eVTOL Aircraft Market is Estimated to Register a CAGR of 19.89% Over 2024.

Market Highlights

The growth of the global eVTOL aircraft market can be attributed to the increasing air passenger traffic and the need for alternative modes of transportation. Furthermore, increasing vehicular traffic and reduced parking spaces in urban areas are expected to propel the growth of the global eVTOL aircraft market.

The global eVTOL aircraft market has been segmented based on lift technology, type of propulsion, Mtow, application, mode of operation, range, and region.

On the basis of lift technology, the market has been divided into multirotor, vectored thrust, lift pulse cruise, and others. In 2018, the vectored thrust segment dominated the market and it is expected to register the highest CAGR during the forecast period. Vectored thrust technology enables eVTOL aircraft to hover in two or more orientations and assists in maintaining constant altittude in flight.

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Based on type of propulsion, the market has been categorized as fully electric, hybrid, and electric hydrogen. The fully electric segment dominated the market in 2018 and is expected to exhibit the highest CAGR during the forecast period. Fully electric eVTOL aircraft assist in reducing pollution, which is drving the growth of the segment.

By Mtow, the market has been classified as 1,500 kg. The 250–500kg segment was the largest in 2018 and is expected to be the fastest-growing during the review period. The eVTOL aircraft weighing 250–500 kg offer travelling convinience in urban areas and can be utilized for applications such as cargo.

On the basis of application, the market has been divided into commercial, cargo, and military. In 2018, the commercial segment dominated the market and it is expected to register the highest CAGR during the forecast period. Increasing investments by prominent aircraft manufacturers such as Boeing in developing passenger aerial vehicles (PAV) is driving the growth of the segment.

On the basis of range, the market has been segmented into 0–200 km and 200–500 km. In 2018, the 200–500 segment dominated the market and it is expected to exhibit the higher CAGR during the forecast period. The eVTOL aircraft with a range of 200–500 km will assist in reducing travel time between cities and enable operators to schedule flights with predictable demand.

Based on mode of operation, the global eVTOL aircraft market has been divided into piloted and optionally piloted. The optionally piloted segment dominated the market in 2018 and is expected to register the higher CAGR during the forecast period. The eVTOL aircraft that are optionally piloted have lower maintenance costs, thereby enabling operators to charge comparetively lower rates and add an extra passenger.

The global eVTOL aircraft market has been studied for five key regions—North America, Europe, Asia-Pacific, the Middle East, and Latin America. North America accounted for the largest market share in 2018. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Increasing investments by eVTOL and drone manufacturers in building infrastructure for urban air mobility are driving market growth in the region.

Key Players

The key players in the global eVTOL aircraft market are LIFT Aircraft Inc. (US), A³ by Airbus (US), Aurora Flight Sciences (US), Embraer (Brazil), Kitty Hawk (US), Karem Aircraft, Inc. (US), Neva Aerospace (UK), EHANG (China), Opener (US), Joby Aviation (US), Pipistrel (Slovenia), Lilium (Germany), Volocopter GmbH (Germany), Bell Helicopter (US), and Workhorse Group Inc. (US).

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