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Key Market Players
The major players in the eVTOL aircraft market include Airbus SE (Netherlands), Bell Textron Inc. (US), Embraer SA (Brazil), EHang Holdings Ltd (China), and Elbit Systems Ltd. (Israel), These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well.
The sudden outbreak of the COVID-19 has taken a toll on various industries, with aviation being one of the most affected. However, the eVTOL aircraft market has not been impacted by the pandemic as much as the aviation industry as a whole. Electric UAVs were widely used by militaries for a variety of missions which include border security, while governments and law enforcement agencies used them on surveillance activities and other experimental activities. eVTOLs were also extensively used for medical supply transportation and EMS services, especially in the African region, as well as by retail giants like Amazon and USP for last mile delivery applications. They were also used to supply essential items due to lockdowns and the imposition of social distancing protocols. These factors have helped the eVTOL aircraft market to sustain the overall impact of the COVID-19 pandemic on the global economies.
Increasing need for alternative mode of transportation to drive demand for eVTOL Aircraft market
According to the International Air Transport Association (IATA), the number of passenger numbers travelling by aircraft could double to 8.2 billion by 2037. According to the UN Reports, 68% of the population is expected to live in urban areas by 2050. As the population increases, the number of vehicles on road also increases and thereby traffic. Thus, there is an increasing need for alternative transportation. The eVTOL aircraft is proving to be best alternative owing to several reasons. Few eVTOL aircraft are most suitable for shorter trips over congested cities to avoid traffic. This results in reducing the number of vehicles on road thereby reducing traffic. eVTOL aircraft also helps with middle-mile and last-mile cargo delivery and medical services. eVTOL aircraft are getting introduced in the market as ride sharing aircraft. The cost of the eVTOL ride is lesser when compared to helicopters. Uber Elevate estimated that fully electric air taxis would have near-term operating costs of around USD 700 per hour, at least 35% less than a comparably utilized single-engine helicopter.
Short range operations is expected to fuel the growth of the multirotor eVTOL aircraft market during the forecast period.
The multirotor segment is estimated to lead the market during the forecast period, with a share of 79% in 2021. The usage of multi rotor eVTOLs for short range applications like last mile delivery, medical supply transportation and EMS activities have contributed to the growth in the market. Recreational usage of drones for aerial photography and by hobbyists and prosumers have also provided a growth to the market.
The piloted segment is projected to witness the highest CAGR during the forecast period
Based on the mode of operation, the piloted segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. Major developments are being made for UAM applications like air taxis, medical assistance, and personnel passenger transportation. As of now these applications are being developed in the piloted aircraft. These factors will drive the market growth.
The >200 km segment is projected to witness the highest CAGR during the forecast period
Based on range, the >200 km segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. eVTOL aircraft with range of more than 200 require higher battery capacity. these aircraft are mainly used for cargo transportation, air taxis and private transportation.
News Covered: https://www.prnewswire.com/news-releases/evtol-aircraft-market-worth-30-8-billion-by-2030–exclusive-report-by-marketsandmarkets-301422919.html
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