Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market Size Worth $41.00 Billion By 2032 | CAGR: 13.86%

Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market Size Worth $41.00 Billion By 2032 | CAGR: 13.86%


The global electric vertical take-off and landing vehicles (eVTOLs) aircraft market size is expected to reach USD 41.00 Billion by 2032, according to a new study by Polaris Market Research. The report “Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market Share, Size, Trends, Industry Analysis Report, By Lift Technology (Vectored Thrust, Multirotor, Lift plus Cruise), By Propulsion Type, By System, By Mode of Operation, By Maximum Take-off Weight (MTOW), By Range, By Application, By Region, Segments & Forecast, 2019 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Electric Vertical Takeoff and Landing Vehicles (eVTOLs) Aircraft market is anticipated to grow at the fastest rate owing to increasing traffic congestion, the necessity for an alternate mode of transport, and the surging use of eVTOL aircraft for various applications. Other supporting factors are projected to be advancements in electric propulsion technology, reduced operating costs for eVTOL aircraft, increased investment in the industry, and favorable regulatory support from the government.

eVTOL (electric vertical takeoff and landing) aircraft are a type of aircraft that use electric power to take off and land vertically. They are being developed as a potential solution for urban air mobility, allowing the transport of passengers and cargo more efficiently and sustainably in heavily populated areas.

eVTOL aircraft offer several advantages over conventional aircraft, including reduced noise pollution, lower emissions, increased efficiency, improved safety, cost savings, and greater accessibility. The aircraft is designed to take off and land vertically, so they don't need runways, saving time and reducing airport congestion. They can also be designed to travel shorter distances, reducing travel time and fuel consumption. Moreover, it can be more cost-effective to operate than conventional aircraft because they have fewer moving parts, require less maintenance, and use less fuel.

Companies such as Uber, Boeing, Airbus, Joby Aviation, Lilium, Volocopter, and others are in the run to get a share of the next-generation technology. For instance, Uber Technologies Inc. has been investing in distributed electric propulsion (DEP) to unlock the electric urban air mobility that enables the eVTOL aircraft to be fault-tolerant, increasing safety, reducing maintenance costs, and allowing the operations up to a hundred times quieter than conventional helicopters.

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While the eVTOL aircraft market is a promising industry with many advantages, several factors may still restrict its growth and adoption. Some factors include its battery technology, regulatory challenges, infrastructure requirements, safety, and other cost considerations. For instance, eVTOL aircraft are currently more expensive to produce and operate than conventional aircraft, and there may be challenges in making them cost-competitive with traditional aircraft. In addition, the regulatory framework for eVTOL aircraft is still developing, and there may be challenges in obtaining the necessary certifications and approvals for these aircraft to operate in different regions and countries.

Report Highlights

  • The COVID-19 pandemic had an overall negative impact on the eVTOL aircraft market. The pandemic has slowed the development and commercialization of eVTOL aircraft due to disruptions in supply chains, restrictions on travel and in-person meetings, and a general economic slowdown. While in the short run, the pandemic has also highlighted the need for new transportation solutions that are more efficient, safe, and sustainable.
  • Multirotor eVTOL aircraft use multiple rotors (usually four or more) to provide lift and control and are often designed for shorter-range missions such as urban air mobility and package delivery. The Multirotor segment is anticipated to dominate the market in the forecast period. The demand for urban air mobility, delivery services, versatility, lower cost, and innovation is driving the growth of this segment.
  • The Hydrogen Electric segment is anticipated to witness the highest CAGR in the forecast period. This segment's growth is driven by its longer range, sustainability, increasing availability of hydrogen fuel, lower operating costs, and innovation.
  • The 100 – 1000 kg MTOW segment will witness a significant CAGR in the forecast period. The segment is well-suited for urban air mobility applications, where eVTOL aircraft can provide fast and efficient transportation within urban areas. It is also being developed for package delivery services, where eVTOL aircraft can provide quick and efficient delivery of packages within urban areas.
  • North America region is leading the market in terms of revenue share for the year 2022. The market's growth is driven by favorable regulatory support, technological innovations, high population density, advanced infrastructure, and environmental concerns. These factors will likely drive growth in the North American eVTOL aircraft market for the foreseeable future.

Polaris Market Research has segmented the Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market report based on lift technology, propulsion type, system, mode of operation, maximum take-off weight (MTOW), range, application, and region:

Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market, Lift Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Vectored Thrust
  • Multirotor
  • Lift plus Cruise

 

Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market, Propulsion Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Fully Electric
  • Hybrid Electric
  • Hydrogen Electric

Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market, System Outlook (Revenue - USD Billion, 2019- 2032)

  • Batteries & Cells
  • Aerostructures
  • Electric Motor/Engine
  • Avionics
  • Software
  • Others

Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market, Mode of operation Outlook (Revenue - USD Billion, 2019- 2032)

  • Autonomous
  • Piloted

Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market, Maximum Take-off Weight (MTOW) Outlook (Revenue - USD Billion, 2019- 2032)

  • <100 kg
  • 100-1000 kg
  • 1,000-2,000 kg
  • >2,000 kg

Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market, Range Outlook (Revenue - USD Billion, 2019- 2032)

  • <= 200 km
  • >200 km

Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market, Application Outlook (Revenue - USD Billion, 2019- 2032)

  • 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

Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

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