The EVTOL aircraft market is segmented by application (cargo and passengers), technology (lift plus cruise, multirotor, and vectored thrust), and geography (Europe, North America, APAC, Middle East and Africa, and South America). A compound annual growth rate (CAGR) of 39.53% is predicted for the eVTOL aircraft market, which will grow by USD 5.43 billion between 2022 and 2027. The development of drone infrastructure is the major EVTOL aircraft market trend which will positively influence the market value.
The EVTOL aircraft market share will value over USD 5.43 billion through 2023 - 2027.
It is estimated to expand at a CAGR of 39.53% from 2022 to 2027.
The EVTOL aircraft market size will witness a YOY growth rate of 33.01% in 2023.
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Development of Drone Infrastructure Will Fuel Market Growth: In many applications, including wireless coverage, remote sensing, transportation of commodities, search and rescue, precision agriculture, security and surveillance, and inspection of civic infrastructure, drones are being used extensively. They can provide medical supplies to locations that might not otherwise be accessible and issue timely disaster alerts.
Increasing Requirement for Clean and Quiet Aircraft to Drive Market Growth:There are no aircraft noise levels produced by EVTOL aircraft because their engines don't make the noises that are associated with jet or combustion engines. Therefore, during the projected period, these factors will support the expansion of the electric vertical take-off and landing (eVTOL) aircraft market.
eVTOL Aircraft Market Players
Some of the major EVTOL aircraft market vendors are:
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The operating power and heat management challenges are the major hindrances for market players
The EVTOL aircraft market structure is fragmented in nature.
39% of the EVTOL aircraft market growth will develop from North America.
The market growth by the cargo segment will be significant during 2023-2027.