While the criteria for operations and associated airspace management procedures are still in the making, end users such as law enforcement agencies and med-evac service providers are already gearing up to deploy their respective eVTOL aircraft capabilities
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Electric VTOL (eVTOL) Aircraft Market – A Global and Regional Analysis.
According to this study, the market size of the global electric VTOL (eVTOL) aircraft market is expected to be at $27.5 million in 2023 and is projected to reach $700.5 million by 2032.
The following factors are responsible for the increase in demand for eVTOL aircraft:
- Increasing road traffic congestion in urban areas
- Rising demand for sustainable air transportation
- Growing demand for eVTOL aircraft for commercial applications, smart city initiatives, runway-less (rooftop-to-rooftop) platforms
- Increasing environmental concerns and energy impacts
- Increasing endurance for the regional connectivity
- Increasing need for efficient transportation and logistics
- Integrating automation and artificial intelligence into the eVTOL aircraft
The detailed study is a compilation of 92 market data tables and 41 figures spread through 235 pages.
Check out the detailed table of content here:
Analyst’s Take on the Market Projection
According to Arunkumar Sampathkumar, Principal Analyst, BIS Research, “The urban air mobility domain is evolving at a rapid rate despite the regulatory frameworks lagging behind. While the criteria for operations and associated airspace management procedures are still in the making, end users such as law enforcement agencies and med-evac service providers are already gearing up to deploy their respective eVTOL capabilities. The chartered flight services segment is also focused on establishing niche regional transport services using eVTOL platforms. The manufacturing segment has multiple participants developing and serial producing a wide range of eVTOL platforms for diverse applications and use cases. While urban air mobility got the market started, the regional air transportation segment is likely to deploy these new platforms before UAM infrastructure is built. This is a unique market where the manufacturing and service segments have started investing even before the necessary regulatory frameworks come into play. The eagerness to disrupt and enable new modes of air mobility distinguishes the eVTOL market from the rest of the air transportation market.”
Request a FREE sample of this report here:
Existing Competitive Landscape
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are Airbus SE, Archer Aviation Inc., Aura Aerospace LLC, Aurora Flight Sciences, Bell Textron Inc., Beta Technologies, Eve Holding, Inc., Elroy Air, EHang, Jaunt Air Mobility LLC, Joby Aviation, Lilium GmbH, Piasecki Aircraft Corporation, Urban Aeronautics, Terrafugia, Vertical Aerospace Group Ltd., Wisk Aero LLC, XTI Aircraft Company, and more.
Recent Developments in the Global Electric VTOL (eVTOL) Aircraft Market
- In July 2022, Lilium N.V. collaborated with Diehl Aviation to design and develop Lilium Jet’s cabin, and it acts as an integrator and manufacturer of interior components.
- In June 2022, Eve Holding, Inc. signed a letter of intent with Kenya airway’s subsidiary, Fahari Aviation, to deliver 40 eVTOLs aircraft. As per the agreement, the companies jointly study through a working group to develop and scale up the UAM market and business model for people and cargo eVTOLs operations in Kenya. The project is expected to be delivered in 2026.
- In March 2022, Eve Holding, Inc. signed a strategic partnership with Acciona to develop a global and sustainable urban air mobility ecosystem. According to the partnership, Acciona would invest $30 million upon the consummation of Eve’s business combination with Zanite Acquisition Corp. and join the group of strategic investors that supports the development of Eve’s business plan.
- In January 2022, Wisk Aero secured $450 million from The Boeing Company to further advance the development of Wisk’s sixth-generation eVTOL aircraft. It also supports the company as it enters an intensive growth phase to prepare for the launch of scale manufacturing.
Personal Air Vehicles to Lead the Use Case Segment Between 2023 and 2032
The personal air vehicle segment is expected to lead the market and grow gradually due to the high utilization of eVTOL aircraft by the high net-worth individual for personal and business use.
Additionally, the air taxi segment is anticipated to emerge as a second dominant segment in the use case by 2032, growing at a CAGR of 40.3% during the forecast period 2023-2032. The regulatory bodies are working on a framework to regulate the air taxi service in smart cities and megacities to reduce road traffic congestion. In addition, eVTOL aircraft for air taxi services is expected to witness the highest growth during the forecast period, driven by technological advancement in structural design, power sources, and instruments in eVTOL aircraft that can cater to the customized requirement of these industries.
Want to learn more about the latest trends in the aerospace industry? Speak to our analysts
Exclusive DeepTech™ MAP Analysis for Aerospace by BIS Research:
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
Email: [email protected]
BIS Research Inc.
39111 PASEO PADRE PKWY STE 313,
FREMONT CA 94538-1686
Visit our Blog @ https://bisresearch.com/news
Get Expert Insights @ https://community.insightmonk.com
Connect with us on LinkedIn @ https://www.linkedin.com/company/bis-research
Connect with us on Twitter@ https://twitter.com/BISResearch