Electric VTOL (eVTOL) aircraft have experienced dynamic technological advancements over the last decade. The technological advancement in terms of operating range, components, aircraft type, capabilities, and size, largely pave the way for various growth opportunities for the defense and commercial sectors. eVTOL aircraft are undergoing several technological changes that result in reduction of weight, size, and cost, and an enhanced battery life. Moreover, the concepts of eVTOL aircrafts have reached a level of maturity, where the quiet and efficient piloted and optionally piloted eVTOL aircraft are to conduct the on-demand and scheduled operations.
Read Report Overview: Electric VTOL (eVTOL) Aircraft Market
Governmental regulations are expected to play an important role in commercializing global eVTOL aircraft market. For operating eVTOL aircraft, there are various restrictions imposed by the aviation department in various countries. Each country has its own rules for flight operations of eVTOL aircraft. For instance, Federal Aviation Administration (FAA) is the regulatory body for American Civil Aviation. The authority creates regulations for the use of aircraft in commercial applications. To operate eVTOL aircraft for commercial applications, the operator has to follow a certification process to certify its eVTOL aircraft for usage by the people. The legal and regulatory framework for eVTOL aircraft needs to be developed quickly for these emerging requirements from the operators.
The key drivers that are expected to create demand for the eVTOL aircraft market include:
§ growing demand of eVTOL aircraft for commercial applications
§ increasing need for efficient transportation and logistics
§ smart city initiatives
§ runway-less platforms
§ increasing environmental concerns and energy impacts
North America in the Forefront of the Global eVTOL Aircraft Market
The eVTOL aircraft market has witnessed different market dynamics across various regions of the globe. The leading companies have witnessed rising demand of eVTOL aircraft from countries such as France, the U.S., Singapore, Australia, China, and the UAE countries.
The eVTOL aircraft market segmentation (on the basis of technology) has been done into rotorcraft, vectored thrust, lift+cruise, and hoverbikes. The rotorcraft is expected to dominate the global eVTOL aircraft market in 2025 and is anticipated to maintain its dominance throughout the forecast period. Moreover, there are other segments in the global eVTOL aircraft market which includes energy source, end user, application, and infrastructure.
The eVTOL aircraft market segmentation by region is segregated into four major regions, namely, North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). Data for each of these regions is provided by technology and by application.
Competitive Landscape
The competitive landscape of the eVTOL aircraft market includes different strategies undertaken by the manufacturers to gain market presence. Some of the strategies adopted by eVTOL manufacturers are product launches and developments, partnerships, agreements, and contracts, mergers and acquisitions. Among all the strategies adopted, partnerships, contracts, and agreements have dominated the market and is the most widely adopted strategy among the eVTOL manufacturers.
The eVTOL aircraft market is a highly competitive industry, with all the players competing with each other to gain a greater market share. Innovation and development are the key factors expected to drive anticipated growth in this market. To increase the global footprint, global eVTOL manufacturers are also entering into mergers and acquisitions to strengthen their product portfolio.
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Airbus, Aurora Flight Scinces, Pipistrel, and Embraer are some of the prominent companies which have remained in the limelight because of their wide range of product launches and partnerships, collaborations, contracts, and agreements. The companies are mainly concentrated in the U.S. and the Europe region. With the ongoing efforts of industry players to develop high-end solutions for different end users, the eVTOL aircraft market is anticipated to grow at a robust pace in the upcoming years.
In recent years, OEMs are focusing toward introducing aftermarket services such as parts, maintenance, repair, and digital services as such kind of aftermarket services enable OEMs to leverage significant revenue streams with higher profit margins than sales of new equipment.
However, OEMs at times may lose ground to independent MROs or other third-party part manufacturers attributed to less expensive services offered by such MROs and third-party part manufacturers.
Thus, to retain the market share, OEMs must identify the loopholes by having a detailed examination of aftermarket lifetime value, which, in turn, also help them boost the core business during the forecast period.Read Report Overview: https://bisresearch.com/industry-report/strategic-assessment-aerospace-aftermarket.htmlAccording to Colins Aerospace, everyday hundreds-of-thousands of transactions take place between airlines and their aftermarket service providers for aircraft services.
However, various MROs are engaged in implementing new technologies including hangars & paperless shops, virtual maintenance training, predictive maintenance, and drone-supported maintenance to operationalize aircraft monitoring, improve technician efficiency and productivity, and bring actionable solutions to the airlines faster.
In order to deal with such circumstances, the International Air Transport Association (IATA) has taken initiatives to prepare a web-based pricing model which provide aftermarket players and airlines to real-time access to transparent market values for aircraft components, considering availability and delivery times for different parts and equipment.
The market has considerably evolved in developed regions such as North America and Europe and is gaining popularity in geographies such as the Asia-Pacific and Middle East and Africa (ME).
