IMARC Group: eVTOL Aircraft Market Size is Projected to Reach US$ 21.6 Billion by 2027 at 14.3% CAGR

Accord­ing to a report by IMARC Group titled ‘eVTOL Air­craft Mar­ket: Glob­al Indus­try Trends, Share, Size, Growth, Oppor­tu­ni­ty and Fore­cast 2022–2027’, the glob­al eVTOL air­craft mar­ket reached $9.44 bil­lion in 2021.

IMARC Group appears opti­mistic that the mar­ket will reach $21.62 bil­lion by 2027 at a com­pound Annu­al Growth Rate (CAGR) of 14.30% to 2027. eVTOL air­craft gen­er­al­ly rely on elec­tric pow­er to hov­er, take off, and land ver­ti­cal­ly.

Some include mul­ti-rotor, fixed-wing, and tilt-wing air­craft with sen­sors, cam­eras and radar, and some use dis­trib­uted elec­tric propul­sion tech­nol­o­gy to incor­po­rate the propul­sion sys­tem with the air­frame and dis­trib­ute numer­ous motors across the wing.

Some utilise dia­mond nuclear volta­ic (DNV) tech­nol­o­gy, lithi­um, and hydro­gen cell bat­ter­ies to increase effi­cien­cy, low­er oper­at­ing costs and enhance safe­ty, find­ing appli­ca­tion by farm­ers for gath­er­ing data, man­ag­ing crops, and con­duct­ing oth­er farm­ing oper­a­tions.

ris­ing traf­fic con­ges­tion across coun­tries is aug­ment­ing the eVTOL air­craft mar­ket. Fur­ther­more, the expand­ing trans­porta­tion indus­try is pos­i­tive­ly influ­enc­ing the glob­al mar­ket. Apart from this, the wide­spread adop­tion of eVTOL air­craft to improve search and res­cue oper­a­tions after nat­ur­al calami­ties, such as land­slides, droughts and earth­quakes, is anoth­er sig­nif­i­cant growth fac­tor.

Esca­lat­ing demand for eVTOL air­craft to sur­vey lands pro­vide con­tin­u­ous and pre­cise project noti­fi­ca­tions, improve safe­ty, and pre­vent dan­ger­ous inci­dents on con­struc­tion sites.

They also offer ben­e­fits such as low­er­ing envi­ron­men­tal impact, gen­er­at­ing no noise and fly­ing at a low­er alti­tude. Addi­tion­al­ly, the grow­ing invest­ments by key mar­ket play­ers in R&D activ­i­ties to intro­duce advanced tech­nolo­gies for enhanc­ing air­craft design, per­for­mance and pow­er out­put are expect­ed to fuel the eVTOL air­craft mar­ket.

Key play­ers oper­at­ing in the mar­ket include Air­bus SE, Archer Avi­a­tion, Beta Tech­nolo­gies, EHang, Lift Air­craft, Lil­i­um GmbH, Moog, Piasec­ki, Pip­istrel, Ver­ti­cal Aero­space Group, Volo­copter, Wisk Aero and Xti Air­craft.

The report has seg­ment­ed the mar­ket based on lift tech­nol­o­gy, mode of oper­a­tion, max­i­mum take-off weight (MTOW), range, propul­sion type and appli­ca­tion.