EVTOL Aircraft Market Size & Trends | Global Analysis 2022
The global evtol aircraft market size was valued at USD 5,361.8 million in 2021 and is poised to grow at a significant CAGR of 13.5% during the forecast period 2022-28. The increased CO2 emissions are driving up the need for green energy. CO2 emissions have grown owing to population growth, according to the EIA's (Energy Information Administration) International Energy Report 2021. According to the Air Transport Air Group (ATAG), worldwide aviation emits around 2% CO2. According to ATAG's most recent announcement, a long-term climate change objective of cutting CO2 emissions in half by 2050 has been established. Electric, hybrid, and hydrogen aircraft research and development are intended to aid in the transition from fossil fuel to sustainable aviation fuel. Thus, leading to eVTOL aircraft market growth.
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The Vectored Thrust Segment is Dominating the EVTOL Aircraft Market
Based on Lift Technology the market is being segmented in to vectored thrust, multirotor, lift plus cruise. Vectored thrust segment anticipated to grow at significant CAGR over the forecast years owing to the factors driving the segment are growth of the thrust vector control is the increasing usage of flex nozzles in satellite launchers and missiles. Furthermore, increased acquisition of fighter aircraft in emerging nations such as India is expected to give sufficient development possibilities for participants in the thrust vector control market.
The global evtol aircraft market segmentation:
- By Lift Technology: Vectored Thrust, Multirotor, Lift plus Cruise
- By Propulsion Type: Fully Electric, Hybrid Electric, Hydrogen Electric
- By System: Batteries & Cells, Electric Motor/Engine, Aerostructures, Avionics, Software, Others
- By Application: Air Taxis, Air Shuttles & Air Metro, Private Transport, Cargo Transport, Air Ambulance & Medical Emergency, Last Mile Delivery, Inspection & Monitoring, Surveying & Mapping, Surveillance, Special Mission, Others
- By Mode of Operation: Autonomous, Piloted
- By MTOW: <100 kg, 100–1000 kg, 1,000–2,000 kg, >2,000 kg), By Range ( <= 200 km, > 200 km
North America Leads EVTOL Aircraft Market
North America is expected to hold significant market share in the global eVTOL Aircraft market and is projected to grow at a prominent growth rate over the forecast years due to the existence of important manufacturers such as Joby Aviation, Bell Textron Inc., Kitty Hawk, and others in the United States. Furthermore, increased government expenditure on the development of VTOL aircraft is likely to boost market expansion. For instance, in May 2021, the United States Air Force Research Laboratory (AFRL) granted Bell a USD 950,000 contract to perform applied research on high-speed VTOL aircraft.
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Key player’s profiles in the evtol aircraft market report are EHANG (China), Volocopter GmbH (Germany), Uber Technologies Inc. (US), Aurora Flight Sciences (US), A³ by Airbus (US), Bell Textron Inc. (US), Workhorse (US), Lilium GmbH (Germany), TERRAFUGIA (US), OXIS Energy Ltd (UK), Karem Aircraft, Inc. (US), MGM COMPRO (Czech Republic).
Kitty Hawk (US).
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