eVTOL Aircraft Market Size, Trends, Share, Growth | Report 2023-2032
The global eVTOL aircraft market was valued at USD 11.2 billion in 2022 and it is predicted to surpass around USD 36.02 billion by 2032 with a CAGR of 12.39% from 2023 to 2032.
Key Pointers
Report Scope of the EVTOL Aircraft Market
| Report Coverage | Details |
| Market Size in 2022 | USD 11.2 billion |
| Revenue Forecast by 2032 | USD 36.02 billion |
| Growth rate from 2023 to 2032 | CAGR of 12.39% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | Airbus SE; Bell Textron, Inc.; EHang Holdings Ltd.; Elbit Systems, Ltd.; Embraer SA; Kitty Hawk; Joby Aviation; Beta Technologies |
The growth of this market is mainly driven by the growing need for green energy and noise-free aircraft and the increasing use of eVTOL aircraft for cargo applications and increasing demand for an alternative mode of transport. The sudden outbreak of the COVID-19 has taken a toll on various industrial sectors, with aviation being one of the worst affected. However, the eVTOL aircraft market did not seem to have been impacted by the pandemic as much as the aviation industry as a whole. Electric UAVs were widely used by militaries for a variety of missions like border security, while governments and law enforcement agencies used them on an experimental basis.
Civil & commercial applications of eVTOL aircraft include transportation of medical supplies by companies like Zipline and mostly for aerial photography. Retail and other logistics companies are increasingly looking towards the usage of electric UAVs to distribute essential items due to intermittent lockdowns and the imposition of social distancing protocols worldwide. In the US, companies like Amazon and USP have already scaled up their usage of electric drones for their deliveries. Electric drones are also witnessing an increased application in Africa, as they are being used as the art of EMS services to supply medicines and amenities as well as transport organs and blood across cities. These factors have helped the eVTOL aircraft market to sustain the overall impact of the COVID-19 pandemic on the global economy.
The multirotor segment is estimated to lead the market during the forecast period, with a share of 79% in 2021. Multirotors are increasingly used in an array of applications, from passenger transport, emergency services to recreational activities like aerial photography. The lift plus cruise segment is expected to grow at the highest rate during the forecast period as leading manufacturers in the eVTOL market are adopting the lift plus cruise technology as it is less complex and enables long-range travel with stability.
Lift Technology Insights
The global eVTOL aircraft market on the basis of lift technology is segmented into thrust multirotor, vectored and lift plus cruises technology. Vectored technology is expected to expirence fastest growth and it is anticipated to generate a revenue of $1,208.5 million by 2030, growing from $121.1 million in 2022. The growth of the vectored sub-segment is mainly attributed to its unmanned aerial technology, its data link and most importantly autopilot feature. Moreover, this whole system can be transported by a single person and recognized as the perfect option to maintain height during flight transitions. Vectored eVTOL aircrafts are mainly developed for military and security missions, owing to their application to control angular velocity. These key factors are expected to boost the demand for eVTOL aircraft in the global market during the projected period owever, thrust multirotor type shall have a dominating market share in the global market and is expected to register a revenue of $1,715.1 million, during the analysis timeframe. Owing to its major advantages in eVTOL aircrafts . Thrust multirotor in aircraft can drive the propeller reliably and with high acceleration, so the speed can be changed quickly. [PP7] [SP8] Moreover, the large number of multi rotors in aircrafts operate the low tip speeds which results in low noise comparative to an aircraft with less rotors. For instance, in C.E.S. 2019, Bell Textron Inc., a leading player in eVTOL vehicles, has introduced the novel idea of electric-powered, high-tech, mega-multirotor eVTOL. This eVTOL, named 'Bell Nexus,' is built with a hybrid-electric propulsion system featured with 'Bell’s signature powered lift concept’ for more safe and efficient air travel. These initiatives may create massive opportunities for the sub-segment throughout the forecast period.
Mode of Operation Insights
Based on the mode of operation, the piloted segment is projected to grow at the highest CAGR rate for the eVTOL aircraft market during the forecast period. Large deployment in civil applications, including air taxi and ems services, will drive this segment. Most of civil Electric VTOL aircraft are designed for urban air mobility, air taxis, medical assistance, and personnel passenger transportation.
Propulsion Type Insights
Based on the propulsion type, Electric/hybrid sub-segment may experience fastest growth during the forecast period with a revenue of $941.12 million and a CAGR of 29.84% due to its benefit of providing sufficient power during operational conditions, which plays a vital role in manufacturing eco-friendly aircraft as they do not cause any negative impact on environment by releasing harmful gases. Also, technology inventions led the development of more innovated eVTOLs that are highly efficient. For instance, in 2019, Safran, a global leader in turbine engine manufacturing, made a strategic collaboration with Bell, a leading company in the aerospace industry, to design and develop the most innovative aircraft hybrid-electric propulsion systems. Through this collaboration, Safran aimed to find a new solution for designing lightweight and safe aircrafts like air taxis to serve their customers with faster delivery services and better safety.
However, electric/battery sub-segment of eVTOL aircraft market will have the fastest growth and it is projected to surpass $3,230.55 million by 2030, with an increase from $350.93 million in 2022; this is mainly owing to rising demand of eVTOL aircraft that can propel by batteries so it can run on a single charge. Moreover, manufacturers in battery technology working on this and trying to manufacture low weight batteries which will reduce the aircraft weight, all this factors is expected to propel the growth of the market in the analysis period.
Range Insights
The 200 to 500 kilometers sub-segments for eVTOL aircraft market shall have rapid growth and it is anticipated to generate a revenue of $892.24 million by 2030. With the help of eVTOL technology, the passengers can travel at a lesser time as it can take off and land almost anywhere and are more flexible than conventional planes. On the other hand, Nasa has developed the battery-powered GL-10 hybrid diesel-electric tilt-wing aircraft, which can take off and land vertically and fly efficiently like a conventional plane, which is predicted to create more opportunity for the sub-segment market in the estimated period.
Moreover, the 0 to 200 Kilometers shall have a dominating market share in the global market and is expected to register a revenue of $3,330.11 million during the analysis timeframe. The growth of sub segment is owing to increasing demand for short-range aircraft as it can offer major benefits such as flexibility, lesser air pollution, smooth operations and fast travel. For instance, WatFly, the Canadian startup, on October 2, 2020, developed single seat eVTOL aircraft featured with 4-rotor manned multicopter; the maximum speed is 200 km, and it is FAA certified. The WatFly will be commercialized by 2021, which might open up new opportunities in the forecast period.
Application Insights
The commercial application shall have fastest growth and this sub-segment is anticipated to generate a revenue of $2,548.81 million by 2030, during the forecast period. The commercial applications for eVTOL aircraft in urban air mobility will experience robust growth due to its safe transportation mode. For instance, Bell Textron signed a bond with a uber elevate partner for developing eVTOL aircraft with multiple applications, including urban air taxis, and it will be commercialized by 2024. Moreover, Volocopter on 21 August 2019 launched the first commercial volocopter aircraft, and it is designed to meet all the safety standard measures approved by European Aviation Safety Agency. All these factors will positively affect the sub-segment growth during the forecast period.
Maximum Take-Off Weight (MTOW) Insights
The greater than 1,500 Kilogram for eVTOL aircraft market shall have fastest growth and it is anticipated to generate a revenue of $17.12 million by 2030, during the forecast period. It can be on high demand due to rising military and air ambulance application and also it is widely used as drones for delivering medicines and other necessities, but it can also be used in many kind of natural disaster to transport necessities and work as an air ambulance to travel fast for ill patients. which is predicted to create lucrative opportunities for the eVTOL aircraft market in the forecast period.
The 250–500 Kilogram sub-segment for the eVTOL aircraft market shall have significant growth and it is anticipated to generate a revenue of $2,197.91 million by 2030, during the forecast period. These eVTOL aircrafts are highly suitable for passenger and cargo transport purposes. For instance, Boeing, an American multinational corporation, is working on drone that can carry 500 pounds of weight, featuring eight rotors with a vertical landing. Moreover, EmbraerX and Elroy Air, on 8 January 2020, announced their partnership for developing drones that can deliver up to 250 kg of weight. All these factor increase the demand for the 250-500 kg evtol aircrafts during the forecast period These key factors may enhance the sub-segment growth.
Regional Insights
The North America eVTOL aircraft market accounted for $126.96 million in 2022 and is projected to register a revenue of $1,283.61 million by 2030. The extensive growth of the North America eVTOL aircraft market is mainly driven by key factors such as heavy investments by market players along with the adoption of advanced technologies towards the air mobility solutions will expected to boost the North America eVTOL aircraft market. Also, massive support of government in eVTOL aircraft production is also likely to bolster the demand for eVTOL aircrafts. For instance, in 2018, US Army signed a bond with Uber Technologies, Inc. for the production of military eVTOL aircrafts for various benefits of eVTOL aircraft. The government initiatives and the companies investing across the region are predicted to positively drive the demand for eVTOL aircraft in the region and during the analysis period.
Asia-Pacific eVTOL aircraft market share is projected to grow at a CAGR of 28.01% by registering revenue of $1,697.42 million by 2030. Extensively increasing road traffic congestion in urban areas and demand for fast transportation and also rising investments in the R&D sector and growing emphasis on the enhancement of air mobility are expected to drive the Asia-Pacific eVTOL aircraft market over the forecast years. Furthermore, leading players operating in the eVTOL aircraft market are opting for various effective strategies such as strategic alliances, launching of value-added products/services, and business expansion to strengthen market position in the global industry. For instance, June 25, 2019, Boeing announces that are in a partnership with Kitty Hawk which is called Wisk. The company is focusing on the Kitty Hawk’s electric Cora aircraft with capacity of two people and till now they have completed more than 1000 test flights and it is expected that it will be commercialized in upcoming years. These types of key factors are expected to propel the growth of the market, over the forecast period.
EVTOL Aircraft Market Segmentations:
By Lift Technology
By Mode of Operation
By Propulsion Type
By Range
By Application
By Maximum Take-Off Weight (MTOW)
By Regional
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers