Electric vertical takeoff and landing (eVTOL) air taxis are one of the magnificent inventions of the recent times. This technology promises to reveal the skies as high-speed, traffic-free, 3D travelling routes. The technology claims to be much noiseless and affordable as compared to helicopter travels.
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Growing Demand for eVTOL Aircrafts
The eVTOL aircrafts run on zero-local-emission electric power and are expected to transform the way cities and lifestyles are designed. For instance, sky-ports on the top of office buildings, train stations and last-mile transportation hubs will promote multi-mode traveling. Moreover, real estate in pleasing coastal regions may thrive as people replace 45 minutes travelling in the suburban traffic with 45 minutes of 120 mph (200 km/h) air travel, and choose to live in such calming places away from their work spaces.
Besides, the growing rate of urbanization worldwide, widespread surge in road traffic accidents, and increasing government rules against vehicle CO2 emissions are expected to encourage the need for eVTOL aircrafts. Moreover, eVTOLs are considered as a safe, affordable, and an effective means of transport.
Aviation Industry Players in a Race to Bring-in the Concept of eVTOL Aircrafts in Reality
Air taxis are currently under the testing phase. Several top aircraft companies are entering into the eVTOL market through new product launches. For instance, eHang, a Chinese company that builds drones which are large enough to carry human passengers, has announced its eVTOL “EHang 216 Autonomous Aerial Vehicle (“AAV”)” in February 2018. In addition, two international pioneers in the aerospace sector, Boeing and Airbus, are profoundly investing in R&D into electric urban air mobility. Moreover, Uber Elevate is currently involved in making its uberAIR available to the masses.
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Top Stories in the eVTOL Aircraft Sector
The Asia-Pacific region is seen to be the fastest adopter of the eVtol aircraft technology. Numerous cities in this region are projected to soon have urban air mobility services. Several leading companies in this region are offering substantial financial support for eVTOL programs.
In February 2020, Boeing, the world’s leading aerospace company, and Kitty Hawk, an electric flight transportation solution company, has entered into a joint venture called “Wisk” which will be focused on developing the “Cora eVTOL” for passenger-carrying missions and achieve an advanced and safe urban air mobility.
Morever, in Novemnber 2019, Honeywell International Inc., a technology and manufacturing company focused on developing aerospace, home and building technologies, performance materials and technologies, and safety and productivity solutions, has capitalized in and entered into a technological partnership with a Swiss startup, Daedalean.ai, for developing technologies for automatic takeoffs and landings, GPS-independent navigation, and collision prevention for electrical VTOL aircraft and general aviation (GA).
Moreover, in January 2020, EmbraerX, a Brazilian aerospace company that manufactures military, executive, commercial, and agricultural aircrafts and offers aeronautical services, has proclaimed a partnership with Elroy Air, a firm involved in logistics, robotics, and air conveyance services, to launch a cargo-carrying eVTOL airplane called the “Chaparral”. According to the joint venture, the autonomously operated airplane, which is equipped with a hybrid-electric propulsion system, will be capable of delivering shipments of nearly 300 pounds across distances of about 300 miles.
Moreover, since the beginning of 2020, Japan’s Toyota and South Korea’s Hyundai have made substantial investments in the fast-evolving eVTOL market. Apart from this, in January 2020, at the Consumer Electronics Show (CES), Uber and Hyundai Motor Company have proclaimed their plans to collaborate to launch an innovative eVTOL aircraft for Uber’s air-taxi service. Uber has also partnered with 8 potential manufacturing players including Bell (Chalet Q01), Pipistrel Aircraft, Embraer (Chalet CD37), Boeing, and more 3 startups: Joby Aviation, Karem Aircraft, and Jaunt Air Mobility.
Furthermore, in the same month, Toyota Motor Corp., a global automotive industry leader, was declared as the foremost financier in a $590 million Series C financing round for “Joby Aviation”. The firm has capitalized $394 million in this start-up located in California and will offer manufacturing and quality-control support for its S4 eVTOL, which is expected to be in-service by 2023.
Future Outlook of the eVTOL Aircraft Market
According to a report by Research Dive, the global electric vertical takeoff and landing (eVTOL) aircraft market is projected to grow at a healthy growth rate of 20.3% from 2025 to 2033. The Asia Pacific region market is expected to offer lucrative opportunities for the market growth in the coming years mainly due to the increasing strategic partnerships, rising importance of travel time, and growing urbanization in this region. In a nutshell, the rise in technological advances and collaborations by leading aviation players are expected to thrive the global eVTOL aircraft market growth in the upcoming years.
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