According to a new report by UnivDatos, EVTOL Market, is expected to reach USD 63148.29 Million in 2030 by growing at a CAGR of 41.73%. EVTOL aircrafts are electric aircrafts that take off and land going straight up and down. Short for electric vertical take-off and landing aircrafts, eVTOLs are sometimes referred to as air taxis or flying taxis, powered by batteries, eVTOLs hover and fly, much like a helicopter, and are typically designed to carry two to six passengers including a pilot. Most eVTOLs also use what is called as distributed electric propulsion technology which means integrating a complex propulsion system with the airframe.
Key Highlights of the Report:
Ø In November 2022, Lilium, a Munich, Germany-based leading developer of eVTOl aircraft, raised $119 million in its latest round of funding to help build jet eVTOL.
Ø In April 2023, Einride made an announcement regarding its expansion in the UK. With a comprehensive range of products including the innovative Einride Saga intelligent platform, electric & autonomous fleets, charging infrastructure, and connectivity networks, Einride aims to introduce a fresh & sustainable end-to-end road freight solution in the UK.
Ø In January 2022, Wisk Aero secured $450 million from The Boeing Company to further advance the development of Wisk’s sixth generation eVTOL aircraft. It also supports the company as it enters an intensive growth phase to prepare for the launch of scale manufacturing.
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The report suggests that The demand for environmentally friendly and noise-free aircraft is one of the major factors driving EVTOL Market during the forthcoming years. The demand for aircraft that are both environmentally friendly and noiseless has increased globally due to growing environmental consciousness and sustainability objectives. Passengers, airlines and regulatory agencies are increasingly giving priority to airplanes that have low carbon emissions and noise pollution, amidst the fears of climate change and pollution. Tighter environmental laws across the globe are making the aviation industry to adopt cleaner technologies and quieter engines. Airlines understand the economic and reputational advantages of having a fleet that is eco-friendly in order to satisfy the changing desires of travelers who care about environment conservation. This trend towards greener aviation demonstrates a wider societal commitment to reducing air travel’s ecological footprint, which encourages innovation in airplane design as well as propulsion systems towards a more sustainable, less noisy future in aviation industry.
• Global EV sales, trucks, World, 2020-2022
The Electric Vertical Takeoff and Landing (eVTOL) market has witnessed significant technological advancements Central to these innovations is the continual improvement in battery technology, where increased energy density and faster charging capabilities contribute to extending the range and operational efficiency of eVTOL aircraft. Some of the recent strategic alliances are:
• In 2023, Volocopter, the pioneer of Urban Air Mobility (UAM), and Safran Electrical & Power, one of the world’s leaders in aircraft electrical systems, signed an agreement to develop a next generation power train for electric vertical takeoff and landing (eVTOL) aircraft.
• In June 2023, the United States government announced that it would be providing USD 100 million in funding to support the development of eVTOLs. The funding will be used to support the development of new eVTOL technologies and to help eVTOL companies certify their aircraft
Electric Segment Gaining Traction in the Market
The electric vertical takeoff and landing (eVTOL) market, particularly within the electric segment, has experienced transformative developments. The continual advancement in electric propulsion systems, utilizing cutting-edge electric motors and power electronics enhance the efficiency and reliability of eVTOL aircraft, crucial factors for their viability in urban air mobility. The electric segment of the market is characterized by a commitment to sustainability, as these aircraft aim to reduce environmental impact compared to traditional combustion engines. For Instance:
US-based automobile manufacturers Ford Motor and General Motors Co. (General Motors) were expected to launch their hybrid pickup truck models by 2021. In addition to pickup trucks, manufacturers are developing hybrid powertrains for heavy-duty trucks.
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March 2020: BYD Motors Inc. introduced the revolutionary Blade Battery for electric vehicles, which improves the battery pack construction by more than 50% over typical lithium iron phosphate batteries. It also boosts battery safety significantly. This creation has further broadened the growth opportunity for the electric truck industry.
Conclusion
The global Electric Vertical Takeoff and Landing (eVTOL) market stands at the forefront of a transformative era in urban air mobility. The integration of autonomous flight systems, noise reduction technologies and lightweight materials emphasizes the transformative potential eVTOLs have for urban transport. With changing regulatory frameworks and industry collaborations that address operational issues, eVTOL market is poised to grow significantly. With more investments being made by various stakeholders as well as global attention, partnerships being formed; there is no doubt that eVTOL market will be a major player in shaping aviation’s next frontier hence marking the beginning of widespread urban air travel that is affordable and sustainable.
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