Press release
eVTOL Aircraft Market Size to Reach $34.2 Billion by 2029 | Growth at 24.2% CAGR Forecast
eVTOL Aircraft
What Will Be the Size of the eVTOL Aircraft Market by 2029?
In the coming years, a surge in the evtol aircraft market size is anticipated, with the projection reaching $34.2 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 24.2%. Contributing factors to this growth over the forecast period include the escalating need for an eco-friendly and noiseless aircraft, rising demand for eVTOL aircraft in cargo-related uses, and urban growth. The forecast period also reveals major trends such as electric propulsion and hydrogen fuel cell technology, artificial intelligence utilization, the emergence of eVTOL aircraft shuttles, autonomous eVTOL aircraft, strategic collaborations, and extensive research and development.
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What Are the Key Drivers Accelerating Growth in the eVTOL Aircraft Market?
The expected growth of the eVTOL aircraft market is fueled by the enhanced demand for logistics. These complex operations involve detailed organization, coordination and implementation amongst individuals, facilities, and resources. Electric Vertical Take-Off and Landing (eVTOL) aircraft provide far superior logistics capabilities, offering quick, effective and eco-friendly transport solutions. These aircrafts consequently reduce delivery times, ease off road traffic, and extend services to secluded or inadequately served regions, all while keeping the operational costs and emissions at bay when compared to traditional on-ground logistic methods. For example, Penske Logistics, a US-based pioneer in supply chain and logistics solutions revealed in June 2023, that the total business logistics expenses in the United States saw a dramatic hike of 19.6% in 2022, reaching a staggering $2.3 trillion. As such, the increased demand for logistics is propelling the eVTOL aircraft market.
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How Is the eVTOL Aircraft Market Segmented by Type, Application, and Region?
The evtol aircraft market covered in this report is segmented -
1) By Lift Technology: Vectored Thrust, Multirotor, Lift Plus Cruise
2) By Propulsion Type: Fully Electric, Hybrid Electric, Hydrogen Electric
3) By Mode of Operation: Autonomous, Piloted
4) By Application: 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, Others
Subsegments:
1) By Vectored Thrust: Tilt-Rotor eVTOL, Tilt-Wing eVTOL
2) By Multirotor: Quadcopters, Hexacopters, Octocopters
3) By Lift Plus Cruise: Fixed-Wing with Vertical Takeoff, Hybrid Lift Systems
What Are the Key Trends Driving Growth in the eVTOL Aircraft Market?
The rise of technology is a noteworthy trend gaining traction in the eVTOL aircraft market. Significant businesses engaged in this market are concentrated on delivering high-tech solutions to enhance their standing. They are incorporating new-gen eVTOL aircraft technologies into their offerings, covering the Internet of Things, cutting-edge hydrogen and battery cells, onboard sensors, crash prevention systems, AI technology, 5G communication, and more. For example, automotive manufacturer Hyundai ventured into hydrogen fuel cell technology for the electric short Take-off and landing (eVTOL) aircraft sector in April 2022. The firm anticipates that hydrogen fuel cell technology will have a sufficient range for intercity journeys.
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Who Are the Leading Companies Driving Growth in the eVTOL Aircraft Market?
Major companies operating in the eVTOL aircraft market include Airbus SE, Textron Inc, Embraer SA, Wisk Aero, Volocopter GmbH, Volkswagen Group China, Zerog, Aerofugia, AutoFlight, TCab, Volant Aerotech, MuYu Aero, Pantuo, Plana, MintAir, Tetra Aviation, SkyDrive, XPeng HT Aero, Vertical Aerospace, Zuri, United Aircraft Corporation, Urban Aeronautics Ltd, Moog Inc, Boeing, Bombardier, McDonnell Douglas, Cessna, Joby Aviation, Lift Aircraft, Neva Aerospace, Uber Technologies Inc, Archer Aviation Inc, Jaunt Air Mobility LLC, Overair Inc.
Which Is the Leading Region in the Global eVTOL Aircraft Market?
North America was the largest region in the eVTOL aircraft market in 2024. 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, Africa.
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