eVTOL Aircraft Market Analysis

Global eVTOL Aircraft Market Overview

eVTOL Aircraft Market Size was valued at USD 0.7 billion in 2022. The eVTOL Aircraft market industry is projected to grow from USD 0.9 Billion in 2023 to USD 4.46 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 30.30% during the forecast period (2023 - 2030). The rising frequency of cervical spondylosis among corporate workers and the increasing occurrences of cervical injuries in vehicle accidents are the key market drivers enhancing the market growth.

 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

eVTOL Aircraft Market Trends

• Growing Traffic Congestion to boost the market growth

Traffic congestion has increased as urban populations have grown in developing nations like China and India. The urban transportation system invests in sustainable and environmentally friendly alternatives like urban air mobility, air taxi services, and others due to the escalating surface traffic congestion. Several aircraft producers, including Airbus SE, Joby Aviation, and others, are creating and testing electric vertical take-off and landing aircraft prototypes. By 2024, air taxis are expected to be commercially viable. The demand for products that enable faster commutes is also anticipated to rise as urbanization continues to accelerate.

eVTOL development programs are still active at significant aircraft producers like Bell Helicopter, Airbus SE, and Boeing Company. The major aerospace suppliers, including Raytheon Technologies Inc., and GE Aviation, and. Significant investments are being made in eVTOL-related technologies like electric motors, hybrid-electric powertrain components, and others by companies like Honeywell International and Rolls Royce PLC.

Furthermore, industry heavyweights working on their eVTOL projects, including Toyota, Hyundai, Daimler AG, and others, have invested in and are collaborating has enhanced the eVTOL Aircraft market CAGR across the globe in recent years.

However, there have been significant advances in treatment innovations to cater to the demand. For instance, there have been several introductions of biomaterial eVTOL Aircraft implants, another factor driving the growth of the eVTOL Aircraft market revenue.

eVTOL Aircraft Market Segment Insights

eVTOL Aircraft Type Insights

Based on fusion type, the  eVTOL Aircraft market segmentation includes Air Taxis, Delivery Drones and others. The Air Taxis segment held the majority share in 2022 concerning the  eVTOL Aircraft market revenue. Market expansion is anticipated to be accelerated by the growing development of air taxi services. As autonomous vehicles are used more frequently to deliver goods without human intervention, interest in autonomous last-mile delivery is rising. Shorter travel distances create fewer contact points, and quicker transport times between UPS sites support segment expansion.

eVTOL Aircraft Battery Type Insights

Based on type, the  eVTOL Aircraft market segmentation includes Lithium-Ion Batteries, Solid-State Batteries and Hydrogen Fuel Cells. The Lithium-Ion Batteries segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030, as it offers several benefits, such as increased discharge and charge efficiency, longer life, and the capacity to deep cycle while maintaining power. LiFePO4 batteries frequently have higher upfront costs but much lower costs over the course of ownership. They are a wise long-term solution because they require no maintenance and have a very long lifespan for eVTOL Aircraft, positively impacting the market growth.

eVTOL Aircraft lift technology Insights

The  eVTOL Aircraft market data has been bifurcated by lift technology into Multirotor, Vectored Thrust, Lift Plus Cruise and others. The Vectored Thrust segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The Segment growth is anticipated to be fueled by the qualities of this technology, such as high endurance and greater efficiency. Furthermore, VTOL and improved maneuverability are two additional benefits of this thrust vectoring. They also enable faster revolution, slower revolution, lower take-off speeds, faster derogation and slower approach speeds.

eVTOL Aircraft Type of Propulsion Insights

Based on the Type of Propulsion, the  eVTOL Aircraft industry has been segmented into Fully Electric, Hybrid, and Electric Hydrogen. Fully Electric held the largest segment share in 2022; the cheaper alternative of electrical power compared to aviation gasoline is a benefit of fully electric aircraft for training pilots and air traffic controllers. These propulsion systems have lower sound and emission standards than internal combustion engines. Electric motors would reduce vibration by nearly 70%, maintenance costs by up to 50%, and fuel costs by up to 90%, in addition to immediately eliminating all greenhouse gas emissions.

eVTOL Aircraft Mode of Operation Insights

Based on the Mode of Operation, the  eVTOL Aircraft industry has been segmented into Piloted and Optionally Piloted. Optionally Piloted held the largest segment share in 2022; This growth is primarily attributable to the growing acceptance of artificial intelligence (AI), virtual reality (VR), and the Internet of Things (IoT) in eVTOL technology. Additionally, Optionally  Piloted vehicles reduce the number of collisions, traffic jams, emissions, and energy consumption while increasing lane capacity.

Figure 1:  eVTOL Aircraft Market, by mode of operation, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Region Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America eVTOL Aircraft market accounted for USD 0.3206 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The market will probably grow during the forecast period due to increased spending on aviation-related research and development (R and D) activities.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  eVTOL AIRCRAFT MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s eVTOL Aircraft market accounts for the second-largest market share the market for eVTOL aircraft in Europe is negatively growing due to technological advancements and investments in the eVTOL aircraft research sector. Significant key players like Volocopter GmbH and Lilium have facilitated the market’s growth in Germany. Further, Germany’s eVTOL Aircraft market held the largest market share, and the UK eVTOL Aircraft market was the fastest-growing market in the European region.

The Asia Pacific eVTOL Aircraft Market is expected to grow at the fastest CAGR from 2022 to 2030. the expansion of aviation services in the area. China and Japan are the largest market growth drivers for eVTOL aircraft in the Asia Pacific region. Moreover, the China eVTOL Aircraft market held the largest market share, and the India eVTOL Aircraft market was the fastest-growing market in the Asia-Pacific region.

eVTOL Aircraft Key Market Players & Competitive Insights

Major market players are spending much money on R&D to increase their product lines, which will help the eVTOL Aircraft market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the eVTOL Aircraft industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the  eVTOL Aircraft industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. The eVTOL Aircraft industry has provided medicine with some of the most significant benefits in recent years. The eVTOL Aircraft market major player such as EHANG (China), Volocopter GmbH (Germany), Uber Technologies Inc. (US), Aurora Flight Sciences (US), A³ by Airbus (US), Bell Textron Inc. (US), Workhorse (US) and others are working on expanding the market demand by investing in research and development activities.

EHANG (China) is one of the top companies in the world for autonomous aerial vehicle ("AAV") technology platforms. We aim to increase access to safe, self-contained, and environmentally friendly air mobility. Air mobility (including passenger transportation and logistics), smart city management, and aerial media solutions are just a few of the AAV products and business solutions that EHang offers clients in various industries. EHang continues to push the limits of aviation to improve the quality of life in smart cities as the industry leader in cutting-edge AAV technologies and business solutions.

Also, Uber Technologies Inc. (US) We are powering the movement. It is essential to our existence. It flows right through us. It's what motivates us to get up in the morning. It forces us to think of new ways to move more effectively continually for you. To every location you desire. For everything you wish to obtain. For every way you want to make money. All over the place in the present at the present's incredible speed. In addition to helping passengers find a way to get from point A to point B, we also assist customers in placing affordable and quick food orders, removing obstacles to healthcare, developing fresh freight booking options, and assisting businesses in offering a seamless employee travel experience. Moreover, we continuously support the financial well-being of our drivers and couriers.

Key Companies in the eVTOL Aircraft market include

• 
  EHANG (China)


• Volocopter GmbH (Germany)


• Uber Technologies Inc. (US)


• Aurora Flight Sciences (US)


• A³ by Airbus (US)


• Bell Textron Inc. (US)


• Workhorse (US)


• Lilium GmbH (Germany)


• TERRAFUGIA (US)


• OXIS Energy Ltd (UK)


• Karem Aircraft Inc. (US)


• MGM COMPRO (Czech Republic).


• Kitty Hawk (US)


• EmbraerX (Brazil)


• LIFT Aircraft Inc. (US)


• Opener (Canada)

eVTOL Aircraft Industry Developments

For instance, December 2022: Leading manufacturer of electric vertical takeoff and landing aircraft, AIR, reported that its flagship e-VTOL AIR ONE aircraft had completed its first full transition flight.

For instance, December 2022: Up to 20 Lilium Jet eVTOL aircraft will be added to the UK fleet of Volare, private aircraft management, and the charter company.

For instance, December 2022: The Federal Aviation Administration (FAA), as part of the company's aircraft certification program, announced that Joby Aviation, a developer of all-electric aircraft for commercial passenger services, had finished the second system review.

For instance, October 2022: To launch an eVTOL pilot project in India, Eve Air Mobility disclosed that the company had partnered strategically with FlyBlade India. The partnership aims to improve India's ecosystem for urban air mobility.

For instance, December 2022: Joby Aviation teamed up with the Aviation High School in New York to train aspiring pilots and technicians.

eVTOL Aircraft Market Segmentation

eVTOL Aircraft Type Outlook

• Air Taxis


• Delivery Drones


• Others

eVTOL Aircraft Battery Type Outlook

• Lithium-Ion Batteries


• Solid-State Batteries


• Hydrogen Fuel Cells

eVTOL Aircraft Lift Technology Outlook

• Multirotor


• Vectored Thrust


• Lift Plus Cruise


• Others

 eVTOL Aircraft Type of Propulsion Outlook

• Fully Electric


• Hybrid


• Electric Hydrogen

eVTOL Aircraft Type of Propulsion Outlook

• Piloted


• Optionally Piloted

eVTOL Aircraft Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America