Global eVTOL Aircraft Market Report 2022: Development of

Dublin, Aug. 03, 2022 (GLOBE NEWSWIRE) — The report “eVTOL Aircraft Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Lift Technology, Propulsion Type, Application, and Operation Mode” has been added to from ResearchAndMarkets.com offer.

The eVTOL Aircraft Market is expected to grow from US$519.81 Million in 2024 to US$1,756.28 Million by 2028; it is expected to grow at a CAGR of 35.6% from 2024 to 2028.

The adoption of air taxis due to the evolution of urban air mobility around the world is driving the eVTOL market. Favorable government initiatives from leading countries and a growing number of startups entering the market are fueling the adoption of air taxis worldwide.

In December 2021, the Australian government announced a grant worth US$23 million to explore the application of new aviation technologies under its Emerging Aviation Technology Partnerships program. Additionally, in April 2022, Airbus and ITA Airways signed a Memorandum of Understanding to collaborate and introduce Urban Air Mobility (UAM) in Italy. The agreement also covers the safe and sustainable launch of CityAirbus NextGen eVTOL aircraft.

In European countries, the first flight of air taxis is expected to take place by 2024. Thus, according to the European Union Aviation Safety Agency (EASA), the commercial use of (air) taxis may begin d by 2024 or 2025. Thus, upcoming developments and initiatives by major countries for the adoption of air taxis would enhance the demand for urban air mobility, which is expected to provide lucrative opportunities for eVTOL aircraft market growth over the course of of the forecast period.

Developments in electrically powered eVTOL aircraft are another major factor expected to fuel the growth of the global eVTOL aircraft market. The aviation industry is one of the fastest growing sources of greenhouse gas emissions, driving global climate change.

On January 11, 2021, the Environmental Protection Agency (EPA) released a greenhouse gas (GHG) emissions standard for aircraft operating worldwide to control their carbon emissions. Additionally, in November 2021, the EPA filed a lawsuit that formulated the greenhouse gas (GHG) emission standards for commercial aircraft, which the EPA promoted in early 2021.

The development of electrically powered eVTOL aircraft helps to mitigate the environmental impact of noise and polluting emissions. Thus, government emissions reduction regulations and policies are driving the demand for electrically powered eVTOL aircraft.

The United States is expected to account for the largest market share in the North American eVTOL aircraft market in 2024. This is due to the presence of eVTOL aircraft manufacturers and the growing number of investments in the country. Moreover, supportive government funding initiatives are further contributing to the growth of the country’s market.

For example, in March 2021, the US Air Force’s Agility Prime initiative will help fund the flight test and certification efforts of approximately 20 eVTOL aircraft participating in its “Air Race to Certification” program. The growing competition in the eVTOL aircraft market is primarily aimed at obtaining aircraft certification from the United States Federal Aviation Administration (FAA) and entering commercial service.

In Germany, the growth of the eVTOL aircraft market is mainly driven by the growing number of electrically powered eVTOL aircraft developments across the country. With the growing electric and hybrid electric air taxi integration initiatives, vendors in the eVTOL aircraft market are working collaboratively to develop an extensive charging infrastructure powered by clean energy sources and start-up and landing facilities.

For example, Rolls Royce’s electric power system will be integrated into the piloted eVTOL vehicle, which will carry up to four passengers for 120 miles at cruising speeds of over ~200 mph and is on track to certify by 2024 Additionally, in March 2022, Germany-based eVTOL developer Lilium announced a new partnership with Honeywell and Denso to develop electric motors for eVTOL aircraft. Thus, such developments in the e-commerce industry, companies such as Amazon and delivery fleets taking major initiatives to ensure last mile delivery augment the growth of the eVTOL aircraft market in Germany during the period. forecast.

Market dynamics

Market factors

  • Adoption of air taxis due to the development of urban air mobility
  • Development of electrically powered eVTOL aircraft

Market constraints

  • Certification and qualification challenges for market vendors

Market opportunities

  • Last mile delivery request

Market trends

  • Emerging need for a mode of transport based on green energy

Main topics covered:

1. Introduction

2. Main Takeaways

3. Research methodology

4. eVTOL Aircraft Market Landscape

5. eVTOL Aircraft Market – Key Industry Dynamics

6. eVTOL Aircraft Market – Global Market Analysis

7. eVTOL Aircraft Market Analysis – by Lift Technology

8. eVTOL Aircraft Market Analysis – By Propulsion Type

9. eVTOL Aircraft Market Analysis – By Application

10. eVTOL Aircraft Market Analysis – By Mode of Operation

11. eVTOL Aircraft Market – Geographical Analysis

12. eVTOL Aircraft Market – COVID-19 Impact Analysis

13. Industry Landscape

14. Company Profiles

Companies cited

  • Airbus
  • Bell Textron Inc.
  • Boeing
  • Eve Air Mobility
  • Lilium GmbH
  • Opener
  • eHang
  • BETA Technologies
  • Pipistrel Group
  • Volocopter GmbH
  • Joby Aviation Inc.
  • Aerospace Heart
  • Archer Aviation Inc.

For more information about this report visit https://www.researchandmarkets.com/r/zgwr3x

  • Global eVTOL aircraft market


        

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