Growing: Huge Revenue generation in the Global eVTOL Aircraft Market

The electric vertical takeoff and landing aircraft (eVTOL) is going to be considered as the biggest disruption in the aviation industry. This is a three-dimensional mobility in the air which will provide its passengers much shorter, convenient, and comfortable travel experience.

The amazing features of the eVTOL include:

  • vertical takeoff and landing (VTOL) capability,
  • electrification of lift and thrust (rotating a propeller/rotor with a motor),
  • and automation of controls.

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The proposed applications for passenger transportation in an eVTOL aircraft include:

  • air taxis,
  • emergency response services (rescue, first-aid, police),
  • Holiday activities.

In addition,eVTOLintends to get moreability for freight transport than ordinary drones in the sphere of good transportation.

Researches claim that more than 80 companies are currently working towards the research and development of the aircraft model. These companies include both major automotive and aircraft manufacturers and startups.

Factors driving growth

A recent report  reveals that the increasing global urbanization rate across the world is anticipated to drive the growth of eVTOL aircraft market in the upcoming years. As per a survey conducted by the UN, around 54% of the global population resides in the urban areas which is expected to outpour by 66% towards the end of 2050.

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Moreover, growth in the road traffic accident numbers and increasing government regulations against vehicle CO2 emissions are also anticipated to boost the demand for eVTOL aircrafts in the global market.

Last but not the least, these eVTOLs are affordable, safe, and an efficient mode of transportation which will further be projected to drive the growth of the market.

The epoch-making leaders and their recent approaches

Uber is ready to make the prime impact in the future opportunity of eVTOL aircraft air taxis and turn it into a reality. In May 2020, the company conducted its second annual Uber Elevate Summit in LA, USA. The new aviation division of the world’s biggest ride-sharing company envisions that in 2023, they are going to begin a newconcept of operations featuring a network of trifling and electric aircraft. This little vehicle will be designed to take off and land vertically from a distributed network of vertiports. These vertiports will include multiple takeoff-and-landing pads and a charging infrastructure for eVTOL aircraft batteries.

The leading Original Equipment Manufacturers (OEM) are also stepping forward to collaborate to the growth of the electric-hybrid-propulsion aircraft market.

For instance, Boeing acquired Aurora Flight Sciences in 2017. Aurora, another leading market player has been conducting researches on the usage of eVTOL technologies in different configurations for quite a few years.

According to a recent news, Porsche has made an association with Boeing to design an electric vertical take-off and landing aircraft (eVTOL) and to create a premium urban air mobility service.

Member of the Executive Board for Sales and Marketing at Porsche AG,Detlev von Platenremarked:

“Porsche is looking to enhance its scope as a sports car manufacturer by becoming a leading brand for premium mobility. In the longer term, this could mean moving into the third dimension of travel. We are combining the strengths of two leading global companies to address a potential key market segment of the future.”

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