Global eVTOL Aircraft Market Report and Forecast 2024-2032

Global eVTOL Aircraft Market Report and Forecast 2024-2032

Global eVTOL Aircraft Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global eVTOL aircraft market is projected to grow at a CAGR of 44.7% between 2024 and 2032. The market is driven by the growing need for sustainable urban air mobility solutions and advances in electric propulsion technologies.

Electric vertical takeoff and landing (eVTOL) aircraft represent a revolutionary shift in air travel by offering compact, environmentally friendly, and highly efficient solutions for short-distance commutes. Leveraging electric propulsion, these aircraft can reduce urban congestion, deliver quick logistics support, and enhance emergency response, ushering in a new era of urban air mobility (UAM).

With cities becoming more congested, urban air mobility (UAM) offers the promise of reducing traffic burdens and delivering faster commutes for short-distance travel. eVTOL aircraft are ideal for connecting city centres with suburban regions, bypassing traditional road networks, consequently driving up the eVTOL aircraft market share.

The primary application of eVTOL aircraft is for short-distance passenger travel. Their compact design makes them suitable for urban commuting, offering seamless connectivity between airports, business districts, and residential areas. eVTOL aircraft provide rapid and flexible cargo delivery solutions, particularly in dense urban areas where ground transportation is less efficient. They also support last-mile delivery systems.

Governments and organisations are increasingly focused on reducing carbon footprints, and eVTOL aircraft align with these sustainability goals due to their reliance on clean electric propulsion. Moreover, advances in battery technology, autonomous flight systems, and lightweight composite materials enable safer, longer, and more reliable flights.

Additionally, eVTOL aircraft are also increasingly seen as effective tools for rapid parcel delivery, medical supply transportation, and disaster response, consequently leading to eVTOL aircraft market growth. eVTOL aircraft can also be used to quickly transport patients, medical supplies, and emergency responders to hard-to-reach areas. It also offers scenic and unique flight experiences; therefore it can be used for aerial tours and leisure activities.

As per the eVTOL aircraft market analysis, North America is leading the market due to early adoption, high research investment, and significant infrastructure development. The United States is a dominant player, backed by strong investments from companies like Joby Aviation and Archer Aviation.

Europe's progressive regulatory environment and sustainability-focused policies make it a significant market. The European Union Aviation Safety Agency (EASA) is leading regulatory efforts, and nations like Germany and the UK are pioneers. Europe is expected to experience substantial growth during the projected timeframe. This progress can be credited to the expansion of the commercial aviation sector and a heightened focus on sustainable aviation practices. Additionally, the government's increased investments in the region for the development of eVTOL aircrafts are contributing to the expansion of the market. The introduction of advanced and urban air mobility solutions is further driving the demand for eVTOL aircrafts in the market.

Piloted eVTOL aircrafts are expected to dominate a large portion of the market due to the benefits linked to having a pilot on board, such as building passenger confidence and providing reassurance. By having human oversight, regulatory requirements and safety issues can be managed more efficiently, which in turn aids in the growth of this segment and the expansion of the market. The smooth integration of piloted eVTOLs with air traffic management systems is also speeding up the acceptance of these products, leading to eVTOL aircraft market development.

Market Segmentation

The market can be divided based on the lift technology, mode of operation, propulsion type, range, application, and region

Market Breakup by Lift Technology

• Lift Plus Cruise
• Multirotor
• Vectored Thrust

Market Breakup by Mode of Operation

• Autonomous
• Piloted

Market Breakup by Propulsion Type

• Battery-Electric
• Hydrogen-Electric
• Hybrid-Electric

Market Breakup by Range

• 0 Km – 200 Km
• 200 Km – 500 Km

Market Breakup by Application

• Commercial
• Military
• Emergency Medical Service

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global eVTOL aircraft market. Some of the major players explored in the report by Expert Market Research are as follows:

• Archer Aviation Inc.
• Airbus SE
• Elbit Systems Ltd.
• Lift Aircraft Inc.
• Piasecki Aircraft Corporation
• Moog Inc.
• Lilium GmbH
• Volocopter GmbH
• Wisk Aero LLC
• Vertical Aerospace Group Ltd.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.