eVTOL Aircraft Market (By Lift Technology: Lift Plus Cruise, Multirotor, Vectored Thrust; By Mode Of Operation: Semi-Autonomous, Autonomous, Piloted; By Propulsion Type: Hybrid-Electric, Hydrogen-Electric, Battery-Electric; By Range: 200-500 Km, 0-200 Km, By Application: Emergency Medical Services (EMS), Commercial, Military; By Maximum Take-Off Weight (MTOW)) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global eVTOL aircraft market size was exhibited at USD 11.19 billion in 2022 and is projected to hit around USD 35.95 billion by 2032, growing at a CAGR of 12.38% during the forecast period 2023 to 2032.

Key Pointers:

• By lift technology, the vectored thrust segment holds the largest revenue share and will likely maintain growth from 2023 to 2032.
• By mode of operation, the piloted segment generated more than 31.9% revenue share in 2022 and the semi-autonomous segment dominates the market and captured more than 38.11% revenue share.
• By propulsion type, the battery-electric segment is showing significant growth. 
• By range, the 200-500 km segment will likely dominate the market from 2023-2032.
• By application, the commercial segment is considered the quickest-growing segment.
• By maximum take-off weight (MTOW), The <250 kg segment will likely grow at a good CAGR rate.
• By geography, North America dominates the market.

EVTOL Aircraft Market Report Scope

Electric vertical takeoff and landing aircraft are referred to as eVTOL aircraft. This is a system that deals with self-driving electric aircraft that provides enhanced safety and comfort. Electric vertical takeoff and landing aircraft market also contribute to the development of aircraft with less noise, resulting in less noise pollution. The electric vertical takeoff and landing aircraft market is improving operational efficiency with the goal of providing flexibility and convenience to customers. This electric aircraft travels quickly and perform concise tasks at a high speed. Major electric vertical takeoff and landing aircraft suppliers are developing infeasible solutions for communication and offering a more reliable customer experience.

eVTOL Aircraft Market Dynamics

Drivers: Growing need for green energy and noise-free aircraft

The growing need for green energy is due to the increase in CO2 emissions. According to the EIA’s (Energy Information Administration) International Energy Report 2021, CO2 emissions have increased due to the population. According to the Air Transport Air Group (ATAG), global aviation produces around 2% CO2 emissions. According to the latest release by ATAG, a long-term climate change goal to cut CO2 emissions in half by 2050 has been set. The research and development in electric, hybrid, and hydrogen aircraft are expected to help shift from fossil fuel for power to sustainable aviation fuel.

Thus, the  Electric VTOL aircraft uses the above sustainable aviation fuel to reduce carbon emissions. As per the US Department of Transportation’s Volpe National Transportation Systems Center,  ElectricVTOL manufacturers should use a variety of integrated, simulated, and dual-use aircraft noise models that have been developed over the years by the FAA (Federal Air Aviation), NASA, and the US Department of Défense. Thus, some of the eVTOL aircraft manufacturers such as Airbus, Bell, Ehang, and Joby Aviation have come up with various models, which produce less carbon emission and less noise. For example, Airbus has revealed its CityBus next GEN aircraft, which is the quieter version and zero-emission Electric VTOL.

Opportunities:Strategic developments in eVTOL aircraft

The demand for advanced and autonomous alternative modes of transportation is expected to boost the eVTOL aircraft market. This market also offers growth opportunities to developers of many cutting-edge technologies such as lithium metal batteries, advanced composites, and axial flux motors. Few examples that show the developments in the eVTOL aircraft market are

• The Embraer spinoff Eve Urban Air Mobility and Bristow Group, an offshore helicopter operator, have announced a memorandum of understanding (MOU) to cooperate on the development of an air operator’s certificate for Eve’s Electric VTOL aircraft. Bristow has also placed a conditional order for up to 100 aircraft from Eve, with deliveries expected to start by 2026.
• According to a press release, Volocopter and Geely signed an agreement to purchase 150 Volocopter aircraft.
• The Japanese trading and investment business conglomerate Marubeni Corporation has announced a partnership with Vertical Aerospace to pursue emission-free advanced air mobility (AAM) travel solutions in Japan, with the agreement including a conditional pre-order from Marubeni for up to 200 of the British Electric VTOL developer’s piloted, four-passenger VA-X4 aircraft.

Challenges:Safety issues

Safety has always been a major priority. The aircraft can only be successful only if the public has confidence that flying would be safe. Emerging Electric VTOL aircraft have both unpiloted and piloted aircraft. Thus, the challenges for safety measures have increased. Few safety technologies the companies are working on are

Crash prevention systems for Electric VTOL vehicles, which involves the same systems already being used in autonomous automobiles. These systems include cameras, radar, LIDAR, GPS, infrared scanners, and a host of others. Further crash prevention is necessary for the powerplant and rotor systems to allow eVTOL vehicles to remain in flight if a powerplant or rotor failure occurs. These additional systems include redundancy in the motors and batteries, typically called Distributed Electric Propulsion (DEP), and are designed in such a way that if a single component failed, others would be able to function to safely guide the aircraft to a landing. There is also a large body of research regarding vehicle separation, vehicle communication, and airspace integration, which can be generally grouped into airspace management, which is also a big part of crash prevention.

Cybersecurity is another technology used to protect aircraft from cyberattacks. Companies such as Regulus Cyber produce cybersecurity solutions for radar, lidar, global navigation satellite systems (GNSS) like GPS, and other types of sensors. According to a press release, Acronis’ cyber protection solutions will ensure data security for the lidar and machine vision technology, creating virtual force fields around each aircraft to enable close but safe racing.

Established infrastructure for Electric VTOL aircraft to communicate is expanding, with systems such as ADS-B (automatic dependent surveillance-broadcast). It helps make on-the-fly decisions and ensure passenger and cargo safety. Enhanced detection and avoidance technology uses a millimeter or micrometer wave technology to identify and measure objects over longer distances, especially in difficult terrain and unsafe operating environments, and assists in real-time decision-making to establish safe navigation during bad weather.

Some of the prominent players in the EVTOL Aircraft Market include:

• Airbus SE
• Bell Textron, Inc.
• EHang Holdings Ltd.
• Elbit Systems) Ltd.
• Embraer SA
• Kitty Hawk
• Joby Aviation
• Beta Technologies

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global EVTOL Aircraft market.

By Lift Technology:

• Lift Plus Cruise
• Multirotor
• Vectored Thrust

By Mode of Operation:

• Semi-Autonomous 
• Autonomous
• Piloted

By Propulsion Type:

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

By Range:

• 200-500 Km
• 0-200 Km

By Application:

• Emergency Medical Services (Ems)
  • Medical Cargo Transport
  • Air Ambulance
• Commercial
  • Delivery Drones
  • Air Taxi
• Military
  • Combat Mission
  • Cargo Transport

By Maximum Take-Off Weight (MTOW):

• <250 Kg
• 250-500 Kg
• 500-1000 Kg
• 1000-1500 Kg
• >1500kg

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)