Global eVTOL Aircraft Market Report and Forecast 2024-2032

Global eVTOL Aircraft Market Outlook

The global eVTOL aircraft market size is projected to expand at a CAGR of 44.7% between 2024 and 2032. The major drivers of the market include rising investments by the key players of the market towards product enhancement and increased emphasis on sustainable aviation practices.

Key Trends in the Market

An eVTOL aircraft, often known as electric vertical take-off and landing aircraft, uses electric power for hovering, taking off, and landing vertically. This vehicle is optimised for electrical propulsion and is powered by batteries. The aircraft provides accessible and quick short-range transportation for both cargo and passengers.

• The rising environmental awareness and increasing concerns about the negative impact of using transportation systems running on fossil fuels is boosting the eVTOL aircraft market growth. An eVTOL operates on electricity, therefore it does not release any carbon emissions during flight.

• The increasing utilisation of eVTOLs for a wide range of military applications owing to their high speed and long-range capabilities is aiding the market expansion. These aircrafts are used for transportation, logistics, and reconnaissance and are suitable for rapid delivery of equipment and troops in difficult to access and remote locations. The potential of eVTOLs for medical evacuations and search and rescue missions is further boosting their adoption by various militaries.

• The rising investments by the key players of the market towards product enhancement and research and development activities to support urban air mobility for reducing travel time and traffic congestion is providing lucrative growth opportunities to the market.

Global eVTOL Aircraft Market Analysis

On the basis of technology, the market is divided into lift plus cruise, multirotor, and vectored thrust. Based on mode of operation, the market is bifurcated into autonomous and piloted. On the basis of propulsion type, the market is segregated into battery-electric, hydrogen-electric, and hybrid-electric.

Based on range, the market is classified into 0 Km- 200 KM and 200 Km- 500 Km. On the basis of application, the market is categorised into commercial, military, and emergency medical service. Based on region, the eVTOL aircraft market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• 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

Market Share by Mode of Operation

Piloted aircrafts are anticipated to account for a significant eVTOL aircraft market share owing to the various advantages associated with the piloted mode of operation including increased passenger trust and reassurance. The regulatory compliances and safety concerns are addressed in a more streamlined manner with the help of human oversight, further supporting the segment growth and market expansion. The seamless integration of piloted eVTOLs with air traffic management systems is accelerating the product acceptance.

Market Share by Region

Europe is anticipated to witness significant growth over the forecast period. This growth can be attributed to the expansion of the commercial aviation sector and increased emphasis on sustainable aviation practices. The rising investments by the government in the region towards development of eVTOL aircrafts is also supporting the market expansion. The emergence of advanced and urban air mobility solutions is bolstering the eVTOL aircraft market demand.

Competitive Landscape

Archer Aviation Inc. is dedicated towards developing and designing landing and electric vertical take-off aircrafts for usage in urban air mobility networks. The company was founded in 2018 and is headquartered in California, United States.

Airbus SE, headquartered in Leiden, Netherlands, is an aviation and aerospace component manufacturing company that is dedicated towards providing high quality space, aeronautic, and related services for making the world safer, smarter, and connected.

Elbit Systems Ltd., headquartered in in Haifa, Israel, is an international high technology company that specialises in eVTOL aircrafts, maritime systems, avionics, cyber security, AFV systems, and commercial aircrafts, among others.

Other eVTOL aircraft market key players include Lift Aircraft Inc., Piasecki Aircraft Corporation, Moog Inc., Lilium GmbH, Volocopter GmbH, Wisk Aero LLC, and Vertical Aerospace Group Ltd., among others.

Key Highlights of the Report