eVTOL Aircraft Market Trends

The eVTOL Aircraft Market was valued at USD 0.7 billion in 2022 and is expected to grow from USD 0.9 billion in 2023 to USD 4.46 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 30.30% during the forecast period (2023-2030). The market is driven by the rising need for innovative urban air mobility solutions to combat traffic congestion and improve transportation efficiency.

Growing Traffic Congestion Boosts Market Growth, The rapid urbanization in developing countries like China and India has exacerbated traffic congestion, prompting investments in sustainable and efficient urban air mobility solutions, such as air taxis and delivery drones. Companies like Airbus SE and Joby Aviation are at the forefront of developing eVTOL aircraft, with air taxis expected to become commercially viable by 2024. This innovation aims to enhance urban transportation by providing faster commuting options.

Active Development Programs Leading aerospace companies such as Bell Helicopter, Airbus SE, and Boeing Company are actively developing eVTOL aircraft. Major aerospace suppliers like Raytheon Technologies Inc. and GE Aviation are heavily investing in eVTOL-related technologies, including electric motors and hybrid-electric powertrains. Moreover, companies like Toyota, Hyundai, and Daimler AG are collaborating on eVTOL projects, further propelling market growth.

Innovative Treatments and Materials Advancements in biomaterial eVTOL aircraft market implants are another factor driving market revenue, catering to the increasing demand for improved performance and sustainability.

eVTOL Aircraft Market Segment Insights

By Aircraft Type

• Air Taxis: Held the majority share in 2022. The development of air taxi services is expected to accelerate market expansion, driven by the growing interest in autonomous last-mile delivery.
• Delivery Drones and Others: Rising interest in autonomous delivery systems supports market growth.

By Battery Type

• Lithium-Ion Batteries: Dominated the market in 2022 and projected to grow rapidly due to benefits like higher efficiency, longer life, and lower total ownership costs.
• Solid-State Batteries and Hydrogen Fuel Cells: Expected to see significant growth as advancements continue.

By Lift Technology

• Vectored Thrust: Dominated the market in 2022, projected to grow due to its high efficiency, endurance, and enhanced maneuverability.
• Multirotor and Lift Plus Cruise: Continue to develop and contribute to market diversity.

By Type of Propulsion

• Fully Electric: Held the largest segment share in 2022, offering advantages like reduced emissions and lower operational costs.
• Hybrid and Electric Hydrogen: Significant growth potential due to ongoing technological advancements.

By Mode of Operation

• Optionally Piloted: Held the largest share in 2022, driven by the integration of AI, VR, and IoT technologies, which enhance safety and efficiency.

Regional Insights

North America

• Accounted for USD 0.3206 billion in 2022 and is expected to grow significantly due to increased investment in aviation R&D.

Europe

• The second-largest market, with major players like Volocopter GmbH and Lilium driving growth.

Asia-Pacific

• Expected to grow at the fastest CAGR from 2022 to 2030, with significant contributions from China and Japan.

Key Market Players & Competitive Insights

Major players are investing heavily in R&D to enhance their product offerings and expand their market presence. Notable companies include:

• EHANG (China)
• Volocopter GmbH (Germany)
• Uber Technologies Inc. (US)
• Aurora Flight Sciences (US)
• A³ by Airbus (US)
• Bell Textron Inc. (US)
• Workhorse (US)
• Lilium GmbH (Germany)
• TERRAFUGIA (US)
• OXIS Energy Ltd (UK)
• Karem Aircraft Inc. (US)
• MGM COMPRO (Czech Republic)
• Kitty Hawk (US)
• EmbraerX (Brazil)
• LIFT Aircraft Inc. (US)
• Opener (Canada)

Recent Developments

• AIR (December 2022): Completed the first full transition flight of its flagship eVTOL AIR ONE aircraft.
• Volare (December 2022): Plans to add up to 20 Lilium Jet eVTOL aircraft to its UK fleet.
• Joby Aviation (December 2022): Completed the second system review as part of the FAA’s aircraft certification program.
• Eve Air Mobility and FlyBlade India (October 2022): Announced a partnership to launch an eVTOL pilot project in India.
• Joby Aviation and Aviation High School, New York (December 2022): Partnered to train aspiring pilots and technicians.

These strategic initiatives and investments highlight the dynamic and rapidly evolving nature of the eVTOL Aircraft Market.Top of FormBottom of Form

Request Free Sample Report - Receive a free sample report to preview the valuable insights and data we offer.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street,5Th Floor New York 10013, United States of America

Sales: +1 628 258 0071 (US) +44 2035 002 764 (UK)

Email: Sales@marketresearchfuture.com