(Aviation-NewsWire.Com, October 06, 2020 ) According to the new market research report the eVTOL Aircraft Market is projected to grow from USD 162 million in 2025 to USD 411 million by 2030, at a CAGR of 20.42% from 2025 to 2030. The need to increase operational efficiency, reduction in human intervention for intercity and intracity transportation using eVTOLs, and growing investment activities around the world are key factors expected to drive the market growth.
Vectored thrust segment projected to grow at the highest CAGR during the forecast period
Based on lift technology, the eVTOL aircraft market has been segmented into vectored thrust, multirotor, and lift plus cruise. The vectored thrust segment is projected to grow at the highest CAGR during the forecast period owing to the higher endurance and efficiency provided by this technology to eVTOL aircraft. In addition to this, increasing investments from various manufacturers for the use of eVTOL aircraft in commercial applications, such as air taxi, passenger air travel, cargo transportation, and air ambulance, are driving the growth of this segment.
Electric battery segment estimated to lead the market during the forecast period
Based on type of propulsion, the eVTOL aircraft market has been segmented into electric battery, electric hybrid, and electric hydrogen. The electric battery segment is projected to lead the market during the forecast period. The growth of this segment can be attributed to the development of various eVTOL aircraft by prominent market players. These aircraft are in the flight-testing phase and are expected to get commercialized by the year 2025. This commercialization will enable the companies to generate a huge amount of contracts and partnerships with taxi service providers from 2025.
Asia Pacific to be the fastest-growing market for eVTOL aircraft during the forecast period
The Asia Pacific eVTOL aircraft market is projected to grow at the highest rate during the forecast period. The market growth in this region can be attributed to increased investments by leading eVTOL and drone manufacturers to develop urban air mobility for commercial applications. Advancements in the manufacturing capability of the region’s emerging economies will drive the market. Additionally, the ever-increasing trend of automation and globalization in Asia Pacific countries is fueling the growth of this regional market.
Key Market Players
Some of the key players profiled in the eVTOL aircraft market report include Kitty Hawk (US), Lilium (Germany), EHang (China), Volocopter (Germany), Bell Helicopter (US), and A3 by Airbus (US). Partnerships, expansions, and new product launches were key strategies adopted by these players to achieve growth in the market. These strategies accounted for the major share of the total growth strategies adopted by the leading players in 2018.
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