eVTOL Aircraft Market Overview: Growing CAGR of 20.3% by 2033Download Sample Reports Overview
The capability of eVTOL vehicles (electric vertical takeoff and landing) to transform the air traffic ecosystem is one of the significant factors for the growth of the global eVTOL aircraft market,during the forecast period. Also, ongoing intragovernmental collaborations such as NASA-FAA and Social acceptance for eVTOL are also anticipated to play a significant role in booming the global eVTOL market. Furthermore, the increased importance of travel time, technological improvements, highly advanced autonomous eVTOL, and rising availabilityof infrastructure/capacity is anticipated to boost the demand for eVTOL aircraft, throughout the forecast period.However, adverse weather conditions and high-density operations are expected toobstruct the current ATM system (Air Traffic Management). These factors can restrain the growth of the eVTOL aircraft market.eVTOLs aircraftshave tremendous roles in hospitals for medical emergencies. eVTOLs can take off faster,andthey have capability to land in tighter spots than other aircrafts. The lower noise signature and proper utilization of hybrid VTOL aircraft as air ambulance makes them excellent for the hospital emergency services.Theseelements are anticipated to create vast opportunities for eVTOL aircraft market growth, in the coming years.
The global vectored thrust market segment has a significant growth in the market, and it shall register a revenue of $219.0 million by 2033, increasing at a CAGR of 21.8%, over the projected period. One of the key benefits of thrust vectored aircraft is that it has the ability to recover from a controlled flat spin and yawing motion. Furthermore, Vectored thrust aircraftscan operate at high altitudes (ranging from12000 to 15000 meters). Also, these aircrafts are simpler, lighter and cost-effective.
The global optionally piloted market segment has massive growth in the global market, and it shall generate a revenue of $356.3 million by 2033, surging at a CAGR of 21.3%, over the forecast period. The surge toward a widespread expansion of urban air mobility (UAM) is gaining momentum globally; this is one of the key factors for the positive growth of this segment. Moreover, start-up companies are collaborating with established aerospace players for product development purposes. Moreover, this autonomous aircraft has significant use for both passenger and cargo-carrying flights, which helps in the reduction of costs.
Range of 0 to 200 Kilometerssegment has a massive market share in the global market, and it will generate a revenue of $446.9 million during the forecast period, increasing at a CAGR of 18.7%. Globally emerging companies are spending heavily and emphasizing majorly on the short-range aircrafts manufacturing.
The commercial segment will have the fastest growth in the global market and it will register a revenue of $253.3 million, throughout the projected period, growing at a CAGR of 20.7%.Heavy R&D investments along with technological evolution are being done by key players, like Rolls-Royce PLC, Uber, Boeing, and Airbus SAS; this will augment the global market. Also, many other key players have eVTOL programs under which they are constantly testing commercial feasibility of these aircrafts.
The 250-500 kilograms segment of eVTOL aircraft markethas a significant share in the global market and it shall generate a revenue of $170.9 million, over the forecast period, surging at a CAGR of 22.2%. This is mainly due to rising technological exposure along with limited impact of a regulatory and legal framework.
The electric battery segment of eVTOL aircraft markethasa huge share in the global market and it will generate a revenue of $310.5 million, over the projected period, increasing at a CAGR of 19.7%. This is mainly because of an extensively growing demand for fully electric eVTOL and the high adoption of electric batteries from established players.
The Asia-Pacific eVTOL aircraft marketwill see significant growth in the global market and it shall register a revenue of $160.6 million, over the forecast period, surging at a CAGR of 22.1%.
Enormously growing urbanization in Asian countries such as India, China and south-Korea is anticipated to drive the growth of eVTOL aircraft market, in the Asian market. For example, as per a study conducted by the UN, economies like China and India are expected to account for 37% of the growth (approx. 2.5 billion) in the urban population by 2050. In addition, increasing investments by significant eVTOL manufacturers like EHang,the fastest technological advances in the manufacturing of aircraft products, and the ever-increasing trends of globalization are some of the key elements for the growth of eVTOL market, in Asian economies.
The North-AmericaeVTOL aircraft market will have a dominating share in the global market and it will register a revenue of $212.8 million, over the forecast period, surging at a CAGR of 18.1%.Market players such as Aurora Flight Sciences and Workshore are emphasizing more on a strategic partnership to develop manufacturing facilities and enhance eVTOL technology. Moreover, the availability of sophisticated technologies and investments by the US Army in the eVTOL aircraft market is anticipated to generate noticeable revenue, over the projected period. Moreover, acceptance of the newest technologies combined with highly integrated technological capabilities and infrastructure facilities are also expected to bloom the eVTOL aircrafts market, in the North American region.
The major eVTOL aircraft market manufacturers areLilium GmbH, EHang, Aurora Flight Sciences,Airbus S.A.S., PIPISTREL d.o.o., Workhorse., Volocopter GmbH, Bell Textron Inc., Karem Aircraft, Inc., and KITTY HAWK. To focus more on the competitive landscape analysis of established companies, the porter’s five force model is explained in the report.
Porter’s Five Forces Analysis for eVTOL AircraftMarket:
Bargaining Power of Suppliers:Significant suppliers in the aerospace & defense industry use their negotiating power to extract higher prices. In addition,the switching costs from one supplier to othersareexpected to be high.
The bargaining power of suppliers is HIGH.
Bargaining Power of Buyers: Thepresence of manufactures is very low in the global market. So, there will be low bargaining power to the buyers
The bargaining power of consumers will beLOW.
Threat of New Entrants: HigherR&D expensescoupled with regulatory policies of the government offeralow risk of entry frompotential or emerging competitors.
The threat of new entrants will beLOW.
Threat of Substitutes: There is noalternative product so far in the market.
The threat of substitutes will beLOW.
Competitive Rivalry in the Market: eVTOL aircraft marketincludeslarge, medium, and small enterprises. Leading players are following strategies likestrategic partnerships with other establishments, technological advancements,and product development is also a key factor for higher competitive rivalry in the global market.
The competitive rivalry in the industry will beHIGH.