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eVTOL Aircraft Market To Enlarge At a Remarkable CAGR Of More Than 21%

Written by : Nisha Naroliya on  Digilah (Tech Thought Leadership)

Electric Vertical Takeoff and Landing (eVTOL) Aircraft Technology

Electric vertical take-off and landing (eVTOL) are some of the latest innovations in the aerospace industry. eVTOL vehicles are electric and function more like a drone

Large omnidirectional fans assist the aircraft move in various directions and even take off vertically. While designs vary between developers, most seem to resemble the drone form. The future of aerospace mobility deliberately relies on electric vertical take-off and landing (or eVTOL). After years of research and development, a new vehicle class is kicking off to emerge. If eVTOL aircraft reach mass adoption, it could change the way of moving people and cargo.

A new market research study by Value Market Research is forecasting that the global eVTOL Aircraft Market will record healthy growth during the time period 2020 and 2027 and will progress at a CAGR of 20%. 

Also, the study projects that the market would accomplish a worldwide valuation of $ 275 million by 2027 with continued opportunities in key enabling technologies, such as aviation-grade batteries, propulsion systems, and electric motors, eVTOL ground infrastructure, and composite materials.

The growing urban population is leading to increasing road traffic congestion in urban areas and is promoting market growth. For instance, according to the United Nations (UN) report, by 2050, about 70% to 80% of the global population is estimated to reside in cities. This has also led to an upsurge in the eVTOLs for air-taxi services. Moreover, air-taxis are intended to meet future demand for regional commutes ranging from 30 miles to 300 miles, thus driving the demand for eVTOLs. With the usage of eVTOLs in the air-taxi services form, aerial travel will be an affordable transport dimension over shorter places.

Along similar lines, the growing need to augment operational efficiency, and to decrease in human intervention for intercity and intracity transportation by means of eVTOLs, are positively influencing the electric Vertical Take-off and Landing (eVTOL) aircraft’s market growth.  There are several companies and municipal corporations currently working on eVTOL aircraft manufacturing for air mobility solutions,” remarks a study analyst.

Key players in the market such as Volocopter Gmbh, Joby Aviation, Lilium Gmbh, Ehang Holdings Ltd, Airbus SE, and Boeing Co., and others are trying to establish a foothold in regional and global markets. Their strategies majorly revolve around engaging partnerships with governments, technical service providers, infrastructure developers, and public associations. There is a huge level of product innovation, which has led to intense product competition amongst the market participants. Along similar lines, conventional growth strategies such as mergers, acquisitions, and expansions will continue to shape the competitive structure. 

On these lines: In 2020, Japan’s SkyDrive and German Volocopter were planning to commercialize eVTOL in Japan by 2023.

In the same year, Bell Textron declared that they are partnering with Japan Airlines and Sumitomo Corporation to determine the on-demand air mobility ecosystem growth in Japan via Bell’s Nexus 4EX eVTOL air taxi.

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