eVTOL Aircraft Market Summary
As per MRFR Analysis, the Global eVTOL Aircraft Market was valued at USD 0.7 billion in 2022 and is projected to grow from USD 0.9 billion in 2023 to USD 4.46 billion by 2030, with a CAGR of 30.30% during the forecast period. Key drivers include rising urban traffic congestion and advancements in eVTOL technology, with significant investments from major players like Airbus SE and Joby Aviation. The market is segmented into Air Taxis, Delivery Drones, and various battery types, with Lithium-Ion Batteries and Vectored Thrust technologies leading the way. North America holds the largest market share, followed by Europe and Asia-Pacific, with China and India being key growth drivers.
Key Market Trends & Highlights
The eVTOL Aircraft market is witnessing significant growth driven by urbanization and technological advancements.
- Market Size in 2022: USD 0.7 billion; Projected Market Size by 2030: USD 4.46 billion.
- CAGR from 2023 to 2030: 30.30%; Major growth driven by urban air mobility solutions.
- North America accounted for USD 0.3206 billion in 2022; expected to grow significantly due to R&D investments.
- Air Taxis segment held the majority share in 2022; expected to accelerate market expansion.
Market Size & Forecast
2022 Market Size: USD 0.7 billion
2023 Market Size: USD 0.9 billion
2030 Market Size: USD 4.46 billion
CAGR (2023-2030): 30.30%
Largest Regional Market Share in 2022: North America
Major Players
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)
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
- Volocopter GmbH (Germany)
- Uber Technologies Inc. (US)
- Aurora Flight Sciences (US)
- MGM COMPRO (Czech Republic).
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
eVTOL Aircraft Battery Type Outlook
eVTOL Aircraft Lift Technology Outlook
eVTOL Aircraft Type of Propulsion Outlook
eVTOL Aircraft Type of Propulsion Outlook
eVTOL Aircraft Regional Outlook
eVTOL Aircraft Report Scope
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 0.7 billion |
| Market Size 2023 |
USD 0.9121 billion |
| Market Size 2030 |
USD 4.4638 billion |
| Compound Annual Growth Rate (CAGR) |
3.30% (2023-2030) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2030 |
| Historical Data |
2018 - 2021 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Battery Type, Lift Technology, Type of Propulsion, Mode of Operation, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
EHANG (China), Volocopter GmbH (Germany), Uber Technologies Inc. (US), Aurora Flight Sciences (US), A³ by Airbus (US), Bell Textron Inc. (US), and Workhorse (US). |
| Key Market Opportunities |
· Growing Traffic Congestion |
| Key Market Dynamics |
· Increasing Levels of Traffic in the Urban Localities |
eVTOL Aircraft Market Highlights:
Frequently Asked Questions (FAQ) :
The eVTOL Aircraft market size was valued at USD 0.7 Billion in 2022.
The market is projected to grow at a CAGR of 3.30% during the forecast period, 2022-2030.
North America had the largest share of the market
The key players in the market are 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.
The Air Taxi eVTOL Aircraft category dominated the market in 2022.
The Vectored Thrust had the largest share in the market.
