EVTOL Aircraft Market Size to Hit USD 23.21 Billion by 2028

Pune, India, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The global eVTOL aircraft market size was estimated to be worth USD 1.11 billion in 2020. The market value is expected to increase from USD 5.41 billion in 2021 to USD 23.21 billion in 2028 at a CAGR of 23.13% during 2021-2028. Growing urbanization, increasing traffic congestion, and the need for smarter transportation solutions are some of the major factors propelling the market forward. Fortune Business Insights presents this information in its report titled 'EVTOL Aircraft Market, 2021-2028."

Electric vertical take-off and landing aircraft are increasingly gaining traction across the globe. This technology represents the next generation of transportation solutions that are safer, quieter, and cleaner. Such aircraft work on electric propulsion, making them a sustainable option compared to conventional air carriers. The demand for this technology will increase significantly in the next few years, powered by increasing demand for urban air mobility, growing awareness regarding carbon footprint, and the need to cut aircraft operating costs.

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List of Key Players Profiled in the EVTOL Aircraft Market Report:

Kitty Hawk (U.S.)

Lilium (Germany)

Ehang (China)

Volocopter (Germany)

Bell Textron Inc. (U.S.)

Airbus S.A.S (Netherlands)

Beta Technologies (U.S.)

Joby Aviation (U.S.)

Urban Aeronautics Ltd. (Israel)

EVTOL Aircraft Market Report Scope & Segmentation:

Report Coverage

Details

Forecast Period

2021-2028

Forecast CAGR

3.68%

2028 Value Projection

USD 23.21 billion

Base Year

2020

Historical Data

2017-2019

No. of Pages

200

Segments Covered

By Lift Technology, By Range, By Application

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Market Segments:

Based on lift technology, the market is divided into

vectored thrust

lift plus cruise

multirotor

By mode of operation, the market is segmented into

Autonomous

semi-autonomous

Piloted.

In terms of range, the market is bifurcated into

0-200 km

200-500 km

On the basis of maximum take-off weight (MTOW), the market is classified into

<250 kg

250-500 kg

500-1500 Kg

1500 kg

By propulsion type, the market is split into

Battery-electric

hydrogen-electric

hybrid-electric

In terms of application, the market is broken down into

Commercial

Military

emergency medical service

Geographically, the market is segmented into

North America

Asia Pacific

Europe

rest of the world

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Drivers & Restraints:

Need for Smarter & More Sustainable Transportation to Augment the Product Adoption

With growing urbanization, traffic congestion is emerging as a major concern. In addition, the rising amount of air pollution is giving rise to the need for smarter and more sustainable transportation solutions. The growing concept of urban air mobility solutions, such as air taxis, is anticipated to create favorable opportunities for eVTOL aircraft companies.

Major aircraft makers, such as Airbus SE, Boeing Company, and Bell Helicopter, are accelerating ongoing eVTOL development programs. Automotive giants are also entering the space which will further heat up the market competition. In January 2020, Toyota invested USD 400 million in eVTOL startup Joby Automation.

Despite constant developments in the market, grow could be affected due to the lack of suitable infrastructure and strict regulations enforced by aviation agencies.

Regional Insights:

North America is expected to dominate the global eVTOL aircraft market share during 2021-2028. The regional trends will be influenced by the presence of major market players including Bell Textron Inc., Kitty Hawk, Joby Aviation, and others in the U.S.

The market in Asia Pacific will grow on account of growing investments by eVTOL companies, such as Ehang, in urban air mobility. Europe will record notable gains driven by government initiatives such as the Urban Air Mobility (UAM) Initiative.

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Detailed Table of Content:

Introduction

Research Scope

Market Segmentation

Research Methodology

Definitions and Assumptions

Executive Summary

Market Dynamics

Market Drivers

Market Restraints

Market Opportunities

Key Insights

Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships

Latest technological Advancements

Porters Five Forces Analysis

Supply Chain Analysis

Quantitative Insights-Impact of COVID-19 Pandemic on Global eVTOL Aircraft Market

Impact of COVID-19 Pandemic on Global eVTOL Aircraft Market

Steps Taken by Industry/Companies/Government to Overcome the Impact

Key Development in the industry in Response to COVID-19 Pandemic

Potential opportunities due to COVID-19 Pandemic

Global eVTOL Aircraft Market Analysis, Insights and Forecast, 2017-2028

Segment Definitions

Market Analysis, Insights and Forecast – By Lift Technology

Vectored Thrust

Multirotor

Lift Plus Cruise

TOC Continued…!

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Notable Industry Development:

June 2021 – Vertical Aerospace received a pre-order contract worth USD 1 billion from American Airlines to supply about 250 eVTOL aircraft to fly passengers in urban regions.

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