Volocopter GmbH (Germany), Uber Technologies Inc. (US), Aurora Flight Sciences (US), A³ by Airbus (US), Bell Textron Inc. (US), Workhorse (US), Lilium GmbH (Germany), TERRAFUGIA (US), OXIS Energy Ltd (UK), Karem Aircraft, Inc. (US), MGM COMPRO (Czech Republic).
Kitty Hawk (US).

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