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LONDON, Nov. 10, 2022 /PRNewswire/ — Artificial intelligence is a key trend gaining traction in the eVTOL aircraft market. Artificial intelligence is used in eVTOL aircraft market to estimate weather conditions and weather patterns along vital routes to ensure a safe and dependable journey. For instance, in July 2021, Avidyne Corporation, a USA-based avionics company, and Daedalean AG, a Switzerland -based company specializing in autonomous flight control software, partnered to develop an AI-based avionics vision system, known as PilotEye. PilotEye serves as another set of eyes in the cockpit, detecting airborne risks such as non-cooperative traffic, airplanes without ADS-B, drones and birds.
The global eVTOL aircraft market size is expected to be $14.36 billion in 2025 and grow to $18.92 billion in 2026 at a compound annual growth rate (CAGR) of 31.7%. The global eVTOL aircraft market size is expected to grow to $51.18 billion in 2031 at a compound annual growth rate (CAGR) of 22%.
Rising Demand For eVTOL Aircrafts In Cargo Application Is A Major Driver For The eVTOL Aircraft Market
As per the eVTOL aircraft market overview, the eVTOL aircraft market is expected to be driven by the increasing demand for eVTOL aircraft in cargo applications in the forecast period. eVTOL aircraft are increasingly being tested to be used for large cargo deliveries to parcel deliveries as they are highly fuel-efficient and faster than ground vehicles. In addition, they cut down logistics costs while reducing delivery lead times, all resulting in a better customer experience. The eVTOL aircraft can also be used to transport essentials such as vaccines, masks and other medical equipment during emergencies. All these factors are expected to drive demand for eVTOL aircraft market in the future.
Airbus SE Is A Leading Competitor In The eVTOL Aircraft Market
Airbus SE, a provider of aerospace products, services and solutions, is amongst the largest players in the eVTOL aircraft market. The company manufactures commercial aircraft, helicopters, military transport aircraft, satellites and launch vehicles. Airbus’ growth strategy focuses on strengthening its electrically powered aircraft business through business expansions. For instance, in July 2022, Airbus announced its plans to build a new eVTOL aircraft test center at Donauworth in Germany. Through the new 1,000 sq m (10,764 sq ft) facility, the company aims at developing its CityAirbus NextGen eVTOL aircraft.
eVTOL Aircraft Market Segments
The global eVTOL aircraft market analysis is segmented –
- By Lift Technology: Vectored Thrust, Multirotor, Lift Plus Cruise
- By Propulsion Type: Fully Electric, Hybrid Electric, Hydrogen Electric
- By Mode of Operation: Autonomous, Semi-Autonomous, Piloted
- By Application: Commercial, Military, Emergency Medical Services, Other Applications
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