Northbrook, IL 60062 -- (SBWIRE) -- 04/19/2022 -- The global eVTOL aircraft market is estimated to be USD 8.5 billion in 2021 and is projected to reach USD 30.8 billion by 2030, at a CAGR of 15.3% during the forecast period.
The growth of this market is mainly driven by the growing need for green energy and noise-free aircraft and the increasing use of eVTOL aircraft for cargo applications and increasing demand for an alternative mode of transport.
The hydrogen electric segment is projected to witness the highest CAGR during the forecast period.
Based on propulsion type, the hydrogen electric segment is projected to be to be the highest CAGR rate for the eVTOL aircraft market during the forecast period.Hydrogen fuel cells are an alternative power source for eVTOL. Generating electricity from hydrogen and oxygen fuel cells is vibration-free and is low on maintenance. Fuel cells can offer energy storage and faster refueling, giving them the potential to substitute electric batteries.
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The software segment is projected to witness the highest CAGR during the forecast period.
Based on the system, the software segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. Aviation software produces insights that enable users to enhance operator safety and efficiency, reduce operational disruptions, improve passenger experience, and make decisions better regarding real-time fleet health. Advanced software systems are required to run complicated systems of urban air mobility aircraft.
The piloted segment is projected to witness the highest CAGR during the forecast period
Based on the mode of operation, the piloted segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. Large deployment in civil applications, including air taxi and ems services, will drive this segment. Most of the civil eVTOL aircraft are designed for urban air mobility, air taxis, medical assistance, and personnel passenger transportation.
The North American market is projected to contribute the largest share from 2021 to 2026
eVTOL aircraft market in North America is projected to hold the highest market share during the forecast period. North America accounted for the largest share of 34.5% of the eVTOL aircraft market and is expected to grow at a CAGR of 17.0% during the forecast period. The US has the largest UAV fleet used in military and civil applications. Early adoption of eVTOL aircraft for urban air mobility is also being witnessed in the US. These factors are expected to drive the market in North America.
Key Market Players
The eVTOL aircraft market is dominated by a few globally established players such as Airbus SE (Netherlands), Bell Textron Inc. (US), Embraer SA (Brazil), EHang Holdings Ltd (China), and Elbit Systems Ltd. (Israel).