eVTOL Aircraft Market Value By Product Type (Hybrid, Fully Electric), By Lift Technology (Multirotor & Rotorcraft, Vectored Thrust, Lift Plus Cruise), By Operation (Piloted, UAV/Pilotless), By MTOW (Light (<250 Kg), Medium (250-1000 Kg), Heavy (>1000 Kg)), By End-use (Civil & Commercial, Military & Security), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Industry Analysis, Share & Forecast, 2023 - 2032

Market Overview:

eVTOL Aircraft Market size worth exceeded USD 11.5 Billion in 2022 and is projected to showcase a CAGR of over 16.5% from 2023 to 2032. By the end of the forecast period, the market is anticipated to reach a valuation of around USD 32.4 Billion.

EVtol stands for Electric Vertical Take-Off and Landing, and it refers to a type of aircraft that is designed to take off and land vertically, like a helicopter, but is powered by electric motors. This aircraft has been gaining traction in recent years as a potential solution to urban congestion and pollution, as they can take off and land from relatively small spaces, such as rooftops, and do not emit any greenhouse gases. 

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EVTOL aircraft typically use multiple electric motors and rotors or fans to provide lift and propulsion. They are often designed with a sleek, futuristic look, and can range in size from small, single-seat vehicles to larger aircraft capable of carrying several passengers. Several companies, including Uber, Boeing, and Airbus, are currently developing EVTOL aircraft and exploring the potential of electric air taxis and other urban air mobility solutions.

Growing Factors: 

The eVTOL market has been witnessing significant growth in recent years, and several factors contribute to this growth. One of the primary factors is the increasing demand for environmentally sustainable transportation solutions. eVTOL aircraft offer a cleaner and more energy-efficient alternative to traditional aircraft, which produce harmful emissions and contribute to climate change. As concerns over climate change continue to grow, there is an increasing focus on reducing emissions from all modes of transportation, including air travel.

COVID-19 Impact on Aerospace Industry:

The COVID-19 pandemic had a significant impact on the aerospace industry, with both commercial and military sectors being affected. The pandemic caused a significant decrease in demand for air travel, leading to a sharp decline in revenue for airlines and aircraft manufacturers.

The pandemic also led to changes in the way people travel, with a shift towards domestic and regional travel and a decrease in long-haul international flights. This shift in demand may lead to changes in the types of aircraft being produced and may result in a longer-term trend towards more fuel-efficient and environmentally sustainable aircraft. In response to the pandemic, governments around the world provided support to the aerospace industry, including financial assistance and wage subsidies. 

Additionally, manufacturers and suppliers implemented cost-cutting measures such as reducing staff and delaying capital expenditures to offset the decline in revenue. As vaccination rates increase and travel restrictions ease, the aerospace industry is expected to recover slowly, with a return to pre-pandemic levels likely to take several years.

By Lift Technology Analysis:

EVTOL aircraft market witnessed the Multirotor & Rotorcraft segment recording the highest CAGR. This can be attributed to the distributed electric propulsion provided by a multirotor system, which makes it suitable for both inter-city and short distance travel. 

Additionally, the vectored thrust technology, being a relatively simpler and less expensive EVTOL option available in the market, enables various manoeuvres and provides an extended range of operation. This segment recorded a remarkable CAGR of 27.6% during the forecast period spanning from 2023 to 2032.

Regional Overview:

North America eVTOL aircraft market is projected to have the highest market share during the forecast period. North America held the largest share of the global industry, accounting for 33%, and is slated to grow at a CAGR during the forecast period. The United States has the largest UAV fleet for military and civil applications. In the United States, eVTOL aircraft are being adopted early for urban air mobility. These factors are expected to drive the industry growth.

Key Development:

• In August 2021, Pipistrel’s new aircraft, including the fixed-wing Surveyor and both unmanned Nuuva platforms, the V300 and smaller V20, will be using Honeywell’s compact satellite communications technology. Honeywell’s Small UAV SATCOM system is 90% lighter than the company’s next smallest connectivity system, yet it brings the same capabilities enjoyed by larger aircraft to the Nuuva V300, V20, and Surveyor.
   
• InAugust 2021, Lilium GmbH has intends to enter into a US$ 1 Bn commercial agreement and strategic alliance with leading Brazilian airline Azul S.A.

Top companies includes in the global eVTOL aircraft market are:

• Airbus SE
• Embraer SA
• Moog, Inc.
• The Boeing Company
• Pipistrel’s
• Bell Textron Inc.
• Karem Aircraft, Inc.
• Lilium GmbH
• Neva Aerospace
• Kitty Hawk Corporation
• Opener Inc.
• SkyDrive Inc.
• Lift Aircraft
• Joby Aviation
• Others

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In-depth analysis of eVTOL aircraft market along with industry coverage and forecasting for the following segments:

Market Value, By Product Type

• Hybrid
• Fully Electric
• Market Value, By Lift Technology
• Multirotor & Rotorcraft
• Vectored Thrust
• Lift Plus Cruise

Market Value, By Operation

• Piloted
• UAV/Pilotless

Market Value, By MTOW

• Light (<250 Kg)
• Medium (250-1000 Kg)
• Heavy (>1000 Kg)

Market Value, By End-use

• Civil & Commercial
• Military & Security

Market Value, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America