- Vectored Thrust
- Lift plus Cruise
eVTOL Aircraft Market size is estimated to be valued at USD 5,361.8 Million in 2022 and is poised to grow at a significant CAGR of 13.5% over 2023-2029. eVTOL aircraft refer to as electric vertical take-off and landing. This is a system that deals in autonomous electric aircraft which offer enhanced services in the name of safety and comfort. Also, they help in producing less noise, therefore, less noise pollution. The eVtol aircraft market is gearing up on its operational efficiency with a motive to enhance customer experience by providing flexibility and convenience. Also, it helps in fast travel. These are electric aircraft and perform concise functions with a good speed. Based on Lift Technology the market is being segmented in to vectored thrust, multirotor, lift plus cruise. Among these vectored thrust segment anticipated to grow at significant CAGR over the forecast years owing to the rising demand for military aircraft is a significant element contributing to the expansion of the TVC system. AIRBUS published its order, deliveries, and operation status till October 2017. AIRBUS received 1,948 orders for military aircraft, and the total number of deliverers was 1,527, with 1,212 military aircraft filters in operation. The main advantage of deploying a TVC system in military aviation is improving its maneuverability. Furthermore, the technology provides shorter take-off and landing runs and a larger flying envelope. As a result, these factors are projected to propel the TVC segment throughout the forecast period. Increasing Traffic Congestion and need for smarter transportation to fuel growth, and rising investment from different sectors in eVTOL to augment market growth are a few factors driving the industry's growth over the forecasting period.
Key Developments: In June 2021. Halo, a Directional Aviation brand developed by the alignment of Associated Aircraft Group (AAG) in the United States, has placed an order for 200 four-passenger eVTOL air taxis with Eve Urban Air Mobility. The aircraft will be delivered beginning in 2026.
Fastest Growing Market
Growing urban population in developing economies like China and India have increased transportation congestion. Due to increasing surface traffic congestion, the urban transportation system invests in sustainable and eco-friendly alternatives such as urban air mobility, air taxi services, and others. Several aircraft manufacturers, including Airbus SE, Joby Aviation, and others, are developing and testing electric vertical take-off and landing aircraft prototypes. Air taxi commercialization is expected to commence around 2024. Furthermore, increasing urbanization will likely enhance demand for the product for speedier commutes. For instance, In June 2021, Helisul Aviation, a Latin American helicopter operator, has bought 50 electric VTOL air taxis from Eve Urban Air Transportation for use in urban air mobility operations in Brazil. Delivery is scheduled to commence in 2026.
The eVTOL aircraft market is projected to expand at a CAGR of 13.5% during the forecast period
EHANG, Volocopter GmbH, Uber Technologies Inc., Aurora Flight Sciences, A³ by Airbus, Bell Textron Inc., Workhorse, Lilium GmbH, TERRAFUGIA, OXIS Energy Ltd, Karem Aircraft, Inc., MGM COMPRO, Kitty Hawk
Europe is the fastest-growing region for eVTOL aircraft market