New York, USA, Nov. 04, 2020 (GLOBE NEWSWIRE) -- The global eVTOL aircraft market is expected to garner a revenue of $4,222.4 million at a CAGR of 29.6% increasing from increasing from $458.05 million in 2025, as per a report published by Research Dive. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Market Dynamics
The increase in the global urban population resulting in the traffic congestion will be considered as the main growth attributor of the market growth. Many companies are currently working on the eVTOL aircraft manufacturing for air mobility solutions. This is another factor enhancing the growth of the market.
The major restraining factor the market of eVTOl aircraft globally will be its expensive investment required for research and development. Unavailability of 5G infrastructure across the globe is another restraining factor behind the growth.
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Rising urban population will increase the necessity of air mobility for medical emergency and other emergency situations. Such factors will create many opportunities for the market in upcoming years.
Segment-wise Analysis of the Market
The report has bifurcated the market into different segments based on lift technology, operation, application, maximum takeoff weight, propulsion, and regional analysis.
Vectored technology sub-segment will be the most lucrative
Vectored technology is expected to generate a revenue of $1,208.5 million by 2033, growing from $121.1 million in 2025. The growth of the vectored sub segment will be attributed to its stunning autopilot features followed by unmanned aerial technology, and data link.
Optionally piloted segment will be the most profitable
The Optionally Piloted sub-segment of the operation segment will experience the fastest growth surpassing $2,792.6 million by 2033. This growth will be attributed to the incessant developments in the unmanned aerial technologies for faster and safer delivery and transport services.
200 TO 500 Kilometers range sub segment will generate the highest revenue
The 200 to 500 Kilometers segment is forecasted to generate a revenue of $892.2 million during the forecast period. This faster vehicles will help the passengers to travel at a lesser time as it can take off and land almost anywhere and are more flexible than that of conventional plane. This is the reason behind the growth of this segment.
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Commercial sub-segment will earn a significant revenue
The Commercial application segment is estimated to garner a revenue of $2,548.8 million by 2033. This segment will experience growth due to its safe transportation mode.
The Greater Than 1,500 Kilogram sub-segment will record the fastest growth
The greater than 1,500 Kilogram segment will earn the highest revenue in the segment during the forecast period. This type of aircraft will be used for emergency military and air ambulance services which will enhance the growth of this segment.
Electric / Hybrid sub-segment will be the most beneficial
Electric / Hybrid sub-segment will experience the fastest growth with a revenue of $941.1 million during the forecast period. This types of aircraft will be able to provide sufficient power during operational conditions which will fuel the growth of the market.
North America will dominate the market
The North America region market will account for a revenue of $1,283.6 million during the forecast period. Presence of the most significant market players and higher government investment will influence the growth of the market in this region.
Key Players of the Market
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.
The report also recapitulates many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
COVID-19 Impact Analysis
During the outbreak of the COVID-19 pandemic, the global eVTOL aircraft market has witnessed a significant growth. The market is still in the early stage of development and it is expected to get commercialized in 2025.
Some of the key companies operating in the industry such as Ehang and Airbus have come forward with their offers to help the society, during the COVID-19 emergency.
Most of the companies have resumed their work on sustainable prototypes for the development of eVTOL aircrafts after the lockdowns are eased. On 20 August 2020, Urban Aeronautics, Israel-based Aircraft manufacturer announces their partnership with U.S.-based Hatzolah Air for manufacturing of Cityhawk VTOL that is used as air ambulance.
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.