EVTOL Aircraft Market Size Hit USD 23.21 Billion by 2028 | EVTOL Aircraft Industry High Growth in United States, Russia, Netherlands, Germany, Israel and ROW

·6 min read
Fortune Business Insights
Fortune Business Insights

According to Fortune Business Insights, the global EVTOL Aircraft Market Size is projected to reach USD 23.21 Billion by 2028, at CAGR of 23.13% during forecast period 2021-2028

Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The global eVTOL aircraft market size was estimated to be worth USD 1.11 billion in 2020. The market value is expected to increase from USD 5.41 billion in 2021 to USD 23.21 billion in 2028 at a CAGR of 23.13% during 2021-2028. Growing urbanization, increasing traffic congestion, and the need for smarter transportation solutions are some of the major factors propelling the market forward. Fortune Business Insights presents this information in its report titled “EVTOL Aircraft Market, 2021-2028."                 

Electric vertical take-off and landing aircraft are increasingly gaining traction across the globe. This technology represents the next generation of transportation solutions that are safer, quieter, and cleaner. Such aircraft work on electric propulsion, making them a sustainable option compared to conventional air carriers. The demand for this technology will increase significantly in the next few years, powered by increasing demand for urban air mobility, growing awareness regarding carbon footprint, and the need to cut aircraft operating costs.

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COVID-19 Impact:   

Diminished Aviation Operations to Impact Developments in eVTOL Technology

The aviation sector suffered significant disruption during the COVID-19 pandemic. Supply chain disruptions, workforce shortages, and stricter protocols caused a major slowdown in the development and testing of eVTOL technology. Numerous R&D projects were also affected amid the pandemic. These factors have affected the aircraft market growth during the COVID-19 pandemic.

However, investments in the eVTOL space remained strong in several regions. Data provider Pitchbook reports that North America and Europe invested USD 1.3 billion in air mobility firms despite COVID-19 disruptions in 2020. With the gradual recovery of the aviation sector, the market will start to gain momentum in the forthcoming years.

List of Key Players Profiled in the EVTOL Aircraft Market Report:   

  • Kitty Hawk (U.S.)

  • Lilium (Germany)

  • Ehang (China)

  • Volocopter (Germany)

  • Bell Textron Inc. (U.S.)

  • Airbus S.A.S (Netherlands)

  • Beta Technologies (U.S.)

  • Joby Aviation (U.S.)

  • Urban Aeronautics Ltd. (Israel)

Report Scope & Segmentation:

Report Coverage

Details

Forecast Period

2021-2028

Forecast CAGR

23.13%

2028 Value Projection

USD 23.21 Billion

Base Year

2020

Historical Data

2017-2019

No. of Pages

200

Segments Covered

By Seat Type, Component, By End Use

Automatic Weapons Market Growth Drivers

Need for Smarter & More Sustainable Transportation to Augment the Product Adoption

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Market Segments: 

Based on lift technology, the market is divided into:

  • vectored thrust

  • lift plus cruise

  • multirotor

By mode of operation, the market is segmented into:

  • Autonomous

  • semi-autonomous

  • Piloted.

In terms of range, the market is bifurcated into:

  • 0-200 km

  • 200-500 km

On the basis of maximum take-off weight (MTOW), the market is classified into:

  • <250 kg

  • 250-500 kg

  • 500-1500 Kg

  • >1500 kg

By propulsion type, the market is split into:

  • Battery-electric

  • hydrogen-electric

  • hybrid-electric

In terms of application, the market is broken down into:

  • Commercial

  • Military

  • emergency medical service

Geographically, the market is segmented into:

  • North America

  • Asia Pacific

  • Europe

  • rest of the world

Drivers & Restraints:

Need for Smarter & More Sustainable Transportation to Augment the Product Adoption

With growing urbanization, traffic congestion is emerging as a major concern. In addition, the rising amount of air pollution is giving rise to the need for smarter and more sustainable transportation solutions. The growing concept of urban air mobility solutions, such as air taxis, is anticipated to create favourable opportunities for eVTOL aircraft companies.

Major aircraft makers, such as Airbus SE, Boeing Company, and Bell Helicopter, are accelerating ongoing eVTOL development programs. Automotive giants are also entering the space which will further heat up the market competition. In January 2020, Toyota invested USD 400 million in eVTOL startup Joby Automation.

Despite constant developments in the market, grow could be affected due to the lack of suitable infrastructure and strict regulations enforced by aviation agencies.

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Detailed Table of Content:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships

    • Latest technological Advancements

    • Porters Five Forces Analysis

    • Supply Chain Analysis

  • Quantitative Insights-Impact of COVID-19 Pandemic on Global eVTOL Aircraft Market

    • Impact of COVID-19 Pandemic on Global eVTOL Aircraft Market

    • Steps Taken by Industry/Companies/Government to Overcome the Impact

    • Key Development in the industry in Response to COVID-19 Pandemic

    • Potential opportunities due to COVID-19 Pandemic

  • Global eVTOL Aircraft Market Analysis, Insights and Forecast, 2017-2028

    • Segment Definitions

    • Market Analysis, Insights and Forecast – By Lift Technology

      • Vectored Thrust

      • Multirotor

      • Lift Plus Cruise

    • Market Analysis, Insights and Forecast – By Mode of Operation

      • Piloted

      • Autonomous

      • Semi-Autonomous

    • Market Analysis, Insights and Forecast – By Range

      • 0-200 Km

      • 200-500 Km

    • Market Analysis, Insights and Forecast – By Maximum Take-Off Weight (MTOW)

      • <250 Kg

      • 250-500 Kg

      • 500-1500 Kg

      • >1500 Kg

    • Market Analysis, Insights and Forecast – By Propulsion Type

      • Battery-Electric

      • Hybrid-Electric

      • Hydrogen-Electric

    • Market Analysis, Insights and Forecast – By Application

      • Commercial

        • Air Taxi

        • Delivery Drones

      • Military

        • Cargo Transport

        • Combat Mission

      • Emergency Medical Service

        • Air Ambulance

        • Medical Cargo Transport

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia-pacific

      • Rest of the world

TOC Continued…!

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Regional Insights:

North America is expected to dominate the global eVTOL aircraft market share during 2021-2028. The regional trends will be influenced by the presence of major market players including Bell Textron Inc., Kitty Hawk, Joby Aviation, and others in the U.S.

The market in Asia Pacific will grow on account of growing investments by eVTOL companies, such as Ehang, in urban air mobility. Europe will record notable gains driven by government initiatives such as the Urban Air Mobility (UAM) Initiative.

The Study Objectives of this report are:

  • To analyse the worldwide EVTOL Aircraft Market size by product types, End Use.

  • To comprehend the design by recognizing its different sub-fragments.

  • To study flooring market by individual manufacturers' growth, and future trends.

  • To study Product Overview and Scope of segment, Revenue Sales Status, and Outlook

  • To understand market Upstream and Downstream analysis

  • To understand the Market Competitive Situation and Trends

  • To understand market Drivers, Restraints, Opportunities, and Challenges faced by Flooring Market

  • To analysis new product and new technology release

  • Analysis of Industry Development Trends under COVID-19 Outbreak

Notable Industry Development:

June 2021 – Vertical Aerospace received a pre-order contract worth USD 1 billion from American Airlines to supply about 250 eVTOL aircraft to fly passengers in urban regions. 

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