Electric Vertical Take-off and Landing Market Share [2031]

Report Description

Electric Vertical Take-off and Landing Market Outlook 2031

The global electric vertical take-off and landing market size was valued at USD 3.59 Billion in 2022 and is likely to reach USD 16.02 Billion by 2031, expanding at a CAGR of 18.10 % during 2023 – 2031. The market growth is attributed to the increasing demand for effective and efficient mobility.

Increasing demand for effective and efficient mobility in urban areas is expected to boost the demand for electric vertical take-off and landing (eVTOL). An eVTOL utilizes electric motors for propulsion, offering the ability to take off and land vertically. This makes them suitable for use in densely populated urban areas, where space is a premium commodity. It generates less air and noise pollution, which enhances its adoption in urban areas for mobility.

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An eVOTL is mainly used by civilians and military forces for mobility and is sometimes referred to as an air taxi or flying taxi. It comes up with several modes and functions such as conventional take-off & landing, short take-off & landing, and short take-off &vertical landing. An electric vertical take-off and landing aircraft produce fewer carbon emissions as compared to traditional aircraft, as it uses electric motors instead of conventional combustion engines.

The COVID-19 pandemic hampered global electric vertical take-off and landing market. During the pandemic, governments across the globe imposed strict regulations on travel and import & export activities. This resulted in a supply chain disruption and a shortage of labor in factories. Moreover, the increased severity of COVID-19 infection encouraged the major market players to cease their operations during the pandemic, which impeded market growth. For instance,

• On March 17, 2020, Airbus, a leader in designing, manufacturing, and delivering aerospace products and services, announced the suspension of its production facilities in France and Spain to implement stringent health and safety conditions regarding COVID-19.

Impact of Artificial Intelligence (AI) on the Electric Vertical Take-off and Landing Market

The technological advancements in electric vertical take-off and landing vehicle and the introduction of artificial intelligence create an immense opportunity in the market. The application of artificial intelligence and machine learning in electric vertical take-off and landing vehicles eliminates the reliance on human involvement. AI-powered eVOTL provides efficient mobility by forecasting traffic congestion in a given city in real-time. AI in eVOTL detects hazards both on the ground and in the air as well as helps in locating safe emergency landing sites.

Electric Vertical Take-off and Landing Market Dynamics

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Major drivers

Increasing military spending is projected to boost the electric vertical take-off and landing market during the forecast period. Military forces across the globe are heavily adopting electric vertical take-off and landing aircraft for reconnaissance, transportation, and logistics, as it consumes less energy than traditional helicopters. Moreover, eVOTL offers less noise, which makes it suitable for rescue missions. This enhances the demand for electric vertical take-off and landing in the military. Therefore, rising spending in the military is propelling the market. For instance,

• According to a report published by STOCKHOLM INTERNATIONAL PEACE RESEARCH INSTITUTE on April 24, 2023, global overall military spending grew by 13% in 2022 and reached USD 2240 billion.

Growing advancements in batteries, motors, and electronic controllers are expected to drive the market in the coming years. The high energy density of lithium-ion batteries is placed in eVOTLs that store a significant amount of electrical charge, providing eVOTLs with adequate flight ranges. Thus, rising technological advancements in batteries and motors are enhancing the market.

Existing Restraints

Inability of eVTOLS for long-range trips is expected to restrict the market during the forecast period. eVTOLs require charging stations, as they operate on battery, which makes them unsuitable for long-range trips. Moreover, extreme weather conditions such as speed, rain, and air temperature affect the performance of eVTOLs, as they are designed for smooth weather conditions. This hampers the demand for electric vertical take-off and landing.

Emerging Opportunities

Increasing adoption of eVTOLs as air taxis in several countries creates an immense opportunity in the market. Companies in the market are introducing electric vertical take-off and landing aircraft for air taxi services, creating demand for eVTOLs.

• For instance, on November 9, 2023, ARCHER AVIATION INC., a leader in electric vertical take-off and landing (eVTOL) aircraft, partnered with InterGlobe Enterprises to launch and operate an all-electric air taxi service in India, subject to appropriate regulatory approvals and clearances.

Scope of the Electric Vertical Take-off and Landing Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Type Segment Analysis

Based on type, the electric vertical take-off and landing market is categorized into fixed-wing aircraft, helicopters, cyclocopters, and tiltrotors. The helicopter segment held a large share of the market in 2022, due to the growing popularity of air mobility and increasing complexity of modern warfare. Helicopters are widely used in transportation, logging, rescue operations, and military missions, as they offer quick and easy access to remote and densely populated areas. Moreover, vertical takeoff capabilities and flexibility of helicopters enhance their demand.

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The tiltrotors segment is expected to expand at a rapid pace during the forecast period, owing to rising military spending and a surge in R&D activities of civil tiltrotor aircraft. Tiltrotors are more efficient than helicopters, as they perform transport missions using less fuel than helicopters. It also has higher cruise speed and takeoff weights than helicopters, which increases their adoption in vertical takeoff and landing.

Mode Segment Analysis

In terms of mode, the global market is segregated into conventional take-off & landing, short take-off & landing, and short take-off & vertical landing. The short take-off and vertical landing segment accounted for a major share of the market in 2022, due to the increasing advancement in vertical takeoff and landing vehicles (VTOL). Short take-off and vertical landing allow precise & flexible landing locations and do not require a long runway, reducing the risk of accidents during landing and takeoff. This increases the demand for short take-off and vertical landing in electric vertical take-off and landing.

Product Type Segment Analysis

Based on product, the electric vertical take-off and landing market is bifurcated into vectored thrust and multirotor. The vectored thrust segment dominated the market in 2022, due to its ability to offer efficient hovering and cruising. Vectored thrust offers lower approach speeds and quick de-rotation, which increase their adoption for city mobility. It gives pilots high control power and improved nose position even in post-stall conditions, which enhances the demand.

The multirotor segment is anticipated to expand at a robust pace during the assessment period, owing to rapid urbanization. Multirotor eVTOLs offer high control over position, making them suitable for surveillance. Moreover, companies in the market are introducing multi-roto electric vertical take-off and landing aircraft with improved safety features, which creates lucrative demand for multirotor eVTOLs.

End-user Segment Analysis

In terms of end-users, the global market is categorized into civil and military. The military segment registered significant growth in 2022, due to increasing border tension across the world. Military heavily uses eVTOLs to rapidly deploy troops and equipment in remote or difficult-to-access locations. It is used by military forces in rescue missions, as it is quieter and lighter than traditional helicopters. Moreover, key companies in the market are delivering electric vertical landing and takeoff (eVTOL) systems to military forces, which increases the demand for eVTOLs in the military. For instance,

• On September 25, 2023, Joby Aviation, a global manufacturer of electric aircraft, delivered two electric vertical takeoff and landing aircraft to Edwards Air Force Base in California, US. It is expected to be operated for on-base tasks, including passenger transportation and cargo logistics, and piloted by both Joby and US Air Force personnel.

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Regional Outlook

Based on region, the electric vertical take-off and landing market is divided into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America accounted for a major share of the market in 2022, due to advanced infrastructure and the presence of key market players such as Terrafugia, Joby Aviation, PAL-V, ICON Aircraft, Inc., and Jaunt Air Mobility LLC. Moreover, favorable government support and rapid approvals for electric vertical take-off and landing vehicle is propelling the market. For instance,

• On June 27, 2023, Alef Aeronautics Inc., a leading company (eVTOL) vehicles, became the first company to obtain limited FAA Special Airworthiness Certification from the US government for its flying Model A eVTOL.

The market in Asia Pacific is projected to expand at a high CAGR during the forecast period, owing to rapid technological advancements in aeronautics and increasing disposable income. Moreover, key companies in the market are commencing partnerships to launch electric vertical take-off and landing (eVTOLs) in the region, which is estimated to boost the market. For instance,

• On March 28, 2023, Jaunt Air Mobility, a global manufacturer of electric vertical takeoff and landing (eVTOL), partnered with FlyBlade India to launch electric vertical take-off and landing (eVTOL) aircraft operations in India and the sub-continent region by 2027.

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