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:
EVTOL Aircraft Market Report Scope
Report Coverage |
Details |
Market Size in 2023 |
USD 12.58 Billion |
Market Size by 2032 |
USD 35.95 Billion |
Growth Rate From 2023 to 2032 |
CAGR of 12.38% |
Base Year |
2022 |
Forecast Period |
2023 to 2032 |
Segments Covered |
By Lift Technology, By Mode of Operation, By Propulsion Type, By Range, By Application, and By Maximum Take-Off Weight (MTOW) |
Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
Key Companies Profiled |
Airbus SE, Bell Textron, Inc., EHang Holdings Ltd., Elbit Systems) Ltd., Embraer SA, Kitty Hawk, Joby Aviation, Beta Technologies, and others. |
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
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:
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:
By Mode of Operation:
By Propulsion Type:
By Range:
By Application:
By Maximum Take-Off Weight (MTOW):
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on EVTOL Aircraft Market
5.1. COVID-19 Landscape: EVTOL Aircraft Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global EVTOL Aircraft Market, By Lift Technology
8.1. EVTOL Aircraft Market, by Lift Technology, 2022-2030
8.1.1. Multirotor
8.1.1.1. Market Revenue and Forecast (2022-2032)
8.1.2. Vectored Thrust
8.1.2.1. Market Revenue and Forecast (2022-2032)
Chapter 9. Global EVTOL Aircraft Market, By Mode of Operation
9.1. EVTOL Aircraft Market, by Mode of Operation, 2022-2030
9.1.1. Semi-Autonomous
9.1.1.1. Market Revenue and Forecast (2022-2032)
9.1.2. Autonomous
9.1.2.1. Market Revenue and Forecast (2022-2032)
9.1.3. Piloted
9.1.3.1. Market Revenue and Forecast (2022-2032)
Chapter 10. Global EVTOL Aircraft Market, By Propulsion Type
10.1. EVTOL Aircraft Market, by Propulsion Type, 2022-2030
10.1.1. Hybrid-Electric
10.1.1.1. Market Revenue and Forecast (2022-2032)
10.1.2. Hydrogen-Electric
10.1.2.1. Market Revenue and Forecast (2022-2032)
10.1.3. Battery-Electric
10.1.3.1. Market Revenue and Forecast (2022-2032)
Chapter 11. Global EVTOL Aircraft Market, By Range
11.1. EVTOL Aircraft Market, by Range, 2022-2030
11.1.1. 200-500 Km
11.1.1.1. Market Revenue and Forecast (2022-2032)
11.1.2. 0-200 Km
11.1.2.1. Market Revenue and Forecast (2022-2032)
Chapter 12. Global EVTOL Aircraft Market, By Application
12.1. EVTOL Aircraft Market, by Application, 2022-2030
12.1.1. Emergency Medical Services (Ems)
12.1.1.1. Market Revenue and Forecast (2022-2032)
12.1.2. Commercial
12.1.2.1. Market Revenue and Forecast (2022-2032)
12.1.3. Military
12.1.3.1. Market Revenue and Forecast (2022-2032)
Chapter 13. Global EVTOL Aircraft Market, By Maximum Take-Off Weight (MTOW)
13.1. EVTOL Aircraft Market, by Maximum Take-Off Weight (MTOW), 2022-2030
13.1.1. <250 Kg
13.1.1.1. Market Revenue and Forecast (2022-2032)
13.1.2. 250-500 Kg
13.1.2.1. Market Revenue and Forecast (2022-2032)
13.1.3. 500-1000 Kg
13.1.3.1. Market Revenue and Forecast (2022-2032)
13.1.4. 1000-1500 Kg
13.1.4.1. Market Revenue and Forecast (2022-2032)
13.1.5. >1500kg
13.1.5.1. Market Revenue and Forecast (2022-2032)
Chapter 14. Global EVTOL Aircraft Market, Regional Estimates and Trend Forecast
14.1. North America
14.1.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.1.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.1.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.1.4. Market Revenue and Forecast, by Range (2022-2032)
14.1.5. Market Revenue and Forecast, by Application (2022-2032)
14.1.6. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.1.7. U.S.
14.1.7.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.1.7.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.1.7.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.1.7.4. Market Revenue and Forecast, by Range (2022-2032)
14.1.8. Market Revenue and Forecast, by Application (2022-2032)
14.1.8.1. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.1.9. Rest of North America
14.1.9.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.1.9.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.1.9.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.1.9.4. Market Revenue and Forecast, by Range (2022-2032)
14.1.10. Market Revenue and Forecast, by Application (2022-2032)
14.1.11. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.1.11.1.
14.2. Europe
14.2.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.2.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.2.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.2.4. Market Revenue and Forecast, by Range (2022-2032)
14.2.5. Market Revenue and Forecast, by Application (2022-2032)
14.2.6. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.2.7.
14.2.8. UK
14.2.8.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.2.8.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.2.8.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.2.9. Market Revenue and Forecast, by Range (2022-2032)
14.2.10. Market Revenue and Forecast, by Application (2022-2032)
14.2.10.1. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.2.11. Germany
14.2.11.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.2.11.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.2.11.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.2.12. Market Revenue and Forecast, by Range (2022-2032)
14.2.13. Market Revenue and Forecast, by Application (2022-2032)
14.2.14. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.2.14.1.
14.2.15. France
14.2.15.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.2.15.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.2.15.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.2.15.4. Market Revenue and Forecast, by Range (2022-2032)
14.2.16. Market Revenue and Forecast, by Application (2022-2032)
14.2.16.1. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.2.17. Rest of Europe
14.2.17.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.2.17.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.2.17.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.2.17.4. Market Revenue and Forecast, by Range (2022-2032)
14.2.18. Market Revenue and Forecast, by Application (2022-2032)
14.2.18.1. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.3. APAC
14.3.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.3.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.3.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.3.4. Market Revenue and Forecast, by Range (2022-2032)
14.3.5. Market Revenue and Forecast, by Application (2022-2032)
14.3.6. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.3.7. India
14.3.7.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.3.7.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.3.7.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.3.7.4. Market Revenue and Forecast, by Range (2022-2032)
14.3.8. Market Revenue and Forecast, by Application (2022-2032)
14.3.9. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.3.10. China
14.3.10.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.3.10.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.3.10.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.3.10.4. Market Revenue and Forecast, by Range (2022-2032)
14.3.11. Market Revenue and Forecast, by Application (2022-2032)
14.3.11.1. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.3.12. Japan
14.3.12.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.3.12.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.3.12.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.3.12.4. Market Revenue and Forecast, by Range (2022-2032)
14.3.12.5. Market Revenue and Forecast, by Application (2022-2032)
14.3.12.6. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.3.13. Rest of APAC
14.3.13.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.3.13.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.3.13.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.3.13.4. Market Revenue and Forecast, by Range (2022-2032)
14.3.13.5. Market Revenue and Forecast, by Application (2022-2032)
14.3.13.6. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.4. MEA
14.4.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.4.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.4.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.4.4. Market Revenue and Forecast, by Range (2022-2032)
14.4.5. Market Revenue and Forecast, by Application (2022-2032)
14.4.6. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.4.7. GCC
14.4.7.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.4.7.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.4.7.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.4.7.4. Market Revenue and Forecast, by Range (2022-2032)
14.4.8. Market Revenue and Forecast, by Application (2022-2032)
14.4.9. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.4.10. North Africa
14.4.10.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.4.10.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.4.10.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.4.10.4. Market Revenue and Forecast, by Range (2022-2032)
14.4.11. Market Revenue and Forecast, by Application (2022-2032)
14.4.12. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.4.13. South Africa
14.4.13.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.4.13.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.4.13.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.4.13.4. Market Revenue and Forecast, by Range (2022-2032)
14.4.13.5. Market Revenue and Forecast, by Application (2022-2032)
14.4.13.6. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.4.14. Rest of MEA
14.4.14.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.4.14.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.4.14.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.4.14.4. Market Revenue and Forecast, by Range (2022-2032)
14.4.14.5. Market Revenue and Forecast, by Application (2022-2032)
14.4.14.6. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.5. Latin America
14.5.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.5.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.5.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.5.4. Market Revenue and Forecast, by Range (2022-2032)
14.5.5. Market Revenue and Forecast, by Application (2022-2032)
14.5.6. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.5.7. Brazil
14.5.7.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.5.7.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.5.7.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.5.7.4. Market Revenue and Forecast, by Range (2022-2032)
14.5.8. Market Revenue and Forecast, by Application (2022-2032)
14.5.8.1. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
14.5.9. Rest of LATAM
14.5.9.1. Market Revenue and Forecast, by Lift Technology (2022-2032)
14.5.9.2. Market Revenue and Forecast, by Mode of Operation (2022-2032)
14.5.9.3. Market Revenue and Forecast, by Propulsion Type (2022-2032)
14.5.9.4. Market Revenue and Forecast, by Range (2022-2032)
14.5.9.5. Market Revenue and Forecast, by Application (2022-2032)
14.5.9.6. Market Revenue and Forecast, by Maximum Take-Off Weight (MTOW) (2022-2032)
Chapter 15. Company Profiles
15.1. Airbus SE
15.1.1. Company Overview
15.1.2. Product Offerings
15.1.3. Financial Performance
15.1.4. Recent Initiatives
15.2. Bell Textron, Inc.
15.2.1. Company Overview
15.2.2. Product Offerings
15.2.3. Financial Performance
15.2.4. Recent Initiatives
15.3. EHang Holdings Ltd.
15.3.1. Company Overview
15.3.2. Product Offerings
15.3.3. Financial Performance
15.3.4. Recent Initiatives
15.4. Elbit Systems Ltd.
15.4.1. Company Overview
15.4.2. Product Offerings
15.4.3. Financial Performance
15.4.4. Recent Initiatives
15.5. Embraer SA
15.5.1. Company Overview
15.5.2. Product Offerings
15.5.3. Financial Performance
15.5.4. Recent Initiatives
15.6. Kitty Hawk
15.6.1. Company Overview
15.6.2. Product Offerings
15.6.3. Financial Performance
15.6.4. Recent Initiatives
15.7. Joby Aviation
15.7.1. Company Overview
15.7.2. Product Offerings
15.7.3. Financial Performance
15.7.4. Recent Initiatives
15.8. Beta Technologies
15.8.1. Company Overview
15.8.2. Product Offerings
15.8.3. Financial Performance
15.8.4. Recent Initiatives
Chapter 16. Research Methodology
16.1. Primary Research
16.2. Secondary Research
16.3. Assumptions
Chapter 17. Appendix
17.1. About Us
17.2. Glossary of Terms