New York, USA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global eVTOL aircraft market is estimated to garner a revenue of $4,222.4 million by 2033, and rise at a CAGR of 29.6% in the forecast period from 2026 to 2033. The all-inclusive report on eVTOL aircraft market provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.
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Global eVTOL Aircraft Market Dynamics
Analysts at Research Dive states that the increasing congestion of traffic due to the growing global urban population are the major factors anticipated to propel the growth of the global eVTOL aircraft market. In addition, the rapid growth in manufacturing of eVTOL aircraft for air mobility solutions by many municipal corporations and companies is another factor expected to boost the market growth by 2033. Moreover, the rising demand for air mobility in medical emergencies is expected to provide huge growth opportunities for the global market in the coming years. Conversely, the lack of 5G infrastructure and the higher cost investments in infrastructure and R&D of eVTOL aircrafts may restrict the eVTOL aircraft market growth in the forecast period.
Impact of COVID-19 on the Global eVTOL Aircraft Market
The outbreak of COVID-19 has significantly impacted the global eVTOL aircraft market growth. This is mainly due to the disruption of supply chain, causing delay in the medical supplies across the globe. The eVTOL aircraft industry is in early stage of development and it is predicted to be commercialized by 2025. In addition, several companies operating in the market, such as Airbus and Ehang are taking initiatives to help society during the COVID-19 chaotic situation.
Check out How COVID-19 impacts the EVTOL Aircraft Market: https://www.researchdive.com/connect-to-analyst/166
Vectored Sub-segment to Witness the Fastest Growth
Based on technology type, the vectored sub-segment is expected to generate a revenue of $1,208.5 million by 2033 and is predicted to witness the fastest growth over the forecast period. This is majorly owing to the unmanned aerial technology, the data link, and most importantly the autopilot feature of the vectored technology. Besides, vectored technology is recognized as the perfect option in order to maintain height during flight transitions, which is expected to drive the sub-segment’s growth in the coming future.
Optionally Piloted Sub-segment to Witness Significant Growth
Based on mode of operation, the optionally piloted sub-segment is predicted to witness the fastest growth and garner a revenue of $2,792.6 million by 2033. This is mainly due to the continuous advancements in the unmanned aerial technologies for safer and faster delivery and transport services, which is expected to drive the eVTOL aircraft sub-segment market growth.
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Small Sub-segment to be Most Profitable
Based on range, the 0 to 200 kilometers sub-segment is projected to generate a revenue of $3,330.1 million by 2033 and hold the dominating market share over the forecast period. This is majorly owing to the rising demand for short-range aircraft as they offer major benefits, such as lesser air pollution, flexibility, fast travel, and smooth operations.
Commercial Sub-segment to be Most Lucrative
Based on application, the commercial sub-segment is expected to have the fastest growth and generate a revenue of $2,548.8 million during the analysis period. This is mainly due to the safe transportation of mode in the commercial applications for eVTOL aircraft. In addition, continuous developments and multiple applications of eVTOL aircrafts including urban air taxis is another factor predicted to boost the global eVTOL aircraft market sub-segment by 2033.
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Greater than 1,500 Kilogram Sub-segment is Expected to Observe Substantial Growth
Based on payload, the greater than 1,500 Kilogram sub-segment is expected to have the fastest growth and it is estimated to generate a revenue of $17.1 million by 2033. This is majorly owing to the rising military and air ambulance applications, and also the wide-ranging usage of drones for delivering medicines and other necessities.
Electric/Battery Sub-segment to Witness Rapid Growth
Based on propulsion, the electric/battery sub-segment is projected to have the fastest growth and surpass $3,230.5 million during the analysis period. This growth of the global eVTOL aircraft market sub-segment is majorly owing to the increasing demand of eVTOL aircraft that can propel by batteries and can run on a single charge. Besides, manufacturers in the battery technology are continuously working and trying to manufacture light weight batteries which is predicted to drive the sub-segment growth by 2033.
North America Region to be Most Lucrative
By region, the North America eVTOL aircraft market is expected to garner a revenue of $1,283.6 million by 2033 and hold lucrative share in the global industry during the analysis period. This is majorly due to heavy investments by market players and the rising adoption of advanced technologies towards the air mobility solutions in the region. Besides, massive support of governments in eVTOL aircraft production is another factor predicted to fuel the regional market growth by 2033.
Prominent Global eVTOL Aircraft Market Players
1. eHang
2. Lilium GmbH
3. Airbus S.A.S.
4. Aurora Flight Sciences
5. Bell Textron Inc.
6. Volocopter GmbH
7. Workhorse
8. Karem Aircraft Inc.
9. Kitty Hawk
10. Pipistrel D.O.O.
For instance, in July 2021, CAE, a leader in aviation training, entered into a partnership with Volocopter, a German aircraft manufacturer, to develop, certify, and deploy an innovative pilot training program for eVTOL operations.
The report also summarizes many significant aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments in the market. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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