DUBLIN--(BUSINESS WIRE)--The "eVTOL Aircraft Market by Lift Technology (Vectored Thrust, Multirotor, Lift plus Cruise), Propulsion Type (Fully Electric, Hybrid Electric, Hydrogen Electric), System, Range, MTOW, Mode of Operation, Application, and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for eVTOL aircraft is estimated to be USD 8.5 billion in 2021 and is projected to reach USD 30.8 billion by 2030, at a CAGR of 15.3% during the forecast period.
The hydrogen electric segment is projected to witness the highest CAGR during the forecast period.
Based on propulsion type, the hydrogen electric segment is projected to be the highest CAGR rate for the eVTOL aircraft market during the forecast period. Hydrogen fuel cells are an alternative power source for eVTOL. Generating electricity from hydrogen and oxygen fuel cells is vibration-free and is low on maintenance. Fuel cells can offer energy storage and faster refueling, giving them the potential to substitute electric batteries.
The software segment is projected to witness the highest CAGR during the forecast period.
Based on the system, the software segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. Aviation software produces insights that enable users to enhance operator safety and efficiency, reduce operational disruptions, improve passenger experience, and make decisions better regarding real-time fleet health. Advanced software systems are required to run complicated systems of urban air mobility aircraft.
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. Large deployment in civil applications, including air taxi and ems services, will drive this segment. Most of the civil eVTOL aircraft are designed for urban air mobility, air taxis, medical assistance, and personnel passenger transportation.
The last mile delivery segment is projected to witness the highest CAGR during the forecast period
Based on application, the last mile delivery segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. The demand for autonomous last mile delivery is skyrocketing with the rising adoption of autonomous vehicles for the delivery of products without any human intervention.
The 100-1,000 kg segment is projected to witness the highest CAGR during the forecast period
Based on MTOW, the 100-1,000 kg segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. eVTOL aircraft with an MTOW of 100 -1,000 kg are used for intercity travel of passengers and cargo transportation. The payload that these eVTOL aircraft carry is less than 200 kg. Thus, these aircraft are preferably used for cargo transportation.
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 a range of >200 km have higher battery capacity. Some of the applications of this aircraft include last mile delivery, air taxis, and private transport.
The North American market is projected to contribute the largest share from 2021 to 2030
eVTOL aircraft market in North America is projected to hold the highest market share during the forecast period. North America accounted for the largest share of 34.5% of the eVTOL aircraft market and is expected to grow at a CAGR of 17.0% during the forecast period. The US has the largest UAV fleet used in military and civil applications. Early adoption of eVTOL aircraft for urban air mobility is also being witnessed in the US. These factors are expected to drive the market in North America.
Market Dynamics
Drivers
- Growing Need for Green Energy and Noise-Free Aircraft
- Increasing Demand for an Alternative Mode of Transport
- Improving Technologies in Batteries, Motors, and Power Electronics
Restraints
- Failures in the Battery due to High Voltage and Thermal Issues
- eVTOL Aircraft Crash due to Failure in Software
- Certification Issues
Opportunities
- Strategic Developments in Evtol Aircraft
- Upcoming Application Areas
Challenges
- Safety Issues
- Lack of Regulatory Standards
Companies Mentioned
- Airbus Se
- Elbit Systems Ltd.
- Bell Textron Inc.
- Ehang Holdings Ltd.
- Embraer Sa
- Israel Aerospace Industries
- Pipistrel
- Elroy Air
- Lilium GmbH
- Joby Aviation, Inc
- Archer Aviation Inc.
- Volocopter GmbH
- Sz Dji Technology Co., Ltd.
- Samad Aerospace
- Aurora Flight Sciences
- Vertical Aerospace Group Ltd.
- Urban Aeronautics Ltd.
- Jaunt Air Mobility
- Overair
- Beta Technologies
- Delorean Aerospace
- Skydrive Inc.
- Terrafugia
- Wisk Aero LLC.
- Opener, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/p5sv7c
