Electric VTOL (eVTOL) Aircraft Market - A Global and Regional Analysis

Focus on Design, Range, Use Case, Mode of Operation, Energy Source, Component, and Country - Analysis and Forecast, 2023-2032

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Market Report Coverage

Electric VTOL (eVTOL) Aircraft Market
Forecast Period: 2023-2032
CAGR During Forecast Period: 38.2%

Electric VTOL (eVTOL) Aircraft Market

Base Year

2021

Market Size in 2023

$27.5 Million

Forecast Period

2023-2032

Value Projection and Estimation by 2032

$700.5 Million

CAGR During Forecast Period

38.2%

Number of Tables

92

Number of Pages

235

Number of Figures

41

 

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analysis of the company's coverage, product portfolio, and market penetration.

Some prominent established names in this market are:

•    Airbus SE
•    Archer Aviation Inc.
•    Aura Aerospace LLC
•    Aurora Flight Sciences
•    Bell Textron Inc.
•    Beta Technologies
•    Eve Holding, Inc.
•    Elroy Air
•    EHang
•    Jaunt Air Mobility LLC
•    Joby Aviation
•    Lilium GmbH
•    Piasecki Aircraft Corporation
•    Urban Aeronautics
•    Terrafugia
•    Vertical Aerospace Group Ltd.
•    Wisk Aero LLC
•    XTI Aircraft Company

How can this report add value to an organization?

The study provides the reader a detailed understanding of the different eVTOL aircraft by use case, energy source, range, mode of

Platform/Innovation Strategy: The platform segment helps the reader understand the different types of electric VTOL (eVTOL) aircraft in the industry to conduct safe operations in megacities and smart cities globally. Moreover, the study provides the reader a detailed understanding of the different electric VTOL (eVTOL) aircraft by use case, energy source, range, mode of operation, and component.

Growth/Marketing Strategy: The global electric VTOL (eVTOL) aircraft market has seen major development activities by key players operating in the market, such as business expansion activities, contracts, mergers, partnerships, collaborations, and joint ventures. The favored strategy for the companies has been contracts to strengthen their position in electric VTOL (eVTOL) aircraft market. For instance, in July 2022, Jaunt Air Mobility LLC signed a partnership with L&T Technology Services to assemble eVTOL aircraft in India. The company has its first assembly plant in North America and second assembly unit in India. The assembled aircraft would then be certified by Canadian, U.S., and EU aviation regulators. The vehicles are planned to be launched by 2026. Furthermore, in June 2022, Eve Holding, Inc. signed a letter of intent with Kenya Airway's subsidiary, Fahari Aviation, to deliver 40 eVTOLs aircraft. As per the agreement, the companies jointly study through a working group to develop and scale up the UAM market and business model for people and cargo eVTOLs operations in Kenya. The project is expected to deliver in 2026.

Competitive Strategy: Key players in the global electric VTOL (eVTOL) aircraft market analyzed and profiled in the study involve electric VTOL (eVTOL) aircraft manufacturers that offer lift and cruise, ducted vector, multicopter, and tiltrotor model aircraft. Moreover, a detailed competitive benchmarking of the players operating in the global electric VTOL (eVTOL) aircraft market offering aircraft with various types of energy sources to obtain maximum range has been done to help the reader understand how players use various energy sources to present a clear market landscape. Additionally, comprehensive competitive strategies such as contracts, partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Industry and Technology Overview

The market is estimated to reach $700.5 million in 2032 from $27.5 million in 2023.

Global Electric VTOL (eVTOL) Aircraft Market Overview

The global electric VTOL (eVTOL) aircraft market is estimated to reach $700.5 million in 2032 from $27.5 million in 2023, at a growth rate of 38.2% during the forecast period 2023-2032. The growth in the global electric VTOL (eVTOL) aircraft market is expected to be driven by the increasing number of smart cities and growing need for sustainable transportation.

Market Lifecycle Stage

Over the past few years, trends in the number of smart cities and the need for sustainable transportation are growing drastically worldwide to optimize city functions and drive economic growth. In addition, several governments worldwide have signed the Paris Agreement to reduce the carbon footprint in their respective countries, which drives sustainable air transport. However, traveling by road by the daily commuters in large cities is becoming very difficult due to increased traffic congestion, so the daily commuters are looking for efficient, sustainable, and safer modes of transportation to the workplace and other desired destinations. Moreover, several megacities have already reached their limit of expanding the road infrastructure due to the limited land space in their cities. This provides the opportunity for the growth of urban air mobility using electric VTOL (eVTOL) aircraft in smart cities and megacities.

In addition, advancement in the eVTOL aircraft offers various designs and improves efficiency by increasing the operating range and enabling autonomous technology. In addition, the eVTOL platform offers various applications, such as air taxi, private air vehicle, cargo transportation, and air ambulance, which largely paved the way for various growth opportunities for the defense and commercial sectors.

Global Electric VTOL (eVTOL) Aircraft Market, $Million, 2021-2032

Electric VTOL (eVTOL) Aircraft Market

Impact

The global electric VTOL (eVTOL) aircraft market is observing rising investment across all the platforms, which drives the investments across the ecosystem, such as ground infrastructure and battery technology. The major challenge in operating eVTOL aircraft is the lack of battery technology. The batteries that are used currently are lithium-ion, lithium-sulfur, and lithium phosphate, which are insufficient to provide power for long-range. In addition, the energy density of the lithium battery is low for eVTOL aircraft. Moreover, the regulation for operating the eVTOL aircraft in urban areas and developing the vertiports is still in the development stages, which further delays the eVTOL aircraft from entering the market.

Market Segmentation:

Segmentation 1: by Design
•    Lift and Cruise
•    Tiltrotor
•    Multicopter
•    Ducted Vector

Based on design, the global electric VTOL (eVTOL) aircraft market is expected to be dominated by the lift and cruise model during the forecast period.

Segmentation 2: by Use Case
•    Air Taxi
•    Personal Air Vehicle
•    Cargo
•    Air Ambulance

The personal air vehicle segment is estimated to have the highest market penetration in 2023. This segment is anticipated to report $13.8 million in revenue in 2023 and is expected to grow at a CAGR of 34.8% during the forecast period.

Segmentation 3: by Range
•    <50 Km
•    51 Km - 200 Km
•    201 Km - 500 Km
•    >501 Km

Segmentation 4: by Energy Source
•    Electric Propulsion
•    Hybrid Propulsion
•    Hydrogen Propulsion

Segmentation 5: by Mode of Operation
•    Piloted 
•    Remotely Piloted
•    Autonomous

Segmentation 6: by Component
•    Structure
•    Avionics
•    Propulsion System
•    Electric Power System
•    Sensor

Segmentation 7: by Region
•    North America
•    Europe
•    Asia-Pacific
•    Rest-of-the-World

North America is expected to account for the highest share of 54.74% in the electric VTOL (eVTOL) aircraft market by value in 2023, owing to a significant number of companies based in the region.

Recent Developments in the Global Electric VTOL (eVTOL) Aircraft Market

•    In July 2022, Lilium N.V. collaborated with Diehl Aviation to design and develop Lilium Jet’s cabin, and it acts as an integrator and manufacturer for interior components.
•    In June 2022, Eve Holding, Inc. signed a letter of intent with Kenya airway's subsidiary, Fahari Aviation, to deliver 40 eVTOLs aircraft. As per the agreement, the companies jointly study through a working group to develop and scale up the UAM market and business model for people and cargo eVTOLs operations in Kenya. The project is expected to be delivered in 2026.
•    In March 2022, Eve Holding, Inc. signed a strategic partnership with Acciona to develop a global and sustainable urban air mobility ecosystem. According to the partnership, Acciona would invest $30 million upon the consummation of Eve’s business combination with Zanite Acquisition Corp. and join the group of strategic investors that supports the development of Eve's business plan.
•    In January 2022, Wisk Aero secured $450 million from The Boeing Company to further advance the development of Wisk’s sixth generation eVTOL aircraft. It also supports the company as it enters an intensive growth phase to prepare for the launch of scale manufacturing.
•    In September 2021, Urban Aeronautics secured an investment of $10 million from unidentified private investors from the U.S., Brazil, and Israel. The investment would be used for further development and testing of the CityHawk eVTOL.

Demand - Drivers and Limitations

Following are the drivers for the global electric VTOL (eVTOL) aircraft market:

•    Increasing Road Traffic Congestion in Urban Areas
•    Rising Demand for Sustainable Air Transportation    

Following are the challenges for the global electric VTOL (eVTOL) aircraft market:

•    Lack of Ground Infrastructure 
•    Lack of Battery Technology 

Following are the opportunities for the global electric VTOL (eVTOL) aircraft market:

•    Opportunities for Air Taxi Services
•    Opportunities for Ground Infrastructure Developers

Analyst Perspective

According to Arunkumar Sampathkumar, Principal Analyst, BIS Research, "The urban air mobility domain is evolving at a rapid rate despite the regulatory frameworks lagging behind. While the criteria for operations and associated airspace management procedures are still in the making, end users such as law enforcement agencies and med-evac service providers are already gearing up to deploy their respective eVTOL capabilities. The chartered flight services segment is also focused on establishing niche regional transport services using eVTOL platforms. The manufacturing segment has multiple participants developing and serial producing a wide range of eVTOL platforms for diverse applications and use cases. While urban air mobility got the market started, the regional air transportation segment is likely to deploy these new platforms before UAM infrastructure is built. This is a unique market where the manufacturing and service segments have started investing even before the necessary regulatory frameworks come into play. The eagerness to disrupt and enable new modes of air mobility distinguishes the eVTOL market from the rest of the air transportation market.”

Table of Contents

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1.1    Industry Outlook
         1.1.1    Advanced Air Mobility (AAM) and Urban Air Mobility (UAM): Overview
                     1.1.1.1    Role of Electrical VTOL (eVTOL) Aircraft in UAM/AAM
                     1.1.1.2    Evolution of Defense Variant Electrical VTOL (eVTOL) Aircraft
         1.1.2    Evolving Regulatory Framework
         1.1.3    Ongoing Programs
                     1.1.3.1    eVTOL Platform Development
                                    1.1.3.1.1    Hybrid Propulsion
                                    1.1.3.1.2    Hydrogen Propulsion
                                    1.1.3.1.3    Fully Autonomous Systems
                     1.1.3.2    eVTOL Service Landscape
                                    1.1.3.2.1    Air Taxi
                                    1.1.3.2.2    Cargo Delivery
                                    1.1.3.2.3    Air Ambulance
         1.1.4    UAM Infrastructure Development
                     1.1.4.1    Vertiports
                     1.1.4.2    Charging Station
                     1.1.4.3    MRO Facilities
                     1.1.4.4    Unmanned Traffic Management (UTM)
         1.1.5    Funding and R&D Investment Analysis
         1.1.6    Supply Chain Analysis
1.2    Business Dynamics
         1.2.1    Business Drivers
                     1.2.1.1    Increasing Road Traffic Congestion in Urban Areas
                     1.2.1.2    Rising Demand for Sustainable Air Transportation
         1.2.2    Business Challenges
                     1.2.2.1    Lack of Ground Infrastructure
                     1.2.2.2    Lack of Battery Technology
         1.2.3    Business Strategies
                     1.2.3.1    Mergers and Acquisitions
                     1.2.3.2    Others
         1.2.4    Corporate Strategies
                     1.2.4.1    Partnerships, Collaborations, Agreements, and Contracts
         1.2.5    Business Opportunities
                     1.2.5.1    Opportunities for Air Taxi Services
                     1.2.5.2    Opportunities for Ground Infrastructure Developers

2.1    Global Electric VTOL (eVTOL) Aircraft Market (by Design)
          2.1.1    Market Overview
          2.1.2    Demand Analysis of Electric VTOL (eVTOL) Aircraft Market (by Design)
          2.1.3    Lift and Cruise
          2.1.4    Tiltrotor
          2.1.5    Multicopter
          2.1.6    Ducted Vector
2.2    Global Electric VTOL (eVTOL) Aircraft Market (by Range)
          2.2.1    Demand Analysis of Electric VTOL (eVTOL) Aircraft Market (by Range)
          2.2.2    <50 Km
          2.2.3    51 Km – 200 Km
          2.2.4    201 Km – 500 Km
          2.2.5    >501 Km
2.3    Global Electric VTOL (eVTOL) Aircraft Market (by Use Case)
          2.3.1    Demand Analysis of Electric VTOL (eVTOL) Aircraft Market (by Use Case)
          2.3.2    Air Taxi
          2.3.3    Personal Air Vehicle
          2.3.4    Cargo
          2.3.5    Air Ambulance
2.4    Global Electric VTOL (eVTOL) Aircraft Market (by Energy Source)
          2.4.1    Electric Propulsion
                      2.4.1.1    Lithium-Ion Battery
                      2.4.1.2    Lithium-Sulfur Battery
          2.4.2    Hybrid Propulsion
          2.4.3    Hydrogen Propulsion
2.5    Global Electric VTOL (eVTOL) Aircraft Market (by Mode of Operation)
          2.5.1    Demand Analysis of Electric VTOL (eVTOL) Aircraft Market (by Mode of Operation)
          2.5.2    Piloted
          2.5.3    Remotely Piloted
          2.5.4    Autonomous
2.6    Global Electric VTOL (eVTOL) Aircraft Market (by Component)
          2.6.1    Demand Analysis of Electric VTOL (eVTOL) Aircraft Market (by Component)
          2.6.2    Structure
                      2.6.2.1    Airframe
                      2.6.2.2    Skin
                      2.6.2.3    Control Surface
                      2.6.2.4    Cabin/Payload Bay
                      2.6.2.5    Undercarriage
                      2.6.2.6    Rotor Hub
          2.6.3    Avionics
                      2.6.3.1    Vehicle Management System
                      2.6.3.2    Autopilot
                      2.6.3.3    Detect and Avoid
                      2.6.3.4    Actuator
                      2.6.3.5    Communication System
                      2.6.3.6    Navigation System
          2.6.4    Propulsion System
                      2.6.4.1    Rotor Blade
                      2.6.4.2    Gear Box
                      2.6.4.3    Motor
                      2.6.4.4    Shaft
                      2.6.4.5    Fuel Tank
                      2.6.4.6    Engine
          2.6.5    Electric Power System
                      2.6.5.1    Battery
                      2.6.5.2    Electrical Cable
                      2.6.5.3    Voltage Regulator
                      2.6.5.4    Battery Management System
          2.6.6    Sensor
                      2.6.6.1    Health Monitoring Sensor
                      2.6.6.2    Position Sensor
                      2.6.6.3    Flow Sensor
                      2.6.6.4    Pressure Sensor
                      2.6.6.5    Temperature Sensor
                      2.6.6.6    Speed Sensor

3.1    Global Electric VTOL (eVTOL) Aircraft Market (by Region)
3.2    North America
         3.2.1    Market
                     3.2.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in North America
         3.2.2    North America (by Country)
                     3.2.2.1    U.S.
                                    3.2.2.1.1    Market
                                                      3.2.2.1.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in the U.S.
                                    3.2.2.1.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.2.2.1.2.1    U.S. Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.2.2.1.2.2    U.S. Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                     3.2.2.2    Canada
                                    3.2.2.2.1    Market
                                                      3.2.2.2.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in Canada
                                    3.2.2.2.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.2.2.2.2.1    Canada Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.2.2.2.2.2    Canada Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
3.3    Europe
         3.3.1    Market
                     3.3.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in Europe
         3.3.2    Europe (by Country)
                     3.3.2.1    France
                                    3.3.2.1.1    Market
                                                      3.3.2.1.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in France
                                    3.3.2.1.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.3.2.1.2.1    France Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.3.2.1.2.2    France Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                     3.3.2.2    Germany
                                    3.3.2.2.1    Market
                                                      3.3.2.2.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in Germany
                                    3.3.2.2.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.3.2.2.2.1    Germany Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.3.2.2.2.2    Germany Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                     3.3.2.3    Russia
                                    3.3.2.3.1    Market
                                                      3.3.2.3.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in Russia
                                    3.3.2.3.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.3.2.3.2.1    Russia Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.3.2.3.2.2    Russia Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                     3.3.2.4    U.K.
                                    3.3.2.4.1    Market
                                                      3.3.2.4.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in the U.K.
                                    3.3.2.4.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.3.2.4.2.1    U.K. Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.3.2.4.2.2    U.K. Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                     3.3.2.5    Rest-of-Europe
                                    3.3.2.5.1    Market
                                                      3.3.2.5.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in the Rest-of-Europe    
                                    3.3.2.5.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.3.2.5.2.1    Rest-of-Europe Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.3.2.5.2.2    Rest-of-Europe Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
3.4    Asia-Pacific
         3.4.1    Market
                     3.4.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturer in Asia-Pacific
         3.4.2    Asia-Pacific (by Country)
                     3.4.2.1    China
                                    3.4.2.1.1    Market
                                                      3.4.2.1.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in China
                                    3.4.2.1.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.4.2.1.2.1    China Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.4.2.1.2.2    China Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                     3.4.2.2    India
                                    3.4.2.2.1    Market
                                                      3.4.2.2.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in India
                                    3.4.2.2.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.4.2.2.2.1    India Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.4.2.2.2.2    India Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                     3.4.2.3    Japan
                                    3.4.2.3.1    Market
                                                      3.4.2.3.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in Japan
                                    3.4.2.3.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.4.2.3.2.1    Japan Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.4.2.3.2.2    Japan Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                     3.4.2.4    Rest-of-Asia-Pacific
                                    3.4.2.4.1    Market
                                                      3.4.2.4.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in the Rest-of-Asia-Pacific
                                    3.4.2.4.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.4.2.4.2.1    Rest-of-Asia-Pacific Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.4.2.4.2.2    Rest-of-Asia-Pacific Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
3.5    Rest-of-the-World
         3.5.1    Market
                     3.5.1.1    Key Manufacturers and Service Providers in the Rest-of-the-World
         3.5.2    Rest-of-the-World (by Region)
                     3.5.2.1    Middle East and Africa
                                    3.5.2.1.1    Market
                                                      3.5.2.1.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in the Middle East and Africa
                                    3.5.2.1.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.5.2.1.2.1    Middle East and Africa Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.5.2.1.2.2    Middle East and Africa Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                     3.5.2.2    South America
                                    3.5.2.2.1    Market
                                                      3.5.2.2.1.1    Key Electric VTOL (eVTOL) Aircraft Manufacturers in South America
                                    3.5.2.2.2    Electric VTOL (eVTOL) Aircraft Platform
                                                      3.5.2.2.2.1    South America Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
                                                      3.5.2.2.2.2    South America Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032

4.1    Market Share Analysis
4.2    Airbus SE
         4.2.1    Company Overview
                     4.2.1.1    Role of Airbus SE in the Global Electric VTOL (eVTOL) Aircraft Market
                     4.2.1.2    Product Portfolio
         4.2.2    Corporate Strategies
                     4.2.2.1    Partnerships, Agreements, and Contracts
         4.2.3    R&D Analysis
         4.2.4    Analyst View
4.3    Archer Aviation Inc.
         4.3.1    Company Overview
                     4.3.1.1    Role of Archer Aviation Inc. in the Global Electric VTOL (eVTOL) Aircraft Market
                     4.3.1.2    Product Portfolio
         4.3.2    Business Strategies
                     4.3.2.1    Product Launches
         4.3.3    Corporate Strategies
                     4.3.3.1    Partnerships, Agreements, and Contracts
         4.3.4    Analyst View
4.4    Aura Aerospace LLC
         4.4.1    Company Overview
                     4.4.1.1    Role of Aura Aerospace LLC in the Global Electric VTOL (eVTOL) Aircraft Market
                     4.4.1.2    Product Portfolio
         4.4.2    Patent Analysis
                     4.4.2.1    Patent Analysis
         4.4.3    Analyst View
4.5    Aurora Flight Sciences
         4.5.1    Company Overview
                     4.5.1.1    Role of Aurora Flight Sciences in the Global Electric VTOL (eVTOL) Aircraft Market
                     4.5.1.2    Product Portfolio
                     4.5.1.3    Patent Analysis
                                    4.5.1.3.1    Patent Analysis
         4.5.2    Corporate Strategies
                     4.5.2.1    Agreements
         4.5.3    Analyst View
4.6    Bell Textron Inc.
         4.6.1    Company Overview
                     4.6.1.1    Role of Bell Textron Inc. in the Global Electric VTOL (eVTOL) Aircraft Market
                     4.6.1.2    Product Portfolio
         4.6.2    Corporate Strategies
                     4.6.2.1    Partnerships and Agreements
         4.6.3    Analyst View
4.7    Beta Technologies
         4.7.1    Company Overview
                     4.7.1.1    Role of Beta Technologies in the Global Electric VTOL (eVTOL) Aircraft Market
                     4.7.1.2    Product Portfolio
         4.7.2    Business Strategies
                     4.7.2.1    Investments and Expansions
         4.7.3    Analyst View
4.8    Eve Holding, Inc.
         4.8.1    Company Overview
                     4.8.1.1    Role of Eve Holding, Inc. in the Global Electric VTOL (eVTOL) Aircraft Market
                     4.8.1.2    Product Portfolio
         4.8.2    Business Strategies
                     4.8.2.1    Mergers and Acquisitions
         4.8.3    Corporate Strategies
                     4.8.3.1    Partnerships, Agreements, and Contracts
         4.8.4    Analyst View
4.9    Elroy Air
         4.9.1    Company Overview
                     4.9.1.1    Role of Elroy Air in the Global Electric VTOL (eVTOL) Aircraft Market
                     4.9.1.2    Product Portfolio
         4.9.2    Analyst View
4.10    EHang
           4.10.1    Company Overview
                         4.10.1.1    Role of EHang in the Global Electric VTOL (eVTOL) Aircraft Market
                         4.10.1.2    Product Portfolio
           4.10.2    Business Strategies
                         4.10.2.1    Investments, Expansions, and Product Launches
           4.10.3    Corporate Strategies
                         4.10.3.1    Partnerships, Agreements, and Contracts
           4.10.4    R&D Analysis
           4.10.5    Analyst View
4.11    Jaunt Air Mobility LLC
           4.11.1    Company Overview
                         4.11.1.1    Role of Jaunt Air Mobility LLC in the Global Electric VTOL (eVTOL) Aircraft Market
                         4.11.1.2    Product Portfolio
           4.11.2    Business Strategies
                         4.11.2.1    Investments, Expansions, Mergers, and Acquisitions
           4.11.3    Corporate Strategies
                         4.11.3.1    Partnerships, Agreements, and Contracts
           4.11.4    Analyst View
4.12    Joby Aviation
           4.12.1    Company Overview
                         4.12.1.1    Role of Joby Aviation in the Global Electric VTOL (eVTOL) Aircraft Market    
                         4.12.1.2    Product Portfolio
           4.12.2    Business Strategies
           4.12.3    Corporate Strategies
                         4.12.3.1    Partnerships, Agreements, and Contracts
           4.12.4    R&D Analysis
           4.12.5    Analyst View
4.13    Lilium GmbH
           4.13.1    Company Overview
                         4.13.1.1    Role of Lilium GmbH in the Global Electric VTOL (eVTOL) Aircraft Market    
                         4.13.1.2    Product Portfolio
           4.13.2    Corporate Strategies
                         4.13.2.1    Partnerships, Agreements, and Contracts
           4.13.3    R&D Analysis
           4.13.4    Analyst View
4.14    Piasecki Aircraft Corporation
           4.14.1    Company Overview
                         4.14.1.1    Role of Piasecki Aircraft Corporation in the Global Electric VTOL (eVTOL) Aircraft Market
                         4.14.1.2    Product Portfolio
           4.14.2    Corporate Strategies
                         4.14.2.1    Partnerships, Agreements, and Contracts
           4.14.3    Analyst View
4.15    Urban Aeronautics
           4.15.1    Company Overview
                         4.15.1.1    Role of Urban Aeronautics in the Global Electric VTOL (eVTOL) Aircraft Market
                         4.15.1.2    Product Portfolio
           4.15.2    Business Strategies
                         4.15.2.1    Investments and Expansions
           4.15.3    Corporate Strategies
                         4.15.3.1    Partnerships, Agreements, and Contracts
           4.15.4    Analyst View
4.16    Terrafugia
           4.16.1    Company Overview
                         4.16.1.1    Role of Terrafugia in the Global Electric VTOL (eVTOL) Aircraft Market
                         4.16.1.2    Product Portfolio
           4.16.2    Analyst View
4.17    Vertical Aerospace Group Ltd.
           4.17.1    Company Overview
                         4.17.1.1    Role of Vertical Aerospace Group Ltd. in the Global Electric VTOL (eVTOL) Aircraft Market
                         4.17.1.2    Product Portfolio
           4.17.2    Business Strategies
                         4.17.2.1    Investments, Mergers, and Acquisitions
           4.17.3    Corporate Strategies
                         4.17.3.1    Partnerships, Agreements, and Contracts
           4.17.4    Analyst View
4.18    Wisk Aero LLC
           4.18.1    Company Overview
                         4.18.1.1    Role of Wisk Aero LLC in the Global Electric VTOL (eVTOL) Aircraft Market
                         4.18.1.2    Product Portfolio
           4.18.2    Business Strategies
                         4.18.2.1    Investments and Expansions
           4.18.3    Corporate Strategies
                         4.18.3.1    Partnerships, Agreements, and Contracts
           4.18.4    Analyst View
4.19    XTI Aircraft Company
           4.19.1    Company Overview
                         4.19.1.1    Role of XTI Aircraft Company in the Global Electric VTOL (eVTOL) Aircraft Market
                         4.19.1.2    Product Portfolio
                         4.19.1.3    Patent Analysis
           4.19.2    Business Strategies
                         4.19.2.1    Investments
           4.19.3    Corporate Strategies
                         4.19.3.1    Partnerships, Agreements, and Contracts
           4.19.4    Analyst View
4.20    Other Key Players
           4.20.1    Airspace Experience Technologies, Inc.
                         4.20.1.1    Company Overview
           4.20.2    AMSL Aero Pty Ltd.
                         4.20.2.1    Company Overview
           4.20.3    Opener
                         4.20.3.1    Company Overview
           4.20.4    Skyworks Aeronautics Corp.
                         4.20.4.1    Company Overview
           4.20.5    Transcend Air Corporation
                         4.20.5.1    Company Overview
           4.20.6    Vertical Aerospace
                         4.20.6.1    Company Overview
           4.20.7    Volocopter GmbH
                         4.20.7.1    Company Overview

5.1    Electric VTOL (eVTOL) Aircraft Developers
         5.1.1    Growth Opportunity: Smart City Projects
                     5.1.1.1    Recommendations
5.2    Battery Solution Developers
         5.2.1    Growth Opportunity: Emerging Sustainable Air Transportation
                     5.2.1.1    Recommendations
5.3    Artificial Intelligence Capability Developers
         5.3.1    Growth Opportunity: Integrated Autonomous Capabilities
                     5.3.1.1    Recommendations

6.1    Factors for Data Prediction and Modeling

Table 1:    Aviation Regulatory Authorities: Key Countries and Regions
Table 2:    Investment, 2020-2022
Table 3:    Other Stakeholders in the eVTOL Aircraft Market
Table 4:    Mergers, Acquisitions, and Expansions, 2020-2022
Table 5:    Others, 2017-2022
Table 6:    Partnerships, Collaborations, Agreements, and Contracts, 2018-2022
Table 7:    Global Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 8:    Global Electric VTOL (eVTOL) Aircraft Market (by Range), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 9:    Global Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 10:    Global Electric VTOL (eVTOL) Aircraft Market (by Mode of Operation), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 11:    Global Electric VTOL (eVTOL) Aircraft Market (by Subsystem), Value ($Million), 2021-2032
Table 12:    Global Electric VTOL (eVTOL) Aircraft Market (by Component), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 13:    Global Electric VTOL (eVTOL) Aircraft Market (by Component), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 14:    Global Electric VTOL (eVTOL) Aircraft Market (by Component), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 15:    Global Electric VTOL (eVTOL) Aircraft Market (by Component), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 16:    Global Electric VTOL (eVTOL) Aircraft Market (by Component), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 17:    Global Electric VTOL (eVTOL) Aircraft Market (by Region), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 18:    North America Electric VTOL (eVTOL) Aircraft Market (by Country), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 19:    U.S. Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 20:    U.S. Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 21:    Canada Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 22:    Canada Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 23:    Europe Electric VTOL (eVTOL) Aircraft Market (by Country) , Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 24:    France Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 25:    France Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 26:    Germany Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 27:    Germany Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 28:    Russia Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 29:    Russia Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 30:    U.K. Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 31:    U.K. Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 32:    Rest-of-Europe Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 33:    Rest-of-Europe Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 34:    Asia-Pacific Electric VTOL (eVTOL) Aircraft Market (by Country) , Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 35:    China Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 36:    China Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units), 2021-2032
Table 37:    India Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 38:    India Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 39:    Japan Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 40:    Japan Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 41:    Rest-of-Asia-Pacific Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 42:    Rest-of-Asia-Pacific Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 43:    Rest-of-the-World Electric VTOL (eVTOL) Aircraft Market (by Region), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 44:    Middle East and Africa Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 45:    Middle East and Africa Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 46:    South America Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 47:    South America VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million) and Volume (Number of Units to be Manufactured), 2021-2032
Table 48:    Airbus SE: Product Portfolio
Table 49:    Airbus SE: Partnerships, Agreements, and Contracts
Table 50:    Archer Aviation Inc.: Product Portfolio
Table 51:    Archer Aviation Inc.: Product Launches
Table 52:    Archer Aviation Inc.: Partnerships, Agreements, and Contracts
Table 53:    Aura Aerospace LLC: Product Portfolio
Table 54:    Aura Aerospace LLC: Patent Analysis
Table 55:    Aurora Flight Sciences: Product Portfolio
Table 56:    Aurora Flight Sciences: Patent Analysis
Table 57:    Aurora Flight Sciences: Agreements
Table 58:    Bell Textron Inc.: Product Portfolio
Table 59:    Bell Textron Inc.: Partnerships and Agreements
Table 60:    Beta Technologies: Product Portfolio
Table 61:    Beta Technologies: Investments and Expansions
Table 62:    Eve Holding, Inc.: Product Portfolio
Table 63:    Eve Holding, Inc.: Mergers and Acquisitions
Table 64:    Eve Holding, Inc.: Partnerships, Agreements, and Contracts
Table 65:    Elroy Air: Product Portfolio
Table 66:    EHang: Product Portfolio
Table 67:    EHang: Investments, Expansions, and Product Launches
Table 68:    EHang: Partnerships, Agreements, and Contracts
Table 69:    Jaunt Air Mobility LLC: Product Portfolio
Table 70:    Jaunt Air Mobility LLC: Investments, Expansions, Mergers, and Acquisitions
Table 71:    Jaunt Air Mobility LLC: Partnerships, Agreements, and Contracts
Table 72:    Joby Aviation: Product Portfolio
Table 73:    Mergers, Acquisitions, Investments, and Expansions Joby Aviation: Mergers, Acquisitions, Investments, and Expansions
Table 74:    Joby Aviation: Partnerships, Agreements, and Contracts
Table 75:    Lilium GmbH: Product Portfolio
Table 76:    Lilium GmbH: Partnerships, Agreements, and Contracts
Table 77:    Piasecki Aircraft Corporation: Product Portfolio
Table 78:    Piasecki Aircraft Corporation: Partnerships, Agreements, and Contracts
Table 79:    Urban Aeronautics: Product Portfolio
Table 80:    Urban Aeronautics: Investments and Expansions
Table 81:    Urban Aeronautics: Partnerships, Agreements, and Contracts
Table 82:    Terrafugia: Product Portfolio
Table 83:    Vertical Aerospace Group Ltd.: Service Portfolio
Table 84:    Vertical Aerospace Group Ltd.: Investments, Mergers, and Acquisitions
Table 85:    Vertical Aerospace Group Ltd.: Partnerships, Agreements, and Contracts
Table 86:    Wisk Aero LLC: Product Portfolio
Table 87:    Wisk Aero LLC: Investments and Expansions
Table 88:    Wisk Aero LLC: Partnerships, Agreements, and Contracts
Table 89:    XTI Aircraft Company: Product Portfolio
Table 90:    XTI Aircraft Company: Patent Analysis
Table 91:    XTI Aircraft Company: Investments
Table 92:    XTI Aircraft Company: Partnerships, Agreements, and Contracts

Figure 1:    Global Electric VTOL (eVTOL) Aircraft Market, Optimistic Scenario, Volume (Number of Units to be Manufactured) and Value ($Million), 2021-2032
Figure 2:    Global Electric VTOL (eVTOL) Aircraft Market, Realistic Scenario, Volume (Number of Units to be Manufactured) and Value ($Million), 2021-2032
Figure 3:    Global Electric VTOL (eVTOL) Aircraft Market (by Design), Volume (Number of Units to be Manufactured), 2023 and 2032
Figure 4:    Global Electric VTOL (eVTOL) Aircraft Market (by Design), Value ($Million), 2023 and 2032
Figure 5:    Global Electric VTOL (eVTOL) Aircraft Market (by Use Case), Volume (Number of Units to be Manufactured), 2023 and 2032
Figure 6:    Global Electric VTOL (eVTOL) Aircraft Market (by Use Case), Value ($Million), 2023 and 2032
Figure 7:    Global Electric VTOL (eVTOL) Aircraft Market (by Region), Value ($Million), 2032
Figure 8:    Global Electric VTOL (eVTOL) Aircraft Market Coverage
Figure 9:    Supply Chain Analysis of Electric VTOL (eVTOL) Aircraft Market
Figure 10:    Global Electric VTOL (eVTOL) Aircraft Market, Business Dynamics
Figure 11:    Share of Key Business Strategies and Developments, 2018-2022
Figure 12:    Global Electric VTOL (eVTOL) Aircraft Market (by Design)
Figure 13:    Electric VTOL (eVTOL) Aircraft Market (Lift and Cruise), 2021-2032, Value ($Million)
Figure 14:    Electric VTOL (eVTOL) Aircraft Market (Tiltrotor), 2021-2032, Value ($Million)
Figure 15:    Electric VTOL (eVTOL) Aircraft Market (Multicopter), 2021-2032, Value ($Million)
Figure 16:    Electric VTOL (eVTOL) Aircraft Market (Ducted Vector), 2021-2032, Value ($Million)
Figure 17:    Global Electric VTOL (eVTOL) Aircraft Market (by Range)
Figure 18:    Global Electric VTOL (eVTOL) Aircraft Market (by Use Case)
Figure 19:    Global Electric VTOL (eVTOL) Aircraft Market (by Energy Source)
Figure 20:    Global Electric VTOL (eVTOL) Aircraft Market (by Mode of Operation)
Figure 21:    Global Electric VTOL (eVTOL) Aircraft Market (by Component)
Figure 22:    U.S. Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 23:    Canada Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 24:    France Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 25:    Germany Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 26:    Russia Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 27:    U.K. Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 28:    Rest-of-Europe Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 29:    China Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 30:    India Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 31:    Japan Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 32:    Rest-of-Asia-Pacific Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 33:    Middle East and Africa Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 34:    South America Electric VTOL (eVTOL) Aircraft Market, 2021-2032, Value ($Million)
Figure 35:    Global Electric VTOL (eVTOL) Aircraft Market Share (by Company), $Million, 2023
Figure 36:    Number of eVTOL Aircraft Pre-orders: As of August 2022
Figure 37:    Airbus SE: R&D Analysis, 2019-2021
Figure 38:    EHang: R&D Analysis, 2019-2021
Figure 39:    Joby Aviation: R&D Analysis, 2019-2021
Figure 40:    Lilium GmbH: R&D Analysis, 2019-2021
Figure 41:    Assumptions and Limitations

Market Report Coverage

Electric VTOL (eVTOL) Aircraft Market

Base Year

2021

Market Size in 2023

$27.5 Million

Forecast Period

2023-2032

Value Projection and Estimation by 2032

$700.5 Million

CAGR During Forecast Period

38.2%

Number of Tables

92

Number of Pages

235

Number of Figures

41

 

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analysis of the company's coverage, product portfolio, and market penetration.

Some prominent established names in this market are:

•    Airbus SE
•    Archer Aviation Inc.
•    Aura Aerospace LLC
•    Aurora Flight Sciences
•    Bell Textron Inc.
•    Beta Technologies
•    Eve Holding, Inc.
•    Elroy Air
•    EHang
•    Jaunt Air Mobility LLC
•    Joby Aviation
•    Lilium GmbH
•    Piasecki Aircraft Corporation
•    Urban Aeronautics
•    Terrafugia
•    Vertical Aerospace Group Ltd.
•    Wisk Aero LLC
•    XTI Aircraft Company

How can this report add value to an organization?

Platform/Innovation Strategy: The platform segment helps the reader understand the different types of electric VTOL (eVTOL) aircraft in the industry to conduct safe operations in megacities and smart cities globally. Moreover, the study provides the reader a detailed understanding of the different electric VTOL (eVTOL) aircraft by use case, energy source, range, mode of operation, and component.

Growth/Marketing Strategy: The global electric VTOL (eVTOL) aircraft market has seen major development activities by key players operating in the market, such as business expansion activities, contracts, mergers, partnerships, collaborations, and joint ventures. The favored strategy for the companies has been contracts to strengthen their position in electric VTOL (eVTOL) aircraft market. For instance, in July 2022, Jaunt Air Mobility LLC signed a partnership with L&T Technology Services to assemble eVTOL aircraft in India. The company has its first assembly plant in North America and second assembly unit in India. The assembled aircraft would then be certified by Canadian, U.S., and EU aviation regulators. The vehicles are planned to be launched by 2026. Furthermore, in June 2022, Eve Holding, Inc. signed a letter of intent with Kenya Airway's subsidiary, Fahari Aviation, to deliver 40 eVTOLs aircraft. As per the agreement, the companies jointly study through a working group to develop and scale up the UAM market and business model for people and cargo eVTOLs operations in Kenya. The project is expected to deliver in 2026.

Competitive Strategy: Key players in the global electric VTOL (eVTOL) aircraft market analyzed and profiled in the study involve electric VTOL (eVTOL) aircraft manufacturers that offer lift and cruise, ducted vector, multicopter, and tiltrotor model aircraft. Moreover, a detailed competitive benchmarking of the players operating in the global electric VTOL (eVTOL) aircraft market offering aircraft with various types of energy sources to obtain maximum range has been done to help the reader understand how players use various energy sources to present a clear market landscape. Additionally, comprehensive competitive strategies such as contracts, partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Industry and Technology Overview

Global Electric VTOL (eVTOL) Aircraft Market Overview

The global electric VTOL (eVTOL) aircraft market is estimated to reach $700.5 million in 2032 from $27.5 million in 2023, at a growth rate of 38.2% during the forecast period 2023-2032. The growth in the global electric VTOL (eVTOL) aircraft market is expected to be driven by the increasing number of smart cities and growing need for sustainable transportation.

Market Lifecycle Stage

Over the past few years, trends in the number of smart cities and the need for sustainable transportation are growing drastically worldwide to optimize city functions and drive economic growth. In addition, several governments worldwide have signed the Paris Agreement to reduce the carbon footprint in their respective countries, which drives sustainable air transport. However, traveling by road by the daily commuters in large cities is becoming very difficult due to increased traffic congestion, so the daily commuters are looking for efficient, sustainable, and safer modes of transportation to the workplace and other desired destinations. Moreover, several megacities have already reached their limit of expanding the road infrastructure due to the limited land space in their cities. This provides the opportunity for the growth of urban air mobility using electric VTOL (eVTOL) aircraft in smart cities and megacities.

In addition, advancement in the eVTOL aircraft offers various designs and improves efficiency by increasing the operating range and enabling autonomous technology. In addition, the eVTOL platform offers various applications, such as air taxi, private air vehicle, cargo transportation, and air ambulance, which largely paved the way for various growth opportunities for the defense and commercial sectors.

Global Electric VTOL (eVTOL) Aircraft Market, $Million, 2021-2032

Electric VTOL (eVTOL) Aircraft Market

Impact

The global electric VTOL (eVTOL) aircraft market is observing rising investment across all the platforms, which drives the investments across the ecosystem, such as ground infrastructure and battery technology. The major challenge in operating eVTOL aircraft is the lack of battery technology. The batteries that are used currently are lithium-ion, lithium-sulfur, and lithium phosphate, which are insufficient to provide power for long-range. In addition, the energy density of the lithium battery is low for eVTOL aircraft. Moreover, the regulation for operating the eVTOL aircraft in urban areas and developing the vertiports is still in the development stages, which further delays the eVTOL aircraft from entering the market.

Market Segmentation:

Segmentation 1: by Design
•    Lift and Cruise
•    Tiltrotor
•    Multicopter
•    Ducted Vector

Based on design, the global electric VTOL (eVTOL) aircraft market is expected to be dominated by the lift and cruise model during the forecast period.

Segmentation 2: by Use Case
•    Air Taxi
•    Personal Air Vehicle
•    Cargo
•    Air Ambulance

The personal air vehicle segment is estimated to have the highest market penetration in 2023. This segment is anticipated to report $13.8 million in revenue in 2023 and is expected to grow at a CAGR of 34.8% during the forecast period.

Segmentation 3: by Range
•    <50 Km
•    51 Km - 200 Km
•    201 Km - 500 Km
•    >501 Km

Segmentation 4: by Energy Source
•    Electric Propulsion
•    Hybrid Propulsion
•    Hydrogen Propulsion

Segmentation 5: by Mode of Operation
•    Piloted 
•    Remotely Piloted
•    Autonomous

Segmentation 6: by Component
•    Structure
•    Avionics
•    Propulsion System
•    Electric Power System
•    Sensor

Segmentation 7: by Region
•    North America
•    Europe
•    Asia-Pacific
•    Rest-of-the-World

North America is expected to account for the highest share of 54.74% in the electric VTOL (eVTOL) aircraft market by value in 2023, owing to a significant number of companies based in the region.

Recent Developments in the Global Electric VTOL (eVTOL) Aircraft Market

•    In July 2022, Lilium N.V. collaborated with Diehl Aviation to design and develop Lilium Jet’s cabin, and it acts as an integrator and manufacturer for interior components.
•    In June 2022, Eve Holding, Inc. signed a letter of intent with Kenya airway's subsidiary, Fahari Aviation, to deliver 40 eVTOLs aircraft. As per the agreement, the companies jointly study through a working group to develop and scale up the UAM market and business model for people and cargo eVTOLs operations in Kenya. The project is expected to be delivered in 2026.
•    In March 2022, Eve Holding, Inc. signed a strategic partnership with Acciona to develop a global and sustainable urban air mobility ecosystem. According to the partnership, Acciona would invest $30 million upon the consummation of Eve’s business combination with Zanite Acquisition Corp. and join the group of strategic investors that supports the development of Eve's business plan.
•    In January 2022, Wisk Aero secured $450 million from The Boeing Company to further advance the development of Wisk’s sixth generation eVTOL aircraft. It also supports the company as it enters an intensive growth phase to prepare for the launch of scale manufacturing.
•    In September 2021, Urban Aeronautics secured an investment of $10 million from unidentified private investors from the U.S., Brazil, and Israel. The investment would be used for further development and testing of the CityHawk eVTOL.

Demand - Drivers and Limitations

Following are the drivers for the global electric VTOL (eVTOL) aircraft market:

•    Increasing Road Traffic Congestion in Urban Areas
•    Rising Demand for Sustainable Air Transportation    

Following are the challenges for the global electric VTOL (eVTOL) aircraft market:

•    Lack of Ground Infrastructure 
•    Lack of Battery Technology 

Following are the opportunities for the global electric VTOL (eVTOL) aircraft market:

•    Opportunities for Air Taxi Services
•    Opportunities for Ground Infrastructure Developers

Analyst Perspective

According to Arunkumar Sampathkumar, Principal Analyst, BIS Research, "The urban air mobility domain is evolving at a rapid rate despite the regulatory frameworks lagging behind. While the criteria for operations and associated airspace management procedures are still in the making, end users such as law enforcement agencies and med-evac service providers are already gearing up to deploy their respective eVTOL capabilities. The chartered flight services segment is also focused on establishing niche regional transport services using eVTOL platforms. The manufacturing segment has multiple participants developing and serial producing a wide range of eVTOL platforms for diverse applications and use cases. While urban air mobility got the market started, the regional air transportation segment is likely to deploy these new platforms before UAM infrastructure is built. This is a unique market where the manufacturing and service segments have started investing even before the necessary regulatory frameworks come into play. The eagerness to disrupt and enable new modes of air mobility distinguishes the eVTOL market from the rest of the air transportation market.”

FAQ's

What is the electric VTOL (eVTOL) aircraft?

Electric vertical-take-off and landing (eVTOL) is a type of aircraft that is powered by stored electric energy to cruise, take-off, land, and hover. These aircraft use distributed electric propulsion technology and build with multiple motors for various functions as well as to increase efficiency and ensure safety. These aircraft use various concepts such as multi-rotors, fixed-wing, and tilt-wing that are backed by sensors, cameras, and even radar. It helps to open the possibilities of a new sustainable transportation system in urban areas without depending on the runways.

What are the key trends in the global electric VTOL (eVTOL) aircraft market?

The key trends in the global electric VTOL (eVTOL) aircraft market include the use of space-based surveillance systems. Companies such as XTI Aircraft Company and Transcend Air Corporation have various types of take-off options to provide comprehensive hybrid-electric VTOL aircraft. This technology offers enhanced hybrid-electric VTOL aircraft to land and take-off both vertically and conventionally.

What new strategies are being adopted by the existing market players to strengthen their market position in the industry?

The global electric VTOL (eVTOL) aircraft market has seen major development by key players operating in the market, such as business expansion activities, investments, contracts, partnerships, collaborations, mergers, and agreements. According to BIS Research, the majority of the companies preferred collaborations, contracts, and agreements as strategies to further increase their growth in the global electric VTOL (eVTOL) aircraft market. Companies such as Joby Aviation, Wisk Aero LLC, Beta Technologies, Lilium N.V., and EHang have majorly adopted partnership, contract, collaboration, and agreement strategies.

For a new company looking to enter the global electric VTOL (eVTOL) aircraft market, which areas could it focus upon to stay ahead of the existing competition?

There is an increasing demand for long-range eVTOL aircraft and vertiports. A new entrant can focus on providing long-range eVTOL aircraft that provide regional connectivity at a low cost. In addition, the companies should focus on developing vertiports and charging stations for the eVTOL aircraft.

What is the USP of this report?

The following can be seen as some of the USPs of the report:

· A dedicated section focusing on various platform segments adopted by the key players operating in the global electric VTOL (eVTOL) aircraft market

· A dedicated section on growth opportunities and recommendations

· A qualitative and quantitative analysis of electric VTOL (eVTOL) aircraft at the regional and country level, and also the analysis of design, range, energy source, component, and various use case segments

Who should buy this report?

Companies that provide electric VTOL (eVTOL) aircraft manufacturers, and also the companies such as ground infrastructure developers, aircraft sub-system and component manufacturers, maintenance, repair, and overhaul service providers, investors, and airlines, should buy this report.

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