Electric Vertical Take-Off and Landing (VTOL) Vehicle Market To Reach USD 23.77 Billion by Year 2030

The Global Electric Vertical Take-Off and Landing (VTOL) Vehicle Market size is expected to grow from USD 0.78 billion in 2022 to USD 23.77 billion by 2030, at a CAGR of 53.2 % during the forecast period (2023-2030).

Market Overview:

The Global Electric Vertical Take-Off and Landing (VTOL) Vehicle Market size is expected to grow from USD 0.78 billion in 2022 to USD 23.77 billion by 2030, at a CAGR of 53.2 % during the forecast period (2023-2030).

A plane that can take off, hover, and land vertically is known as a VTOL (vertical take-off and landing) aircraft. Planes are theoretically able to take off and land almost anywhere due to VTOL technology, which greatly increases their adaptability. They can also make maneuvers that a conventional plane cannot, which gives aircraft a significant advantage in combat. Additionally, electric-powered VTOL aircraft, like drones, are more energy-efficient than jet-powered VTOL aircraft. Precision farming, which enables farmers to monitor crop health, track irrigation equipment, and identify different types of weeds, among other things, has evolved as a result of the use of UAVs in agriculture. Moreover, increased foreign investment and the transfer of VTOL UAV platform technologies from developed economies to emerging economies are expected to contribute to increased demand for them in civil and commercial applications thus, supporting the development of the electric vertical take-off and landing (VTOL) vehicle market.

Top Key Players in Electric Vertical Take-Off and Landing (VTOL) Vehicle Market:

Turkish Aerospace Industries Inc, IdeaForge, Schiebel Elektronische Gerate GmbH, Israel Aerospace Industries Ltd, Boeing Company, Textron Inc, Saab Group, AeroVironment Inc, Lockheed Martin Corporation, DJI Innovations, Latitude Engineering, Northrop Grumman Corporation, and Other Major Players.

Market Dynamics and Factors for Electric Vertical Take-Off and Landing (VTOL) Vehicle Market:

Drivers:

Improving Technologies In Batteries, Motors, And Power Electronics

The development of battery, motor, and power electronics technologies is a driving force behind market expansion. The EVTOL market is significantly influenced by the ongoing advancements in battery, motor, and power electronics technologies. EVTOL aircraft can now achieve longer flight ranges and shorter recharge times due to advancements in battery technology, such as improvements in energy density and faster charging capabilities. This increases their viability and commercial appeal. EVTOLs are able to take off, hover, and maneuver more skillfully due to improvements in electric motor technology, including higher power-to-weight ratios and increased efficiency.

Opportunities:

Strategic Developments Serve As An Opportunity

Opportunities exist for the EVTOL market as a result of strategic developments. Strategic partnerships and collaborations among aerospace producers, tech firms, and providers of transportation services allow for the pooling of knowledge, assets, and networks, hastening the development and commercialization of EVTOLs. These collaborations promote creativity, strengthen R&D capabilities, and advance infrastructure, regulatory frameworks, and technology. A supportive environment for EVTOL deployment is also created by strategic investments in EVTOL start-ups and the construction of dedicated test facilities and vertiports. Market opportunities are further boosted by government and regulatory support in the form of advantageous policies, grants, and incentives.

Segmentation Analysis of the Electric Vertical Take-Off and Landing (VTOL) Vehicle Market:

  • By Type, the Fixed-Wing segment had the largest market share. A fixed-wing aircraft is a kind of aircraft. An aircraft is a machine that can fly but is heavier than air. Fixed-wing aircraft are sometimes called airplanes, airplanes, or sometimes just planes.
  • By Application, the Military is likely to dominate in this area. In Military the Electric Vertical Take-off and Landing (eVTOL) are designed for urban air mobility, cargo deliveries, and Military Surveillance.

Regional Analysis of the Electric Vertical Take-Off and Landing (VTOL) Vehicle Market:

The North American Electric Vertical Take-Off and Landing (VTOL) Vehicle market is poised for robust growth. Many factors are driving the growth in the region, including the rising demand for urban air mobility, advancements in battery technology and electric propulsion systems, and the need for more sustainable modes of transportation. Also, several significant manufacturers such as Joby Aviation, Archer Aviation, Beta Technologies, and Lilium also support the supply side of the market. The companies have received significant investments from venture capitalists and established players in the aerospace industry, indicating the market's potential growth in the region.

Key Industry Development:

  • In January 2021, 'Undisclosed quantities' of SWITCH high-altitude UAVs were purchased by the Indian Army through a contract with IdeaForge, and they were delivered in January 2022.
Posted by  Saurabh Bawage
Expert market research and consulting to drive business decisions, growth, and strategic insights.

An experienced and insightful market research analyst with a keen eye for data interpretation and trend analysis, leveraging a strong background in quantitative research and qualitative research to provide valuable insights for Healthcare and Allied Industries. Experience in market research with 1 year in healthcare, Chemical, Electronics and semiconductor, Service industry, Food and Beverages, and other major domains. Worked on over 25 different projects from healthcare and other domains with the help of research methods, advanced analytical tools, and methods like SWOT, PESTEL, PORTER’s five forces, Ecosystem, and other aspects. Proficient in creating compelling business proposals, case studies, and business models for client-sponsored studies. Led the creation of impactful reports by precisely discerning client needs, identifying crucial gaps, and pinpointing strategic opportunities.