EVTOL Aircraft Market Insights Report by 2026 - Trends & Future Growth Factors
The qualitative research study introduced by Global Market Insights on EVTOL Aircraft Market Report provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the Global EVTOL Aircraft Market.
North America will dominate the eVTOL aircraft market over coming years due to the acceptance of new technologies at a much faster pace. The country has developed economy with highly advanced technological capabilities and infrastructure facilities capable of supporting the market.
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The rising cargo application of eVTOL vehicles has a potential to provide significant market growth within the forecast period of 2020-26. As of 2019, the global cargo industry is worth USD 4 trillion, which is projected to grow with rising trade activities across the globe. eVTOL vehicles with high Maximum Takeoff Weight (MTOW) have a huge potential to capture this market but are currently facing regulatory constraints. These constrains will be eliminated within the coming years, positively impacting eVTOL aircraft market growth.
Technological advancements and significant R&D investments done by major industry players, such as NASA, Uber, Boeing, and Airbus, will propel the market along with improving market competitiveness. Many major industry participants have eVTOL programs under which they are continuously testing commercial feasibility of these vehicles. Currently, there are more than 150 VTOL concepts developed by industry players, each with a unique scope of application.
The segment of more than 250kg towing capacity in the eVTOL aircraft market will showcase maximum growth potential within the forecast timeframe of 2020-26, whereas vehicles with a towing capacity of less than 20kg captured a maximum market share as of 2020. Limited regulatory framework, low acceptance of public due to new technology, and limited technological exposure are limiting the commercialization of eVTOL with more than 250kg. These pitfalls will be eliminated with time, allowing the market to demonstrate significant growth potential.
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Presence of major industry players, such as Lockheed Martin, Boeing demonstrate expertise in development and manufacturing capabilities whereas companies like Amazon are experimenting these vehicles for commercial application. Together these companies form a healthy market environment, propelling market growth
Major industry players in the market are Airbus, Aurora Flight Sciences, Bell Helicopter, Boing, Ehang, Embraer, Joby Aviation, Karem Aircraft, Kitty Hawk, L3Harris, Lift Aircraft, Lilium, Lockheed Martin, Neva Aerospace, Opener, Pipistrel, Raytheon, Uber Technologies Inc., Volocopter, and Workhorse.
Major strategies of industry participants to safeguard and improve their market share include collaborations and long-term agreements to eliminate market competitiveness. For instance, Uber partnered with eight major market players including Boeing, EmberaerX, Bell, Pipstrel, Kaeren Aircraft Inc, Jaunt Air Mobility, Joby Aviation, and Hyundai. The partnership with Hyundai was announced as of January 2020.
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