According to the global eVTOL aircraft market research report by IMARC Group, the market reached a value of US$ 9.44 Billion in 2021, and it is projected to reach a value of US$ 21.62 Billion by 2027, exhibiting a CAGR of 14.30% during 2022-2027.
Electric vertical takeoff and landing (eVTOL) aircraft depend on electric power to hover, take off, and land vertically. It consists of fixed-wing, multi-rotor, and tilt-wing airplanes having cameras, sensors, and radar. An eVTOL aircraft utilizes distributed electric propulsion technique to incorporate the system with the airframe and distribute various motors across the wing. In addition, it also uses diamond nuclear voltaic (DNV) technology, hydrogen cell batteries, and lithium to lower operating costs, increase efficiency, and enhance safety. An eVTOL aircraft is used by farmers for data gathering, crop dusting, yield management, and other farming operations. As a result, this airplane finds widespread applications across several sectors, such as transportation, agriculture, healthcare, defense, and logistics.
The extensive utilization of airplane ambulances in the healthcare industry to extend medical support and reduce emergency services response times is among the primary factors driving the eVTOL aircraft market. Besides this, the escalating demand for this airliner to improve search and rescue operations after natural calamities or accidents, such as landslides, fires, and earthquakes, is further augmenting the market growth.
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Moreover, the elevating requirement for eVTOL aircraft in the construction sector to survey lands, provide continuous and precise project notifications, improve safety, and prevent dangerous incidents on building sites is also catalyzing the global market. Apart from this, the expanding transportation industry and the growing popularity of this airplane, owing to the increasing traffic congestion, are acting as significant growth-inducing factors. Additionally, the inflating investments by the leading players for the introduction of advanced technologies to improve airliner design, performance, and power output is also stimulating the market growth. Furthermore, this airplane offers various benefits, including lesser environmental impact, generating no noise, and flying at a lower altitude, which is anticipated to propel the eVTOL aircraft market over the forecasted period.
Global Tracking as a Service Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the eVTOL Aircraft Market market has been studied in the report with the detailed profiles of the key players operating in the market.Airbus SE, Archer Aviation Inc., Beta Technologies, Guangzhou EHang Intelligent Technology Co. Ltd, Lift Aircraft Inc., Lilium GmbH, Moog Inc., Piasecki Aircraft Corporation, Pipistrel d.o.o Ajdovšcina, Vertical Aerospace Group Ltd., Volocopter GmbH, Wisk Aero LLC and Xti Aircraft Company.
Breakup by Lift Technology:
- Vectored Thrust
- Lift Plus Cruise
Breakup by Mode of Operation:
Breakup by Maximum Take-off Weight (MTOW):
- 250 Kg
- 250-500 Kg
- 500-1500 Kg
- 1500 Kg
Market Breakup by Range:
- 0-200 Km
- 200-500 Km
Industry Breakup by Propulsion Type:
Industry Breakup by Application:
- Air Taxi
- Delivery Drones
- Cargo Transport
- Combat Mission
- Emergency Medical Service
- Air Ambulance
- Medical Cargo Transport
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
Key Questions Answered in the Global eVTOL aircraft Market Report
• How has the global eVTOL aircraft industry performed in the past and how will it perform in the near future?
• What is the impact of COVID-19 on the global eVTOL aircraft market?
• What are the key regions in the global eVTOL aircraft industry?
• What are the major driving factors and challenges in the global eVTOL aircraft market?
• What is the structure of the global eVTOL aircraft industry and who are the leading players?
• What is the degree of competition in the market?
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