eVTOL Aircraft Market worth $23.4 Billion by 2035 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 25, 2023 /PRNewswire/ -- The eVTOL aircraft market size is projected to grow from an estimated USD 1.2 Billion in 2023 to USD 23.4 Billion by 2035, at a CAGR of 52.0% during the forecast period according to a new report by MarketsandMarkets™. This growth can be attributed to the increasing aircraft demand and advancements in traditional aircraft.

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eVTOL Aircraft Market Report Scope:

The lift plus cruise technology segment is projected to grow at the highest CAGR during the forecast period.

Based on technology, the eVTOL aircraft market has been segmented into the vectored thrust, multirotor, and lift plus thrust segments. The vector thrust concept encompasses the utilization of independent motor or propeller control, enabling the generation of thrust in various directions. This capability grants vector thrust eVTOLs the ability to alter their orientation, execute hovering maneuvers, seamlessly transition between vertical and horizontal flight, and perform agile maneuvers through the deliberate adjustment of motor thrust outputs. The lift plus cruise segment is estimated to lead the market during the forecast period, with a maximum share in 2023.

The fully electric eVTOL aircraft by propulsion segment accounts for the largest market size during the forecast period.

Based on propulsion, the eVTOL aircraft industry is segmented into fully electric, hybrid, and electric hydrogen. Ways of propulsion were taken into consideration to define these segments. eVTOL aircrafts having fully electric propulsion and eVTOL aircrafts having hybrid and electric hydrogen propulsion are taken into consideration and differentiated based on their propulsion as these propulsions are seen to be in demand during the forecast period. The fully electric eVTOL aircraft segment is estimated to account for the largest share of the eVTOL aircraft market in 2023.

The autonomous segment accounts for the largest market size during the forecast period.

Based on the mode of operation, the eVTOL aircraft market is segmented into autonomous and piloted. The autonomous segment accounted for the largest share of the eVTOL aircraft market in 2023. The piloted aircraft are based on matured technologies and are more reliable as compared to autonomous aircrafts that are under development. Piloted eVTOL aircraft are getting replaced by fully autonomous aerial vehicles in various civil & commercial applications as the latter will have higher payload capacity, increased propulsion power, no human intervention, and increased safety technologies such as detect and avoid and GPS-denied technology.

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Europe is projected to grow at the highest CAGR during the forecast period.

Europe is projected to be the fastest-growing region in the eVTOL aircraft market during the forecast period. The eVTOL area is seeing tremendous growth in air travel owing to rising disposable incomes and a burgeoning middle class. As a result, the number of commercial aircraft operating in the region has increased, creating demand for eVTOL aircraft. Europe seemed to be a prominent eVTOL aircraft market. Increasing military upgrades, such as the purchase of unmanned aerial vehicles, and innovative technologies, such as hybrid aircraft, which can take off with vertical flight operations, are expected to drive the eVTOL aircraft market in Europe during the forecast period.

Major players operating in the eVTOL aircraft companies include Airbus SE (Netherlands), Elbit Systems Ltd.(Israel), Bell Textron, Inc. (US), Ehang Holdings Ltd. (China), Embraer SA (Brazil), Israel Aerospace Industries (Israel), Pipistrel (Slovenia), Elroy Air(US), Lilium Gmbh(Germany), Joby Aviation, Inc (US), Archer Aviation Inc.(US), Volocopter Gmbh(Germany), SZ DJI Technology Co., Ltd(Gmbh), Aurora Flight Sciences (US), Urban Aeronautics Ltd(UK) among others. These key players offer ultralight and light aircraft across regions and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, Latin American, Middle East, and African regions.

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