Increase in congestion of road traffic in urban areas and cities and growing need for faster means of transportation are significant factors driving market growth
According to the most recent report by Emergen Research, the size of the global market for Electric Vehicle Take-off and Landing (eVTOL) Aircraft is anticipated to reach USD 288.4 Million at a revenue CAGR of 21.3% in 2028. The steadily increasing use of electric vehicle take-off and landing (eVTOL) aircraft in medical emergencies can be linked to their steady market revenue increase. These aircraft are appropriate for use in crises in hospitals, isolation zones, and remote locations because their noise emissions are generally low and their electric power is safer. Global illness emergence will continue to fuel market revenue development, as will a rise in the use of eVTOL aircraft for emergency medical services.
Commercial and civil uses for electric VTOL aircraft include aerial photography and the delivery of medical supplies by organisations like Zipline. Due to sporadic lockdowns and the global implementation of social distancing regulations, retail and other logistics organisations are looking more and more toward the use of electric UAVs to deliver necessities. Businesses like Amazon and USP have already increased their use of electric drones for deliveries in the US. Electric drones are also being utilised more frequently in Africa, where EMS services use them to deliver supplies like medicines and other necessities as well as move organs and blood between cities. The overall effect of the COVID-19 epidemic on the eVTOL aircraft market has been mitigated by these reasons.
Drivers: Increasing need for renewable energy and quiet aircraft
The rise in CO2 emissions is the cause of the expanding need for green energy. The population has led to a rise in CO2 emissions, according to the EIA’s (Energy Information Administration) International Energy Report 2021. Around 2% of CO2 emissions worldwide are attributed to aviation, according to the Air Transport Air Group (ATAG). According to ATAG’s most recent report, a long-term target for combating climate change has been established: cutting CO2 emissions in half by 2050. It is anticipated that the study and development of electric, hybrid, and hydrogen aircraft will contribute to the switch from fossil fuel to sustainable aviation fuel.
Strategic advancements in eVTOL aircraft present opportunities
The market for eVTOL aircraft is anticipated to grow as a result of the need for cutting-edge, autonomous alternative means of transportation. Axial flux motors, sophisticated materials, lithium metal batteries, and other cutting-edge technologies all have room to grow in this sector. Several instances of how the market for eVTOL aircraft has changed include
Problems: Safety concerns
The highest priority has always been safety. The public’s assurance that flying is safe is essential to the success of the aircraft. There are both unpiloted and piloted emerging electric VTOL aircraft. As a result, safety measures now face more difficulties.
Some of the Report’s Important Highlights
The 7-seat Lilium Jet, the newest eVTOL aircraft from Lilium, was unveiled in March 2021 as the culmination of four generations of technological demos. Beginning in 2024, Lilium intends to employ the 7-Seater for commercial operations.
Small commercial aircraft that can go anywhere on demand are known as air taxis. Air taxis travel on short routes not served by major airlines and operate on a scheduled or unscheduled basis. General Motors presented its Cadillac electric vertical take-off and landing (eVTOL) autonomous air taxi virtually in January 2021. The startup plans to use its svelte four-rotor aircraft to enter the eVTOL air taxi market.
Hybrid propulsion contributed a substantially high revenue share among propulsion type categories in 2020. A hybrid eVTOL’s generator, which provides electricity to motors that rotate the fans or propellers, is powered by a small fuel-burning engine. For vertical takeoff and landing, batteries provide additional power to raise the aircraft. As opposed to engine-only propulsion, this enables the aircraft to cruise on a smaller and more effective engine. Compared to current commercial aircraft and helicopters, hybrid eVTOL aircraft provide significant advantages. For instance, this aircraft can transport passengers 230 miles (370 km) from London Heliport to Paris Heliport in 55 minutes, saving the trip three hours compared to flying.
Among the application segments, commercial segment accounted for a relatively robust revenue share in 2020. The commercial segment’s revenue growth is fueled by significant investment and fierce manufacturer competition. Paris, Los Angeles, Singapore, and Seoul are a few of the cities that have the infrastructure needed for the initial introduction of commercial passenger services.
Major players in the market include Aurora Flight Sciences, A³ By Airbus, Volocopter GmbH, Neva Aerospace Ltd., Embraer SA, Kitty Hawk Corporation, Joby Aviation, Jaunt Air Mobility, Vertical Aerospace, and Urban Aeronautics.
Emergen Research has segmented the global electric vehicle Take-Off and Landing (eVTOL) aircraft market on the basis of lift technology, mode of operation, Maximum Takeoff Weight (MTOW), range, type of propulsion, application, and region:
Lift Technology Outlook (Revenue, USD Million; 2018–2028)
- Vectored Thrust
- Lift Plus Cruise
Mode of Operation Outlook (Revenue, USD Million; 2018–2028)
- Optionally Piloted
Maximum Takeoff Weight (MTOW) Outlook (Revenue, USD Million; 2018–2028)
- Less than 250 Kg
- 250 Kg to 500 Kg
- 500 Kg to 1,500 Kg
- Above 1,500 Kg
Range Outlook (Revenue, USD Million; 2018–2028)
- 0 to 200 KM
- 200 Km to 500 KM
Type of Propulsion Outlook (Revenue, USD Million; 2018–2028)
- Fully Electric
- Electric Hydrogen
Application Outlook (Revenue, USD Million; 2018–2028)