The market for electric-vertical-takeoff-and-landing (eVTOL) aircraft could be worth around $23.4 billion in 2035, one decade after the first eVTOL air taxis are slated to enter service, according to a market research report published on July 25 by analysts at Markets and Markets.
The analysts predict the global eVTOL aircraft market will be valued at approximately $1.2 billion by the end of 2023. With a projected compound annual growth rate (CAGR) of 52 percent, its value could increase by more than 20 times by 2035, the report suggests.
Compared with other regions, the European market is expected to have the highest growth rate and will hold the largest share of the market. According to the report, Europe’s eVTOL market could be worth $4.9 billion by 2035, growing at a CAGR of 56.8 percent. The authors cite recent economic development and government commitments to sustainability as driving factors contributing to the eVTOL market in Europe.
The study found that fully electric aircraft will account for the largest share of the market, compared with aircraft with hybrid-electric or hydrogen fuel cell-powered propulsion systems. The report also states that the market for aircraft with a range of more than 200 kilometers (124 miles) will grow faster than the market for eVTOL vehicles intended to operate at shorter ranges.
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