EVTOL market expected to reach £148m by 2027

The global electric vertical take-off and landing aircraft market is expected to reach £148m by 2027 at a CAGR of 18.4%, driven by increasing road traffic congestion in urban areas, rapid urbanisation, and high demand for efficient transportation systems.

This is the conclusion of a report published today by ResearchAndMarkets, which suggested the market was worth £38m in 2019.

Designed for urban air mobility, cargo deliveries, and military surveillance, EVTOL are electric or hybrid aircraft that use electrical propulsion to take off, hover and land vertically.
According to the United Nations, in 2018, around 55% of the world's population lived in urban areas and is expected to increase to 68% by 2050

To become commercially operational, however, the market will need insurance – something they would currently struggle to secure, according to advanced aerospace engineering company, Horizon Aircraft.

Brandon Robinson, CEO of Horizon Aircraft, which was acquired in February by Astro Aerospace, said: “Insurance coverage for eVTOLs will be a new product with unique risk exposures that will need to be assessed by insurers. This will require huge amounts of data for them to review, covering a wide range of issues such as safety, operational cost, vehicle performance and reliability, to the level of pilot training required.

“Only the safest eVTOL companies with sufficient data and evidence to support their product claims in this area will be able to secure affordable insurance.

“When we are ready, we are confident of securing insurance cover for our Cavorite X5 because it Is fundamentally a normal aircraft for around 98% of its mission, but which also has an additional layer of safety built into it. If the pilot goes too slow, for example, automated systems will provide a warning and then enter vertical mode with the patented wings opening to reveal an array of fans to provide sufficient lift.”

Image courtesy Astro Aerospace

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