The global eVTOL aircraft market is expected to grow from $6.73 billion in 2021 to $18.92 billion in 2026 at a compound annual growth rate (CAGR) of 23.66%, according to Research and Markets.
The eVTOL aircraft market consists of sales of eVTOL aircraft that use motors, batteries, fuel cells, and electronic controllers to generate electric power to hover, take off, and land vertically.
The main technologies used in eVTOL aircraft include vectored thrust, multirotor, and lift plus cruise. Vectored thrust changes the thrust angle from the engine or motor to control the attitude or angular velocity of the aircraft typically used to control pitch and yaw attitude on boosters and upper stages.
Propulsion systems include fully electric, hybrid electric, and hydrogen-electric in applications including air taxis, air shuttles and air metro, private transport, cargo transport, air ambulance and medical emergency, last-mile delivery, inspection and monitoring, surveying and mapping, surveillance, special mission, among others.
North America was the largest region in the eVTOL aircraft market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
For instance, in March 2020 Dassault Systèmes estimated the growing need for eVTOL aircraft where the market will grow exponentially, to an estimated 1.3 billion passengers over 20 years, with a demand for 28,000 eVTOL aircraft.
Major companies operating in the eVTOL aircraft market are implementing technologies such as IoT, ultra edge hydrogen and battery cell, onboard sensors and collision prevention systems, AI technology and 5G communication.
In April 2022, Hyundai explored hydrogen fuel cell technology for eVTOL aircraft and expects hydrogen fuel cell technology to have a long enough range to complete intercity trips.
In December 2020, Joby Aviation acquired Uber Elevate to create integration between ground and air travel for future customers, by integrating their respective services into each other’s apps.
The countries covered in the eVTOL aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.