Global eVTOL Aircraft Market to Grow at CAGR of over 20% during 2019-2024
Need for quick
transportation along with increasing traffic congestion in various countries to
drive global eVTOL aircraft market through 2024
According
to TechSci Research report, “Global
eVTOL Aircraft Market By Application, By Propulsion, By Range, By Region,
Competition, Forecast & Opportunities, 2024”, global eVTOL aircraft market is expected to witness
extensive growth in the forthcoming years on account of effectiveness of the
electric systems over combustion systems and surging demand for fuel efficient
environment friendly aircraft. eVTOL or electric vertical take-off and landing
aircraft can land, take off and hover vertically. Moreover, growing investment
in vertical take-off and landing technology by numerous companies is further positively
influencing global eVTOL aircraft 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
segment is expected to dominate the market during the forecast period due to
the development of various eVTOL aircraft based on the electric battery
propulsion by market players. These aircraft are expected to be commercialized
in the next five years which would boost the growth of eVTOL aircraft market. On
the basis of application, the market can be categorized into commercial,
military and cargo. Electric eVTOLs are likely to be used for commercial
transportation operations and therefore, commercial eVTOLs are designed to
carry maximum weight i.e. upto 1500 kg, driving the growth of the segment until
2024.
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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., are some of the leading players operating in global eVTOL
aircraft market. Companies operating in the market are using organic strategies
such as product launches, mergers and collaborations to boost their share. In
the beginning of 2019, Bell Helicopter Textron Inc, unveiled electric vertical
take-off and landing air taxi vehicle, which is powered by hybrid electric
propulsion system.
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“Asia-Pacific
is the leading region in global eVTOL aircraft market, and the region is
expected to grow at the highest rate during the forecast period owing to increasing
investments by drone manufacturers to develop infrastructure for urban air
mobility for commercial application in the countries such as China, India, and
Japan, among others. Moreover, early adoption of advanced technologies and
presence of leading players in the region is further anticipated to boost Asia-Pacific
eVTOL aircraft market through 2024.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global eVTOL Aircraft Market By Application, By
Propulsion, By Range, By Region, Competition, Forecast & Opportunities,
2024” has
evaluated the future growth potential of global eVTOL aircraft market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global eVTOL Aircraft market.
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