The global market for eVTOL aircraft 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 the increasing demand for an alternative mode of transport.
Airbus SE (Netherlands), Bell Textron Inc. (US), and Elbit Systems Ltd. (Israel), among others, are some of the leading players operating in the eVTOL aircraft market. These players have adopted various organic and inorganic growth strategies to strengthen their position in the market. These include new product developments, contracts, partnerships, agreements, acquisitions, and research & development (R&D) activities further to expand their presence in the eVTOL aircraft market.
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AIRBUS SE has been committed to offering zero-emission flights. In 2010, Airbus developed the world’s first all-electric, four engine aircraft, CriCri. Since then, the company has made significant progress in the electrification of flight. Its all-electric, twin-propeller aircraft E-fan successfully crossed the English Channel in 2015. Its eVTOL demonstrator projects, Vahana and CityAirbus, have completed many hours of rigorous and comprehensive flight-testing programs to ensure safety and high performance. It has also successfully developed the first solar-electric High Altitude Platform Station, Zephyr. Its persistence enables a capability of flying continuously for months at a time, at around 70,000ft, above weather and conventional air traffic.
ELBIT SYSTEMS LTD is an international technology company engaged in a range of programs across the world. The company develops and supplies a portfolio of airborne, land, and naval systems and products for defense, homeland security, and commercial aviation applications. The design of unmanned aircraft systems is based on decades of operational experience, and systems are in service with numerous military and security forces worldwide. The UAS is the backbone of the Israel Defense Forces (IDF). Elbit Systems’ extensive experience and innovative approach to all aspects of UAS development, production, fielding, and support result in outstanding UAS performance and highly effective operational yields around the globe.
BELL TEXTRON INC. is the pioneer of the revolutionary tiltrotor aircraft. The experience that the company has with tiltrotor aircraft and its technologies provide an edge to the company in its eVTOL aircraft production. On April 25, 2017, Bell announced at the Uber Elevate Summit that Bell and Uber would be working together to accelerate the eventual large-scale deployment of eVTOL. The vehicle Nexus is designed for urban air mobility and can be used as part of the Uber Elevate concept, including using vertiports or Skyports. Bell is currently working in partnership with companies like Safran, Thales, and Moog to develop the Nexus aircraft.
eVTOL Aircraft Market by Lift Technology (Vectored Thrust, Multirotor, Lift plus Cruise), Propulsion Type (Fully Electric, Hybrid Electric, Hydrogen Electric), System, Range, MTOW, Mode of Operation, Application, and Region-Forecast to 2030
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