Market Forecast By Types of Propulsion(Fully Electric, Hybrid, Electric Hydrogen), By Range(0 to 200 km, 200 to500 km), By Applications(Military, Commercial, Cargo), By Regions(North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), By Key Countries and Competitive Landscape
Product Code: ETC001608 | Publication Date: Feb 2020 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 |
Report Name | Global eVTOL Aircraft MarketΒ |
Forecast period | 2024-2030 |
CAGR | 8.5% |
Growing Sector | Urban Air Mobility |
The Global eVTOL Aircraft Market report provides a comprehensive evaluation by types of propulsion, range, application segments. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The global eVTOL (electric vertical takeoff and landing) aircraft market is witnessing rapid growth, driven by advancements in urban air mobility solutions. Increasing investments in the development of sustainable aviation technologies and the adoption of eVTOLs for passenger transport, cargo delivery, and military applications are significant trends. Challenges include regulatory hurdles and infrastructure development. Nonetheless, the marketβs focus on reducing urban congestion, cutting emissions, and improving transportation efficiency positions it for substantial expansion.
According to 6Wresearch, the Global eVTOL Aircraft Market size is expected to grow at a significant CAGR of 8.5% during the forecast period 2024-2030. The market is primarily driven by technological advancements in electric propulsion systems, which enhance efficiency and reduce operational costs. Supportive regulatory frameworks encourage innovation and adoption, especially in regions aiming to reduce urban traffic congestion. Rising consumer preference for faster and more sustainable travel solutions also fuels market growth. Additionally, significant investments from key market players and increased government funding for urban air mobility infrastructure further propel the market.
Key challenges hindering market growth include stringent regulatory requirements and the need for new infrastructure to accommodate eVTOL operations. High development and manufacturing costs pose significant barriers, particularly for startups and smaller companies. Moreover, technical complexities related to battery life, energy density, and aircraft safety necessitate ongoing research and innovation. The market also faces competition from traditional aviation and other emerging transportation technologies.
Leading players in the global eVTOL aircraft market include Joby Aviation, Lilium, and Volocopter. Joby Aviation is renowned for its advanced eVTOL designs and strong partnerships with automotive giants, while Lilium focuses on developing all-electric, five-seat air taxis. Volocopter, a pioneer in urban air mobility, emphasizes the creation of scalable, safe, and sustainable air transportation systems. These companies drive market innovation through robust R&D investments and strategic collaborations.
Governments worldwide are supporting eVTOL adoption through various programs and policies. The Federal Aviation Administration (FAA) in the US is working on regulations for the safe integration of eVTOLs into the national airspace. The European Union Aviation Safety Agency (EASA) has launched initiatives to develop certification processes for eVTOL aircraft. Moreover, government funding programs geared towards urban air mobility infrastructure and research, such as NASA's Advanced Air Mobility (AAM) initiative, are crucial for market growth.
The future of the eVTOL aircraft market looks promising, with expected growth driven by technological advancements, urbanization, and sustainability goals. Integration with autonomous systems and improvements in battery technology will further push market boundaries. The rise of smart cities and the increasing need for efficient urban transportation solutions also provide significant growth opportunities. However, market players must navigate regulatory landscapes and invest in infrastructure development to realize the full potential of eVTOL aircraft.
According to Ravi Bhandari, Research Head at 6Wresearch, among the types of propulsion in the global eVTOL aircraft market, fully electric propulsion systems are witnessing the fastest growth. This surge is driven by the significant advancements in electric battery technology, which enhance energy efficiency and reduce operating costs. Fully electric eVTOLs are particularly appealing for urban air mobility applications due to their zero-emission capabilities, aligning well with global sustainability goals.
In terms of range, the 0 to 200 km segment is experiencing the most rapid growth in the eVTOL aircraft market. This range is optimal for urban and regional flights, addressing the critical need for short-distance travel solutions in densely populated areas. The increasing focus on reducing urban congestion and providing efficient, short-haul transportation options boosts the demand for eVTOLs in this range.
Among the various applications, the commercial segment is the fastest-growing in the eVTOL aircraft market. The use of eVTOLs for passenger transport in urban settings is gaining momentum, fueled by investments in urban air mobility infrastructure and the promise of reducing travel times compared to traditional ground transportation. Moreover, the rise of air taxi services, supported by major industry players, significantly contributes to this growth.
Geographically, North America leads in the rapid adoption and growth of the eVTOL aircraft market. The region benefits from strong governmental support, including regulatory frameworks by the FAA, extensive research and development initiatives, and substantial investments by key players in the urban air mobility sector. North America's advanced technological landscape and consumer readiness for innovative transportation solutions further bolster this growth.
Among key countries, the United States stands out for its fast-growing eVTOL aircraft market. The robust support from both governmental bodies and private companies facilitates accelerated advancements in eVTOL technology. The country's leadership in technology and infrastructure, coupled with consumer demand for cutting-edge transportation, positions it at the forefront of the eVTOL industry.
The report offers a comprehensive study of the following market segments
1 Executive Summary |
2 Introduction |
2.1 Report Description |
2.2 Key Highlights |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global eVTOL Aircraft Market Overview |
3.1 Global eVTOL Aircraft Market Revenues, 2020-2030F |
3.2 Global eVTOL Aircraft Market Revenues Share, By Type of Propulsion, 2020 & 2030F |
3.3 Global eVTOL Aircraft Market Revenues Share, By Range, 2020 & 2030F |
3.4 Global eVTOL Aircraft Market Revenues Share, By Application, 2020 & 2030F |
3.5 Global eVTOL Aircraft Market Revenues Share, By Regions, 2020 & 2030F |
3.6 Global eVTOL Aircraft Market- Industry Life Cycle |
3.7 Global eVTOL Aircraft Market- Porterβs Five Forces |
4 Global eVTOL Aircraft Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global eVTOL Aircraft Market Trends |
6 Global eVTOL Aircraft Market Overview, By Type of Propulsion |
6.1 Global Fully Electric eVTOL Aircraft Market Revenues, 2020-2030F |
6.2 Global Hybrid eVTOL Aircraft Market Revenues, 2020-2030F |
6.3 Global Electric Hydrogen eVTOL Aircraft Market Revenues, 2020-2030F |
7 Global eVTOL Aircraft Market Overview, By Range |
7.1 Global eVTOL Aircraft Market Revenues, By 0-200km, 2020-2030F |
7.2 Global eVTOL Aircraft Market Revenues, By 200-500km, 2020-2030F |
8 Global eVTOL Aircraft Market Overview, By Applications |
8.1 Global eVTOL Aircraft Market Revenues, By Military, 2020-2030F |
8.2 Global eVTOL Aircraft Market Revenues, By Commercial, 2020-2030F |
8.3 Global eVTOL Aircraft Market Revenues, By Cargo, 2020-2030F |
9 North America eVTOL Aircraft Market Overview |
9.1 North America eVTOL Aircraft Market Revenues, 2020-2030F |
9.2 North America eVTOL Aircraft Market Revenues, By Type of Propulsion, 2020-2030F |
9.3 North America eVTOL Aircraft Market Revenues, By Range, 2020-2030F |
9.4 North America eVTOL Aircraft Market Revenues, By Application, 2020-2030F |
9.5 North America eVTOL Aircraft Market Revenues, By Countries, 2020-2030F |
10 Latin America eVTOL Aircraft Market Overview |
10.1 Latin America eVTOL Aircraft Market Revenues, 2020-2030F |
10.2 Latin America eVTOL Aircraft Market Revenues, By Type of Propulsion, 2020-2030F |
10.3 Latin America eVTOL Aircraft Market Revenues, By Range, 2020-2030F |
10.4 Latin America eVTOL Aircraft Market Revenues, By Application, 2020-2030F |
10.5 Latin America eVTOL Aircraft Market Revenues, By Countries, 2020-2030F |
11 Europe eVTOL Aircraft Market Overview |
11.1 Europe eVTOL Aircraft Market Revenues, 2020-2030F |
11.2 Europe eVTOL Aircraft Market Revenues, By Type of Propulsion, 2020-2030F |
11.3 Europe eVTOL Aircraft Market Revenues, By Range, 2020-2030F |
11.4 Europe eVTOL Aircraft Market Revenues, By Application, 2020-2030F |
11.5 Europe eVTOL Aircraft Market Revenues, By Countries, 2020-2030F |
12 Asia Pacific eVTOL Aircraft Market Overview |
12.1 Asia Pacific eVTOL Aircraft Market Revenues, 2020-2030F |
12.2 Asia Pacific eVTOL Aircraft Market Revenues, By Type of Propulsion, 2020-2030F |
12.3 Asia Pacific eVTOL Aircraft Market Revenues, By Range, 2020-2030F |
12.4 Asia Pacific eVTOL Aircraft Market Revenues, By Application, 2020-2030F |
12.5 Asia Pacific eVTOL Aircraft Market Revenues, By Countries, 2020-2030F |
13 Middle East & Africa eVTOL Aircraft Market Overview |
13.1 Middle East & Africa eVTOL Aircraft Market Revenues, 2020-2030F |
13.2 Middle East & Africa eVTOL Aircraft Market Revenues, By Type of Propulsion, 2020-2030F |
13.3 Middle East & Africa eVTOL Aircraft Market Revenues, By Range, 2020-2030F |
13.4 Middle East & Africa eVTOL Aircraft Market Revenues, By Application, 2020-2030F |
13.5 Middle East & Africa eVTOL Aircraft Market Revenues, By Countries, 2020-2030F |
14 Global eVTOL Aircraft Market Key Performance Indicators |
15 Global eVTOL Aircraft Market Opportunity Assessment |
15.1 Global eVTOL Aircraft Market Opportunity Assessment, By Type of Propulsion, 2030F |
15.2 Global eVTOL Aircraft Market Opportunity Assessment, By Range, 2030F |
15.3 Global eVTOL Aircraft Market Opportunity Assessment, By Application, 2030F |
16 Global eVTOL Aircraft Market Competitive Landscape |
16.1 Global eVTOL Aircraft Market Revenue Share, By Companies, 2023 |
16.1.1 Europe eVTOL Aircraft Market Revenue Share, By Companies, 2029 |
16.1.2 North America eVTOL Aircraft Market Revenue Share, By Companies, 2023 |
16.1.3 Asia Pacific eVTOL Aircraft Market Revenue Share, By Companies, 2023 |
16.1.4 the Middle East & Africa eVTOL Aircraft Market Revenue Share, By Companies, 2023 |
16.1.5 Latin America eVTOL Aircraft Market Revenue Share, By Companies, 2023 |
16.2 Global eVTOL Aircraft Market Competitive Benchmarking, By Operating Parameters |
17 Company Profiles |
18 Key Strategic Recommendations |
19 Disclaimer |