Emphasis on Aircraft Type (2-4-Seater and 5+ Seater); Propulsion Type (Electric and Hybrid Electric); Autonomy Level (Piloted and Fully Autonomous); Range (0-200 km and 201-500 km); Application (Passenger and Cargo) and Region/Country
The EVTOL Market is expected to reach USD 3.52 Billion in 2030 by growing at a CAGR of 41.73%. during the forecast period (2023-2030). The major factors contributing to the growth of the market are the ever-growing need for sustainable and eco-friendly solutions, the rising awareness of the significance of e-waste management, and the accelerated expansion of the electronics industry. Moreover, Governments worldwide have enacted regulations to facilitate the effective management of e-waste. For instance, the European Union has adopted the Waste Electrical and Electronic Equipment (WEEE) directive, which obligates those who manufacture such materials to take back and recycle specific types of electronic waste. Likewise, China has instituted the “Extended Producer Responsibility” (EPR) policy, which requires manufacturers to reclaim and recycle certain types of electronic waste. These regulations are contributing to the expansion of the e-waste recycling market. Additionally, the growing awareness of environmental impact as consumer consciousness grows regarding the environmental effects of electronic waste, and demand for sustainable disposal solutions has seen a marked increase, stimulating a rise in e-waste recycling services. For instance, in August 2022, according to the report published by GreenPrint, a PDI company, 66 percent of US consumers and 80 percent of young US adults (ages 18-34) surveyed are willing to pay more for sustainable products versus less sustainable competitors.
Some of the major players operating in the market include Joby Aviation, Lilium, Airbus S.A.S, Volocopter GmbH, BETA Technologies, Urban Aeronautics, Elbit System Ltd., Bell Textron Inc., Ehang, Embraer SA. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst aircraft type, the 2-4-seater segment dominated the market in 2022.”
Based on aircraft type, the market is bifurcated into 2-4 seaters and 5+ seaters. The 2-4 seaters segment dominated the market in 2022 and is expected to show the same fashion in the forecast period. Two-seater eVTOLs are notably more cost-effective to develop and manufacture than larger vehicles, due to the reduced number of components and energy requirements for operation, leading to decreased production costs. In addition, two-seater eVTOLs are more accessible to individual consumers, as their smaller size makes them easier to park. Volocopter, a German eVTOL company, has successfully completed the first flight of its 4-seater eVTOL, the VoloCity.
“Amongst propulsion types, the electric segment generated the highest revenue in 2022.”
Based on propulsion type, the market is bifurcated into electric and hybrid electric. The electric segment holds a significant market share in 2022 and is expected to showcase the same trend in the forecast period. Electric propulsion systems are more efficient than traditional propulsion systems, converting a higher percentage of energy into motion and thus resulting in increased range and faster speeds. Such capabilities make them an attractive option for those seeking to travel longer distances or at higher speeds. Moreover, electric propulsion systems are more efficient than traditional propulsion systems. They convert a higher percentage of energy into motion, which translates into longer range and faster speeds.
“North America dominated the market for EVTOL market in 2022.”
The North American EVTOL market dominated the market and is expected to behave in the same fashion in the forecast period due to a combination of factors, including growing interest in sustainable transportation, increased urbanization, advancements in battery technology, government support, increased investment, and the use of eVTOLs for package delivery. In addition to these factors, recent partnerships and collaborations have further fueled the growth of the eVTOL industry in North America. For instance, in 2023, Joby and Toyota expanded their Partnership with a long-term supply agreement for Key Powertrain and Actuation Components to produce the Company’s aircraft. In North America, several governments have established programs and initiatives to support the growth of the eVTOL industry. The US government has spent more than USD 130Mn on eVTOL to date, including internal support costs (running the Agility Prime program, such as the virtual events). More than half of this went to SBIR and STTR contracts to eVTOL partners in industry and academia.
EVTOL Market Report Coverage
Reasons to buy this report:
Customization Options:
The global EVTOL market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption
3. Market Key Insights
4. Executive Summary
5. Global Evtol Repair Revenue, 2020-2030f
6. Market Insights By Aircraft Type
7. Market Insights By Propulsion Type
8. Market Insights By Autonomy Level
9. Market Insights By Range
10. Market Insights By Application
11. Market Insights By Region
12. Evtol Dynamics
13. Evtol Opportunities
14. Evtol Trends
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. Pricing Analysis
18. Competitive Scenario
19. Company Profiled
20. Disclaimer
Research Methodology for the EVTOL Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global EVTOL market were the three major steps undertaken to create and analyze the adoption of EVTOL in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global EVTOL market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the EVTOL market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the EVTOL market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as aircraft type, propulsion type, autonomy level, range, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the EVTOL market. Further, we conducted factor analysis using dependent and independent variables such as aircraft type, propulsion type, autonomy level, range, and application of the EVTOL market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the EVTOL market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global EVTOL market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global EVTOL market, data was split into several segments & sub-segments after studying various parameters and trends in the areas of aircraft type, propulsion type, autonomy level, range, and application in the global EVTOL market.
The main objective of the EVTOL Market Study
The current & future market trends of the global EVTOL market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Customers who bought this item also bought
India 3PL Market: Current Analysis and Forecast (2024-2032)
Emphasis on By Services (Domestic Transportation Management, International Transportation Management, Value-Added Warehousing and Distribution); By End User (Automobile, Chemical, Construction, Consumer Retail, Energy, Manufacturing, Life Sciences and Healthcare, Technology, and Others), and Regions (North India, East India, West India, and South India)
November 5, 2024
