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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