eVTOL Aircraft Market Size Report and Forecast 2024-2032

According to the report by Expert Market Research (EMR), the global eVTOL aircraft market is projected to grow at a CAGR of 44.7% between 2024 and 2032. Aided by rising investments by the key players in advanced technologies and increased emphasis on sustainable aviation practices, the market is expected to grow significantly by 2032.

An eVTOL aircraft, often known as an electric vertical take-off and landing aircraft, uses electric power for hovering, taking off, and landing vertically. This vehicle is optimised for electrical propulsion and is powered by batteries. The aircraft provides accessible and quick short-range transportation for both cargo and passengers.

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The increasing awareness of environmental issues and concerns regarding the negative impact of transportation systems powered by fossil fuels are key factors driving the growth of the global eVTOL aircraft market. Unlike traditional aircraft that rely on fossil fuels, eVTOLs operate on electricity, thus emitting zero carbon emissions during flight. This eco-friendly feature makes eVTOLs an attractive option for environmentally-conscious consumers, businesses, and governments seeking sustainable transportation solutions.

The expanding utilisation of eVTOLs across a wide range of military applications has significantly propelled the eVTOL aircraft market growth. These aircraft offer high-speed and long-range capabilities, making them suitable for various military operations, including transportation, logistics, and reconnaissance.

eVTOLs are particularly advantageous for the rapid deployment of equipment and troops in challenging and remote locations, where traditional transport methods may be impractical or inaccessible. Additionally, eVTOLs hold significant potential for medical evacuations and search and rescue missions, further driving their adoption by military organisations worldwide.

Key players in the eVTOL aircraft market are increasing their investments in product enhancement and research and development (R&D) activities to support the emerging urban air mobility (UAM) sector. UAM aims to revolutionise urban transportation by utilising eVTOLs for intra-city travel, thereby reducing travel time and alleviating traffic congestion. By investing in technological advancements and innovations, market players seek to enhance the safety, efficiency, and reliability of eVTOLs, making them viable options for urban transportation solutions. These investments create lucrative growth opportunities for the eVTOL aircraft market, as the demand for efficient and sustainable urban mobility solutions continues to rise in densely populated areas around the world.

The rapid advancements in electric vertical take-off and landing (eVTOL) aircraft technology are addressing critical technological hurdles integral to the eVTOL concept. As urban centres grow, especially in developing countries like China and India, traffic congestion becomes increasingly problematic. This congestion challenges traditional urban transportation infrastructures, prompting interest in innovative solutions such as urban air mobility and air taxi services. The eVTOL aircraft market provides an alternative that not only promises to alleviate ground traffic but also aligns with sustainable and environmentally friendly practices.

To navigate the complex dynamics of urban airspaces, eVTOL aircraft incorporate sophisticated technologies. Among these, advanced detection and avoidance systems are pivotal. Utilising micro or millimetre-wave technology, these systems facilitate precise identification and offer real-time decision-making support, ensuring safety in potentially hazardous operational environments. Such technologies are crucial for the successful integration of eVTOLs into urban settings, where the margin for error is minimal.

Major players in the global eVTOL aircraft market, including Airbus SE and Joby Aviation, are at the forefront of this transformative movement. They are actively developing and testing eVTOL prototypes, preparing for the expected commercial launch of air taxi services by 2024.

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The commercialisation of these aircraft is set to revolutionise urban transport, offering a scalable, efficient alternative to conventional ground transportation methods. This shift not only promises significant economic benefits but also contributes to the reduction of urban environmental impacts, marking a significant step forward in the evolution of global transportation infrastructure.

eVTOL Aircraft Market Segmentation

The global eVTOL aircraft market can be divided based on lift technology, mode of operation, propulsion type, range, application, and region.

Market Breakup by Lift Technology

• Lift Plus Cruise
• Multirotor
• Vectored thrust

Market Breakup by Mode of Operation

• Autonomous
• Piloted

Market Breakup by Propulsion Type

• Battery-Electric
• Hydrogen-Electric
• Hybrid-Electric

Market Breakup by Range

• 0 Km- 200 KM
• 200 Km- 500 Km

Market Breakup by Application

• Commercial
• Military
• Emergency medical service

Market Breakup by Region

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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global eVTOL aircraft market. Some of the major players explored in the report by Expert Market Research are as follows:

• Archer Aviation Inc.
• Airbus SE
• Elbit Systems Ltd.
• Lift Aircraft Inc.
• Piasecki Aircraft Corporation
• Moog Inc.
• Lilium GmbH
• Volocopter GmbH
• Wisk Aero LLC
• Vertical Aerospace Group Ltd.
• Others

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