DUBLIN--(BUSINESS WIRE)--The "North America EVTOL Aircraft Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Lift Technology, Propulsion Type, Application, and Operation Mode" report has been added to ResearchAndMarkets.com's offering.
The North America eVTOL aircraft market is expected to grow from US$ 184.82 million in 2024 to US$ 674.41 million by 2028; it is estimated to grow at a CAGR of 38.2% from 2024 to 2028.
The aviation industry is one of the fastest-growing sources of the greenhouse gas emissions, driving global climate change. On January 11, 2021, the Environmental Protection Agency (EPA) issued a greenhouse gas (GHG) emissions standard for aircraft operating North America to control their carbon emissions.
In addition, in November 2021, EPA filed a litigation that formulated the commercial aircraft greenhouse gas (GHG) emission standards, which EPA promoted in early 2021. The development of electric propulsion-based eVTOL aircraft helps mitigate the environmental impact in terms of noise and pollutant emissions.
Thus, government regulations and policies for reducing emissions drive the demand for electric propulsion-based eVTOL aircraft. Initiatives from key players and startups are increasing across the North America. The startup will launch operations in 2024. As battery technology are improving over the years, eVTOL is becoming sustainable. eVTOL aircraft can fly for longer ranges and at higher speeds. Electric propulsion-based eVTOL can move into intra-city and inter-city aviation.
The investments from key players are also growing. For instance, in January 2022, the ePlane Company, an eVTOL aircraft startup company, raised US$ 5 million in a Pre-Series A funding round led by Speciale Invest and Micelio. The investment was made to make unmanned air taxis.
Moreover, the increasing developments in the electric propulsion-based UAVs are also expected to boost the eVTOL aircraft during the forecast period. Also, the vendors across this market are initially focusing on the development of fully electric propulsion based eVTOL aircraft.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America eVTOL aircraft market . The North America eVTOL aircraft market is expected to grow at a good CAGR during the forecast period.
North America eVTOL aircraft market Segmentation
- The lift plus cruise dominates the North America eVTOL aircraft market in 2024.
- The fully electric segment dominates the North America eVTOL aircraft market in 2024.
- The air taxi segment dominates the North America eVTOL aircraft market in 2024.
- The piloted segment dominates the North America eVTOL aircraft market in 2024.
- The US dominates the North America eVTOL aircraft market in 2024.
Key Industry Dynamics
Market Drivers
- Adoption of Air Taxis due to Development of Urban Air Mobility
- Development of Electric Propulsion-Based eVTOL Aircraft
Market Restraints
- Certification and Qualification Challenges for Market Vendors
Market Opportunities
- Demand for Last-Mile Delivery
Market Trends
- Emerging Need for Green Energy-Based Mode of Transportation
Company Profiles
- Airbus
- Bell Textron Inc.
- Boeing
- Eve Air Mobility
- Lilium GmBH
- Opener
- EHang
- BETA Technologies
- Pipistrel Group
- Joby Aviation Inc.
- Heart Aerospace
- Archer Aviation Inc
For more information about this report visit https://www.researchandmarkets.com/r/qlzjnv
