Global eVTOL Aircraft Market to Grow at CAGR of over 20% during 2019-2024

[Mack Nene]

Global eVTOL aircraft market is expected to grow at the CAGR of over 20% during the forecast period on account of surge in the demand for improving the operational efficiency and need for quick inter and intra city transportation. Rise in the traffic jams via roadways in cities due to congestion is intensifying the problem of increasing traffic congestion in urban areas. Electric vertical take-off and landing (eVTOL) aircraft can take off and land vertically. However, the certification process in which the VTOLs must comply with the regulation given by the aviation authorities such as FAA and EASA is acting as a challenge for the growth of the market. 

Global eVTOL aircraft market can be segmented based on application, propulsion, and range. In terms of propulsion, the market can be segmented into electric battery, electric hybrid, and electric hydrogen. Electric battery is expected to acquire the dominant share during the forecast period on account of growing demand for fully electric aircraft. Based on range, the market can be segmented into upto 200 km and 201-500 km. eVTOLs with lower range upto 200km will be used for intercity commute for passengers opting for urban air mobility services. However, 201-500km range aircraft will be used for intercity commute mostly. 

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Regionally, the market for eVTOL Aircraft is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa. Among these regions, Asia-Pacific is expected to grow at the fastest rate due to growing investments by leading eVTOL and drone manufacturers to develop urban air mobility in the region. Moreover, increasing demand for automation and globalization in countries such as China, India, Japan, is positively influencing the growth of the market. 

The major players operating in the eVTOL Aircraft market include Bell Helicopter Textron Inc., Neva Aerospace Ltd., Aurora Flight Sciences Corp., The Boeing Company, Lockheed Martin Corp., A³ By Airbus, Lilium GmbH, Embraer S.A., Beijing Yi-Hang Creation Science & Technology Co., Ltd., Volocopter GmbH, etc. Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.

Objective of the Study:

To analyze and forecast the market size of global eVTOL aircraft market.
To classify and forecast global eVTOL aircraft market based on application, propulsion, range, and regional distribution.
To identify drivers and challenges for global eVTOL aircraft market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global eVTOL aircraft market.
To conduct pricing analysis for global eVTOL aircraft market.
To identify and analyze the profile of leading players operating in global eVTOL aircraft market.

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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.

TechSci Research calculated the market size of global eVTOL aircraft market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

Manufacturers of eVTOL aircraft
Research organizations and consulting companies
Government bodies such as regulating authorities and policy makers
Organizations, forums and alliances related to eVTOL aircraft

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

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