The eVTOL Aircraft Market size was valued at USD 1.2 billion in 2023 and is projected to reach USD 8.1 billion by 2031 with a growing CAGR of 26.9% during the forecast period 2024-2031.
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 the increasing demand for an alternative mode of transport.
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Electric vertical takeoff and landing aircraft are referred to as eVTOL aircraft. This is a system that deals with self-driving electric airplanes that provide increased services in terms of safety and comfort. They also aid in the production of less noise, resulting in reduced noise pollution. The eVTOL aircraft industry is increasing operating efficiency with the goal of improving customer experience by providing flexibility and convenience. It also aids in speedy transit. These are electric airplanes that do brief tasks at a high pace.
MARKET DYNAMICS
KEY DRIVERS
Growing need for green energy and noise-free aircraft.
Increase in CO2 emissions.
Need for speedy transportation.
RESTRAINTS
Complexities of design.
Lack of adequate infrastructure.
OPPORTUNITIES
Strategic developments in eVTOL aircraft.
Growth opportunities for developers.
Demand for lithium metal batteries.
CHALLENGES
Safety issues
Flying would be safe.
THE IMPACT OF COVID-19
The spread of the new Covid-19 has reached historic proportions in the world's mushrooming economy. Most economic sectors have been affected, with aviation being one of the most afflicted. The issue is greater for enterprises involved in the eVTOL aircraft sector. Prior to the pandemic, the eVTOL aircraft market had rapid development while being in its early stages. In certain nations, people expect shared flight models to be reliable. The value proposition varies greatly depending on the travel time on rush trips.
Governments are attempting to designate appropriate budget sections while cooperating with corporations to boost workforce connections in order to mitigate the effects of the epidemic.
IMPACT OF UKRAINE AND RUSSIA CRISIS
International commercial and commercial airlines will experience the effects of the Russian invasion of Ukraine in the form of widespread economic instability, uncertain need for air travel, airline restrictions, and other issues. But the results can vary greatly between regions, carriers, and manufacturers.
While potential conflicts are yet to come, the collision has begun to pose a challenge for air travel. Russia has issued a NOTAM (notification of air traffic control) ban on public flights on Ukraine's northeastern border. That includes the area where Russian troops have gathered in recent weeks. NOTAM is still active until May 18th.
At the same time, Ukraine has closed its airline base, according to an announcement Thursday. Citizens' flight tracking sites now show flights crossing conflicting areas with wide gears.
Competitive Landscape
The subsidiaries of China and Singapore, are expected to grow with a good record by the end of 2027 and have a projected growth record set for the next year 2028. Companies in the Asia-Pacific region are pushing for ever-increasing styles. related to global trade, as well as automation. These agencies set the stage for commercial aviation testing. This will enable these companies to produce large amounts of taxi services, contracts, and partnerships, from the future of 2022.
By Propulsion Type
Fully Electric
Hybrid Electric
Hydrogen Electric
By MTOW
<100 kg
100–1000 kg
1,000–2,000 kg
>2,000 kg
By System
Batteries & Cells
Electric Motor/Engine
Avionics
Software
Others
By Lift Technology
Vectored Thrust
Multirotor
Lift plus Cruise
By Mode of Operation
Autonomous
Piloted
By Range
<= 200 km
> 200 km
By Application
Air Taxis
Air Shuttles & Air Metro
Private Transport
Cargo Transport
Air Ambulance & Medical Emergency
Inspection & Monitoring
Surveying & Mapping
Surveillance
Special Mission
Others
REGIONAL ANALYSIS
The e-VTOL aviation market covers areas such as Europe, Asia-Pacific countries, North America, Latin America, Africa and the Middle East. North America dominated the market share for the past year 1028, and the same is expected at the end of the current 2028 forecast period. There are major market players who successfully demonstrate the technology to be used and the new work solutions. There is a growing investment made by the US Army end to acquire aviation market resources and help them reach the market target expected by the end of 2028.
Europe enjoyed the second largest market share at the end of 2022. This has resulted in the acquisition of infrastructure, the development of flexible designs, and, west port channels. The Canadian military also opted for investment to encourage developers related to military eVTOL services. The airline segment is expected to have the highest market value by the end of the forecast period 2022-2028. 28.98% CAGR growth is expected in the airbus sector by the end of the 2028 forecast period. This makes less noise compared to a normal airplane.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The key players are Jaunt Air Mobility, Lilium, EHang, Airbus SE, Elbit Systems, Bell Textron Inc., Embraer SA, Isreal Aerospace Industries, Pipistrel, Elroy AIR, Joby Aviation, Archer Aviation Inc., SZ DJI Technology Co. Ltd., Samad Aerospace, Aurora Flight Sciences, vertical Aerospace Group Ltd., Urban Aeronautics Ltd. and Other Players
Airbus SE-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 1.2 Billion |
| Market Size by 2031 | US$ 8.1 Billion |
| CAGR | CAGR of 26.9% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Propulsion Type (Fully Electric, Hybrid Electric, Hydrogen Electric) • By MTOW (<100 kg, 100–1000 kg, 1,000–2,000 kg, >2,000 kg) • By System (Batteries & Cells, Electric Motor/Engine, Aerostructures, Avionics, Software, Others) • By Lift Technology (Vectored Thrust, Multirotor, Lift plus Cruise) • By Mode of Operation (Autonomous, Piloted) • By Range (<= 200 km, > 200 km) • By Application (Air Taxis, Air Shuttles & Air Metro, Private Transport, Cargo Transport, Air Ambulance & Medical Emergency, Last Mile Delivery, Inspection & Monitoring, Surveying & Mapping, Surveillance, Special Mission, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Jaunt Air Mobility, Lilium, EHang, Airbus SE, Elbit Systems, Bell Textron Inc., Embraer SA, Isreal Aerospace Industries, Pipistrel, Elroy AIR, Joby Aviation, Archer Aviation Inc., SZ DJI Technology Co. Ltd., Samad Aerospace, Aurora Flight Sciences, vertical Aerospace Group Ltd., Urban Aeronautics Ltd. |
| Key Drivers | • Growing need for green energy and noise-free aircraft. • Increase in CO2 emissions. |
| RESTRAINTS | • Complexities of design. • Lack of adequate infrastructure. |
According to SNS insiders, the eVTOL Aircraft Market size was USD 1.2 billion in 2023 and is expected to reach USD 8.1 billion by 2031 with a CAGR of 26.9% over the forecasted period.
International commercial and commercial airlines will experience the effects of the Russian invasion of Ukraine in the form of widespread economic instability, uncertain need for air travel, airline restrictions, and other issues. But the results can vary greatly between regions, carriers, and manufacturers.
The spread of the new Covid-19 has reached historic proportions on the world's mushrooming economy. Most economic sectors have been affected, with aviation being one of the most afflicted. The issue is greater for enterprises involved in the eVTOL aircraft sector. Prior to the pandemic, the eVTOL aircraft market had rapid development while being in its early stages.
North America, Asia-Pacific, The Middle East & Africa, Latin America,Europe are the major five region covered in this report.
Growing need for green energy and noise-free aircraft and Need for the speedy transportation.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. eVTOL Aircraft Market Segmentation, By Propulsion Type
8.1 Fully Electric
8.2 Hybrid Electric
8.3 Hydrogen Electric
9. eVTOL Aircraft Market Segmentation, By MTOW
9.1 <100 kg
9.2 100–1000 kg
9.3 1,000–2,000 kg
9.4 >2,000 kg
10. eVTOL Aircraft Market Segmentation, By System
10.1 Batteries & Cells
10.2 Electric Motor/Engine
10.3 Aerostructures
10.4 Avionics
10.5 Software
10.6 Others
11. eVTOL Aircraft Market Segmentation, By Lift Technology
11.1 Vectored Thrust
11.2 Multirotor
11.3 Lift plus Cruise
12. eVTOL Aircraft Market Segmentation, By Mode of Operation
12.1 Autonomous
12.2 Piloted
13. eVTOL Aircraft Market Segmentation, By Range
13.1 <= 200 km
13.2 > 200 km
14. eVTOL Aircraft Market Segmentation, By Application
14.1 Air Taxis
14.2 Air Shuttles & Air Metro
14.3 Private Transport
14.4 Cargo Transport
14.5 Air Ambulance & Medical Emergency
14.6 Last Mile Delivery
14.7 Inspection & Monitoring
14.8 Surveying & Mapping
14.9 Surveillance
14.10 Special Mission
14.11 Others
15. Regional Analysis
15.1 Introduction
15.2 North America
15.2.1 USA
15.2.2 Canada
15.2.3 Mexico
15.3 Europe
15.3.1 Germany
15.3.2 UK
15.3.3 France
15.3.4 Italy
15.3.5 Spain
15.3.6 The Netherlands
15.3.7 Rest of Europe
15.4 Asia-Pacific
15.4.1 Japan
15.4.2 South Korea
15.4.3 China
15.4.4 India
15.4.5 Australia
15.4.6 Rest of Asia-Pacific
15.5 The Middle East & Africa
15.5.1 Israel
15.5.2 UAE
15.5.3 South Africa
15.5.4 Rest
15.6 Latin America
15.6.1 Brazil
15.6.2 Argentina
15.6.3 Rest of Latin America
16. Company Profiles
16.1 Jaunt Air Mobility
16.1.1 Financial
16.1.2 Products/ Services Offered
16.1.3 SWOT Analysis
16.1.4 The SNS view
16.2 Lilium
16.4 EHang
16.5 Airbus SE
16.6 Elbit Systems
16.3 Bell Textron Inc.
16.7 Embraer SA
16.8 Isreal Aerospace Industries
16.9 Pipistrel
16.10 Elroy AIR
16.11 Joby Aviation
16.12 Archer Aviation Inc.
16.13 SZ DJI Technology Co. Ltd.
16.14 Samad Aerospace
16.15 Aurora Flight Sciences
16.16 Vertical Aerospace Group Ltd.
16.17 Urban Aeronautics Ltd.
17. Competitive Landscape
17.1 Competitive Benchmark
17.2 Market Share Analysis
17.3 Recent Developments
18. Conclusion
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