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(Transportation-News.com, February 13, 2024 ) The Global eVTOL Aircraft Market is poised for unprecedented growth, with a projected worth of $23.4 billion by 2030, according to a comprehensive report titled "eVTOL Aircraft Market by Lift Technology, Propulsion Type, System, Mode of Operation, Application, Mtow, Range, and Region." The market is anticipated to experience a remarkable Compound Annual Growth Rate (CAGR) of 52.0% from an estimated $1.2 billion in 2023.
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Key Findings and Growth Drivers:
The report identifies several key factors contributing to this exponential growth, including the increasing demand for aircraft and advancements in traditional aviation. The lift plus cruise technology segment is projected to lead the market, driven by its ability to seamlessly transition between vertical and horizontal flight, execute hovering maneuvers, and perform agile maneuvers.
Furthermore, the fully electric eVTOL aircraft, classified by propulsion, is expected to dominate the market during the forecast period. This segment's prominence is attributed to the growing demand for fully electric propulsion systems, marking a significant shift in the industry's propulsion landscape.
Autonomous eVTOLs are anticipated to dominate the mode of operation segment, surpassing piloted counterparts. The autonomous segment's growth is propelled by the development of advanced technologies such as detect and avoid and GPS-denied technology, promising higher payload capacity and increased safety.
Regional Growth Outlook:
Europe is positioned to be the fastest-growing region in the eVTOL aircraft market, driven by rising disposable incomes and a burgeoning middle class. The region's increasing number of commercial aircraft, coupled with military upgrades and innovative technologies like hybrid aircraft, is creating a robust demand for eVTOLs.
Key Market Players and Market Landscape:
Prominent players in the eVTOL aircraft market include Airbus SE, Elbit Systems Ltd., Bell Textron, Ehang Holdings Ltd., Embraer SA, Israel Aerospace Industries, Pipistrel, Elroy Air, Lilium GmbH, Joby Aviation, Archer Aviation Inc., Volocopter GmbH, SZ DJI Technology Co., Aurora Flight Sciences, and Urban Aeronautics Ltd. These key players operate globally, offering a range of ultralight and light aircraft and maintaining strong distribution networks across various regions.
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