EVTOL Aircraft Market Size To Hit USD 23.21 Billion by 2028

Accord­ing to For­tune Busi­ness Insights, the glob­al EVTOL Air­craft Mar­ket Size is pro­ject­ed to reach $23.21 Bil­lion by 2028, at a CAGR of 23.13% dur­ing fore­cast peri­od 2021–2028.

Grow­ing urban­i­sa­tion, increas­ing traf­fic con­ges­tion, and the need for smarter trans­porta­tion solu­tions are some of the major fac­tors pro­pelling the mar­ket for­ward with demand pow­ered by increas­ing demand for urban air mobil­i­ty, grow­ing aware­ness regard­ing car­bon foot­print, and the need to cut air­craft oper­at­ing costs.

The avi­a­tion sec­tor suf­fered sig­nif­i­cant dis­rup­tion dur­ing the COVID-19 pan­dem­ic, but invest­ments remained strong in sev­er­al regions. The list of key play­ers pro­filed include Kit­ty Hawk, Lil­i­um, Ehang, Volo­copter, Bell Tex­tron, Air­bus, Beta Tech­nolo­gies, Joby Avi­a­tion and Urban Aero­nau­tics.

Based on lift tech­nol­o­gy, the mar­ket is divid­ed into vec­tored thrust, lift plus cruise and mul­ti­ro­tor. By mode of oper­a­tion, the mar­ket is seg­ment­ed into autonomous, semi-autonomous and pilot­ed.

In terms of range, the mar­ket is bifur­cat­ed into up to 200 km and 200–500 km, while on the basis of max­i­mum take-off weight (MTOW), the mar­ket is divid­ed into less than 250 kg, 250–500 kg, 500‑1500 Kg and greater than 1500 kg.

By propul­sion type, the mar­ket is split into bat­tery-elec­tric, hydro­gen-elec­tric and hybrid-elec­tric, while by appli­ca­tion, the mar­ket is bro­ken down into com­mer­cial, mil­i­tary and emer­gency med­ical ser­vice. Geo­graph­i­cal­ly, the mar­ket is seg­ment­ed into North Amer­i­ca, Asia Pacif­ic, Europe and the rest of the world.

Major air­craft mak­ers such as Air­bus SE, Boe­ing Com­pa­ny, and Bell Heli­copter, are accel­er­at­ing ongo­ing eVTOL devel­op­ment pro­grams. Auto­mo­tive giants are also enter­ing the space and in Jan­u­ary 2020, Toy­ota invest­ed $400 mil­lion in eVTOL start­up Joby Automa­tion.

The mar­ket in Asia Pacif­ic will grow on account of grow­ing invest­ments by eVTOL com­pa­nies, such as Ehang, in urban air mobil­i­ty. Europe will record notable gains dri­ven by gov­ern­ment ini­tia­tives such as the Urban Air Mobil­i­ty (UAM) Ini­tia­tive.