eVTOL Aircraft Market Size Worth $1.75 Bn, Globally, by 2028 | Exclusive Report by The Insight Partners
eVTOL Aircraft Market is growing at a CAGR of 35.6% from 2024 to 2028.
Pune, India, Nov. 03, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “eVTOL Aircraft Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Lift Technology (Multirotor, Lift Plus Cruise, Vectored Thrust, and Others), Propulsion Type (Hybrid, Fully Electric, and Electric Hydrogen), Application (Air Taxi; Cargo Transport; Last Mile Delivery; Critical Missions; Inspection, Surveying, and Mapping; and Others), Operation Mode (Piloted, Optionally Piloted, and Autonomous), and Geography,” the market is expected to grow from US$ 519.81 million in 2024 to US$ 1,756.28 million by 2028; it is expected to grow at a CAGR of 35.6% from 2024 to 2028.
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eVTOL Aircraft Market: Competitive Landscape and Key Developments
Airbus (The Netherlands), Bell Textron Inc. (US), Boeing (US), Eve Air Mobility (Brazil), Lilium GmbH (Germany), Opener (US), EHang (China), BETA Technologies (US), Pipistrel Group (Slovenia), Volocopter GmbH (Germany), Joby Aviation Inc. (US), Heart Aerospace (Sweden), and Archer Aviation Inc. (US) are among the key players profiled in the eVTOL aircraft market report. Several other market players were studied to get a holistic view of the eVTOL aircraft market and its ecosystem. The market report provides detailed market insights, which helps the key players strategize their growth.
In 2022, Lilium GmBH disclosed a purchase agreement with fractional aircraft operator NetJets. The agreement includes purchase rights for up to 150 of the six-passenger eVTOL model being developed by Lilium. The agreement includes related aftermarket services for Lilium aircraft.
In 2020, Bell revealed an evolved Nexus 4EX air taxi design using fewer ducted fans and longer wings. The 7,000-pound (3,175-kilogram) Nexus 4EX can carry four to five passengers up to 60 miles (95 kilometers) at a cruise speed of ~150 mph (240 km/h). While intended to be an electric aircraft, it has been designed to be propulsion agnostic, and a hybrid version would extend that range beyond 150 miles.
eVTOL Aircraft Market: Operation Mode Overview
The operation mode segment is further categorized into piloted, optionally piloted, and autonomous. The piloted segment is expected to account for the largest market share in 2024 in the global eVTOL aircraft market. However, the optionally piloted segment is expected to register the highest CAGR from 2027 to 2028 in the global eVTOL aircraft market. This is due to the expected commercialization of optionally piloted aircraft model being developed by the Korea Aerospace Research Institute (KARI) in South Korea, which will generate huge opportunities for market vendors in the South Korean eVTOL aircraft market.
Global EVTOL Aircraft Market Scope:
|Market Size Value in||USD 519.81 Million in 2024|
|Market Size Value by||USD 1,756.28 Million by 2028|
|Growth rate||CAGR of 35.6% from 2024 to 2028|
|Segments covered||Lift Technology, Propulsion Type, Application, Operation Mode|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
The eVTOL aircraft market is segmented into North America, Europe, Asia Pacific, and the Rest of World. According to the market analysis, Europe is expected to lead the eVTOL aircraft market in 2024 and continue its dominance during the forecast period. The unprecedented hurdles and shifting consumer demands have led European countries to invest in new services such as Pick Up Drop Off (PUDO), last mile delivery, and new innovations, including real-time delivery changes. The increased importance of last-mile delivery has become evident in eVTOL-based transportation activities. The long-standing freight shippers are incorporating or updating technology to improve the last-mile delivery support. The primary focus is on improving reliability, enhancing customer experience, and increasing the competitiveness of the transport ecosystem. Thus, the eVTOL aircraft market growth is expected to witness a significant rise in the coming years.
North America is expected to account for the second-largest market share in the global eVTOL aircraft market by 2024, owing to the increasing investments in North American eVTOL infrastructure development from various sources. For instance, in May 2022, Airbus selected MAGicALL to supply the motors of its eVTOL aircraft named CityAirbus NextGen. MAGicALL provides a tailored version of the MAGiDRIVE, the newest generation of electric motors. In January 2022, Wisk, an eVTOL developer & advanced air mobility (AAM) company, received funding worth US$ 450 million from The Boeing Company. In addition to supporting the development of Wisk’s 6th-generation eVTOL aircraft, the investment from Boeing will accelerate production and achieve market growth. Further, in April 2022, Beta Technologies, a Vermont-based eVTOL startup, secured US$ 375 million in its latest Series B funding round. Such developments are expected to boost the growth of the eVTOL aircraft market in the region.
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Asia Pacific is expected to hold the third-largest share in the global eVTOL aircraft market during the forecast period. The rising urbanization and growing congestion in traffic are pushing ground transportation to maximum limits in Asia Pacific countries. Urban air mobility can develop a transportation system that is faster, cleaner, and interconnected within Asia Pacific countries. In April 2021, Volocopter, a German eVTOL developer, and China’s Geely Technology Group announced that they are laying the groundwork for future urban air mobility (UAM) services in China with a joint presence at Auto Shanghai 2021. Further, in June 2020, Terrafugia, a subsidiary of Zhejiang Geely Holding Group, introduced its full-scale TF-2A eVTOL aircraft. The growing initiatives from leading players to provide the urban air mobility solution are augmenting the development of air taxis. In October 2021, Vertical Aerospace announced that its VA-X4 is expected to be a part of plans for eVTOL air taxi services in Japan based on a lease-purchase agreement between Japan Airlines and Avolon.
The Rest of World is expected to witness a healthy and strong growth in the eVTOL aircraft market during the forecast period. The region is an important market for eVTOL manufacturing due to the presence of companies such as Eve (an Embraer company). Till 2021, the company had already gained a contract opportunity of ~US$ 5.2 billion, providing ~1,735 eVTOL aircraft to 17 different customers worldwide whose manufacturing will be in South America region. However, the company is expected to start the production of eVTOL aircraft by 2026 which is expected to catalyze the eVTOL market size in the region during the forecast period.
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