Product Code: TIPRE00007568
The eVTOL aircraft market is projected to expand from US$ 519.8 million in 2025 to US$ 3,231.4 million by 2031, with an anticipated CAGR of 35.6% during the period from 2025 to 2031.
Regionally, the global eVTOL aircraft market is divided into North America, Europe, Asia Pacific, and the Rest of the World. In 2024, Europe is expected to dominate the market with a significant share, followed closely by North America. Additionally, North America is predicted to experience the highest CAGR in the market from 2025 to 2031.
The eVTOL aircraft market is currently in the development stage in European countries; however, leading companies are strategically positioning themselves to take advantage of market dynamics. For example, Volocopter GmbH, a German aircraft manufacturer and a frontrunner in urban air mobility (UAM), plans to introduce the world's first eVTOL suite of services, including passenger air taxis and heavy-lift cargo drones, between 2024 and 2026. Furthermore, in March 2022, Jetex and Volocopter entered into a strategic partnership to establish a safe and sustainable urban air mobility model. This partnership aims to implement and manage permanent, economically viable, and integrated UAM taxi takeoff and landing infrastructure and services for passenger transport.
According to market analysis, North America is anticipated to be the fastest-growing region in the global eVTOL aircraft market throughout the forecast period. This growth is attributed to the presence of numerous eVTOL companies in the region, including Archer Aviation, Alakai Skai, Opener Aero, BETA Technologies, Gravitas, Joby Aviation, Wisk Aero LLC, Jaunt Air Mobility, Kittyhawk, and Bell Textron Inc. The eVTOL aircraft market is in its developmental phase and is expected to expand in the coming years in North America, driven by an increasing number of investments and strategic initiatives from key players in the eVTOL aircraft sector. For instance, in February 2021, United Airlines and Archer Aviation announced a partnership to utilize the international carrier's aviation expertise, with United Airlines set to purchase 200 eVTOL aircraft from Archer. Additionally, in June 2021, Vertical Aerospace secured deals worth US$ 4 billion with American Airlines, Virgin Atlantic, and leasing group Avolon for up to 1,000 of its VA-X4 eVTOL aircraft.
Strategic Insights
Impact of COVID-19 Pandemic on eVTOL Aircraft Market
The COVID-19 pandemic has had a significant adverse impact on the aviation industry. The global aviation sector is projected to incur losses of approximately US$ 200 billion from 2020 to 2022. The pandemic's effects have resulted in reduced aircraft production, disrupted supply chains during FY 2020, delays in new orders, challenges in sourcing materials or parts, and labor issues for aviation industry vendors. This has also negatively impacted the eVTOL industry. As the eVTOL sector is still in its developmental stage and requires economic growth to support advancements, ongoing projects such as testing, certification, and prototype production have been severely affected during the pandemic.
Market Insights - eVTOL Aircraft MarketEurope is at the forefront of eVTOL aircraft adoption, technological advancements, and investment in eVTOL technologies, which is primarily driving the growth of the eVTOL aircraft market. The European eVTOL aircraft market has begun to see rapid recovery in its development. Companies like Lilium and Volocopter have reported an increasing number of pre-orders, which are expected to boost market size once commercialized. For instance, in 2021, Lilium announced it had secured a contract worth US$ 1 billion to provide 220 units of its 5-seater eVTOL aircraft to Luxaviation Group. Moreover, in 2022, Lilium received another pre-order for 150 six-passenger jets from NetJets, to be delivered in the coming years. The lockdowns further halted eVTOL aircraft prototype production and testing from 2020 to 2021. However, despite these challenges, European eVTOL market players managed to secure contracts related to eVTOL aircraft development from investors and partners across the region, enabling them to generate revenue, conduct various flight tests, and contribute to the development of the eVTOL aircraft market.
The eVTOL aircraft market is categorized by lift technology, propulsion type, application, and operation mode. In terms of lift technology, the market is divided into multirotor, lift plus cruise, vectored thrust, and others. By propulsion type, the market is segmented into hybrid, fully electric, and electric hydrogen. The application categories include air taxi, cargo transport, last mile delivery, critical missions, inspection, surveying, and mapping, among others. The operation mode categorizes the market into piloted, optionally piloted, and autonomous.
Key players profiled in the eVTOL aircraft market study include Airbus (The Netherlands), Bell Textron Inc. (US), Boeing (US), Eve Air Mobility (Brazil), Lilium GmbH (Germany), Opener (US), EHang (China), BETA Technologies (US), Pipistrel Group (Slovenia), Volocopter GmbH (Germany), Joby Aviation Inc. (US), Heart Aerospace (Sweden), and Archer Aviation Inc. (US).
eVTOL Aircraft Market Report ScopePlayers in the eVTOL aircraft market are primarily focused on developing advanced and efficient products, as well as pursuing mergers and partnerships.
In 2022, Thales partnered with Eve for eVTOL development, announcing support for the development of its eVTOL aircraft in Brazil. This strategic partnership involves a series of joint studies over a twelve-month period, starting in January 2022, to assess the technical, economic, and adaptable feasibility of a 100% electrically powered aircraft.In 2021, Heart Aerospace collaborated with Arennova Aerospace S.A. to co-design the structure for the new ES-19 electric aircraft, which is an all-electric aircraft designed to carry nineteen passengers on short regional routes. Aernnova Aerospace S.A. will collaborate with Heart's engineers to design the wing, fuselage, and empennage.
Table Of Contents
1. Introduction
- 1.1 Study Scope
- 1.2 The Insight Partners Research Report Guidance
- 1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
4. eVTOL Aircraft Market Landscape
- 4.1 Market Overview
- 4.2 Porter’s Five Force Analysis
- 4.2.1 Bargaining Power of Buyers
- 4.2.2 Bargaining Power of Suppliers
- 4.2.3 Threat to New Entrants
- 4.2.4 Threat to Substitutes
- 4.2.5 Competitive Rivalry
- 4.3 Ecosystem Analysis
- 4.4 Expert Opinion
5. eVTOL Aircraft Market – Key Industry Dynamics
- 5.1 Market Drivers
- 5.1.1 Adoption of Air Taxis due to Development of Urban Air Mobility
- 5.1.2 Development of Electric Propulsion-Based eVTOL Aircraft
- 5.2 Market Restraints
- 5.2.1 Certification and Qualification Challenges for Market Vendors
- 5.3 Market Opportunities
- 5.3.1 Demand for Last-Mile Delivery
- 5.4 Market Trends
- 5.4.1 Emerging Need for Green Energy-Based Mode of Transportation
- 5.5 Impact Analysis of Drivers and Restraints
6. eVTOL Aircraft Market – Global Market Analysis
- 6.1 eVTOL Aircraft Market Overview
- 6.2 eVTOL Aircraft Market Forecast and Analysis
- 6.3 Market Positioning – Global Key Players
7. eVTOL Aircraft Market Analysis – by Lift Technology
- 7.1 Overview
- 7.2 Multirotor
- 7.2.1 Overview
- 7.2.2 Multirotor: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 7.3 Lift Plus Cruise
- 7.3.1 Overview
- 7.3.2 Lift Plus Cruise: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 7.4 Vectored Thrust
- 7.4.1 Overview
- 7.4.2 Vectored Thrust: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 7.5 Others
- 7.5.1 Overview
- 7.5.2 Others: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
8. eVTOL Aircraft Market Analysis – by Propulsion Type
- 8.1 Overview
- 8.2 Hybrid
- 8.2.1 Overview
- 8.2.2 Hybrid: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 8.3 Fully Electric
- 8.3.1 Overview
- 8.3.2 Fully Electric: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 8.4 Electric Hydrogen
- 8.4.1 Overview
- 8.4.2 Electric Hydrogen: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
9. eVTOL Aircraft Market Analysis – by Application
- 9.1 Overview
- 9.2 Air Taxi
- 9.2.1 Overview
- 9.2.2 Air Taxi: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 9.3 Cargo Transport
- 9.3.1 Overview
- 9.3.2 Cargo Transport: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 9.4 Last Mile Delivery
- 9.4.1 Overview
- 9.4.2 Last Mile Delivery: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 9.5 Critical Missions
- 9.5.1 Overview
- 9.5.2 Critical Missions: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 9.6 Inspection, Surveying and Mapping
- 9.6.1 Overview
- 9.6.2 Inspection, Surveying and Mapping: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 9.7 Others
- 9.7.1 Overview
- 9.7.2 Others: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
10. eVTOL Aircraft Market Analysis – by Operation Mode
- 10.1 Overview
- 10.2 Piloted
- 10.2.1 Overview
- 10.2.2 Piloted: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 10.3 Optionally Piloted
- 10.3.1 Overview
- 10.3.2 Optionally Piloted: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 10.4 Autonomous
- 10.4.1 Overview
- 10.4.2 Autonomous: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
11. eVTOL Aircraft Market – Geographic Analysis
- 11.1 Overview
- 11.2 North America: eVTOL Aircraft Market
- 11.2.1 North America: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.2.2 North America: eVTOL Aircraft Market, By Lift Technology
- 11.2.3 North America: eVTOL Aircraft Market, By Propulsion Type
- 11.2.4 North America: eVTOL Aircraft Market, By Application
- 11.2.5 North America: eVTOL Aircraft Market, By Operation mode
- 11.2.6 North America: eVTOL Aircraft Market, by Key Country
- 11.2.6.1 US: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.2.6.1.1 US: eVTOL Aircraft Market, By Lift Technology
- 11.2.6.1.2 US: eVTOL Aircraft Market, By Propulsion Type
- 11.2.6.1.3 US: eVTOL Aircraft Market, By Application
- 11.2.6.1.4 US: eVTOL Aircraft Market, By Operation Mode
- 11.2.6.2 Canada: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.2.6.2.1 Canada: eVTOL Aircraft Market, By Lift Technology
- 11.2.6.2.2 Canada: eVTOL Aircraft Market, By Propulsion Type
- 11.2.6.2.3 Canada: eVTOL Aircraft Market, By Application
- 11.2.6.2.4 Canada: eVTOL Aircraft Market, By Operation Mode
- 11.3 Europe: eVTOL Aircraft Market
- 11.3.1 Europe: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.3.2 Europe: eVTOL Aircraft Market, By Lift Technology
- 11.3.3 Europe: eVTOL Aircraft Market, By Propulsion Type
- 11.3.4 Europe: eVTOL Aircraft Market, By Application
- 11.3.5 Europe: eVTOL Aircraft Market, By Operation Mode
- 11.3.6 Europe: eVTOL Aircraft Market, by Key Country
- 11.3.6.1 Germany: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.3.6.1.1 Germany: eVTOL Aircraft Market, By Lift Technology
- 11.3.6.1.2 Germany: eVTOL Aircraft Market, By Propulsion Type
- 11.3.6.1.3 Germany: eVTOL Aircraft Market, By Application
- 11.3.6.1.4 Germany: eVTOL Aircraft Market, By Operation Mode
- 11.3.6.2 France: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.3.6.2.1 France: eVTOL Aircraft Market, By Lift Technology
- 11.3.6.2.2 France: eVTOL Aircraft Market, By Propulsion Type
- 11.3.6.2.3 France: eVTOL Aircraft Market, By Application
- 11.3.6.2.4 France: eVTOL Aircraft Market, By Operation Mode
- 11.3.6.3 Italy: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.3.6.3.1 Italy: eVTOL Aircraft Market, By Lift Technology
- 11.3.6.3.2 Italy: eVTOL Aircraft Market, By Propulsion Type
- 11.3.6.3.3 Italy: eVTOL Aircraft Market, By Application
- 11.3.6.3.4 Italy: eVTOL Aircraft Market, By Operation Mode
- 11.3.6.4 UK: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.3.6.4.1 UK: eVTOL Aircraft Market, By Lift Technology
- 11.3.6.4.2 UK: eVTOL Aircraft Market, By Propulsion Type
- 11.3.6.4.3 UK: eVTOL Aircraft Market, By Application
- 11.3.6.4.4 UK: eVTOL Aircraft Market, By Operation Mode
- 11.3.6.5 Russia: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.3.6.5.1 Russia: eVTOL Aircraft Market, By Lift Technology
- 11.3.6.5.2 Russia: eVTOL Aircraft Market, By Propulsion Type
- 11.3.6.5.3 Russia: eVTOL Aircraft Market, By Application
- 11.3.6.5.4 Russia: eVTOL Aircraft Market, By Operation Mode
- 11.3.6.6 Rest of Europe: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.3.6.6.1 Rest of Europe: eVTOL Aircraft Market, By Lift Technology
- 11.3.6.6.2 Rest of Europe: eVTOL Aircraft Market, By Propulsion Type
- 11.3.6.6.3 Rest of Europe: eVTOL Aircraft Market, By Application
- 11.3.6.6.4 Rest of Europe: eVTOL Aircraft Market, By Operation Mode
- 11.4 APAC: eVTOL Aircraft Market
- 11.4.1 APAC: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.4.2 APAC: eVTOL Aircraft Market, By Lift Technology
- 11.4.3 APAC: eVTOL Aircraft Market, By Propulsion Type
- 11.4.4 APAC: eVTOL Aircraft Market, By Application
- 11.4.5 APAC: eVTOL Aircraft Market, By Operation Mode
- 11.4.6 APAC: eVTOL Aircraft Market, by Key Country
- 11.4.6.1 China: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.4.6.1.1 China: eVTOL Aircraft Market, By Lift Technology
- 11.4.6.1.2 China: eVTOL Aircraft Market, By Propulsion Type
- 11.4.6.1.3 China: eVTOL Aircraft Market, By Application
- 11.4.6.1.4 China: eVTOL Aircraft Market, By Operation Mode
- 11.4.6.2 Japan: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.4.6.2.1 Japan: eVTOL Aircraft Market, By Lift Technology
- 11.4.6.2.2 Japan: eVTOL Aircraft Market, By Propulsion Type
- 11.4.6.2.3 Japan: eVTOL Aircraft Market, By Application
- 11.4.6.2.4 Japan: eVTOL Aircraft Market, By Operation Mode
- 11.4.6.3 South Korea: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.4.6.3.1 South Korea: eVTOL Aircraft Market, By Lift Technology
- 11.4.6.3.2 South Korea: eVTOL Aircraft Market, By Propulsion Type
- 11.4.6.3.3 South Korea: eVTOL Aircraft Market, By Application
- 11.4.6.3.4 South Korea: eVTOL Aircraft Market, By Operation Mode
- 11.4.6.4 Rest of APAC: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.4.6.4.1 Rest of APAC: eVTOL Aircraft Market, By Lift Technology
- 11.4.6.4.2 Rest of APAC: eVTOL Aircraft Market, By Propulsion Type
- 11.4.6.4.3 Rest of APAC: eVTOL Aircraft Market, By Application
- 11.4.6.4.4 Rest of APAC: eVTOL Aircraft Market, By Operation Mode
- 11.5 Rest of the World: eVTOL Aircraft Market
- 11.5.1 Rest of the World: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.5.2 Rest of the World: eVTOL Aircraft Market, By Lift Technology
- 11.5.3 Rest of the World: eVTOL Aircraft Market, By Propulsion Type
- 11.5.4 Rest of the World: eVTOL Aircraft Market, By Application
- 11.5.5 Rest of the World: eVTOL Aircraft Market, By Operation Mode
- 11.5.6 Rest of the World: eVTOL Aircraft Market, by Key Sub-Regions
- 11.5.6.1 MEA: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.5.6.1.1 MEA: eVTOL Aircraft Market, By Lift Technology
- 11.5.6.1.2 MEA: eVTOL Aircraft Market, By Propulsion Type
- 11.5.6.1.3 MEA: eVTOL Aircraft Market, By Application
- 11.5.6.1.4 MEA: eVTOL Aircraft Market, By Operation Mode
- 11.5.6.2 SAM: eVTOL Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
- 11.5.6.2.1 SAM: eVTOL Aircraft Market, By Lift Technology
- 11.5.6.2.2 SAM: eVTOL Aircraft Market, By Propulsion Type
- 11.5.6.2.3 SAM: eVTOL Aircraft Market, By Application
- 11.5.6.2.4 SAM: eVTOL Aircraft Market, By Operation Mode
12. eVTOL Aircraft Market- COVID-19 Impact Analysis
- 12.1 Overview
- 12.2 North America: Impact Assessment of COVID-19 Pandemic
- 12.3 Europe: Impact Assessment of COVID-19 Pandemic
- 12.4 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
- 12.5 Rest of the World: Impact Assessment of COVID-19 Pandemic
13. Industry Landscape
- 13.1 Overview
- 13.2 Market Initiative
- 13.3 New Product Development
- 13.4 Merger and Acquisition
14. Company Profiles
- 14.1 Airbus
- 14.1.1 Key Facts
- 14.1.2 Business Description
- 14.1.3 Products and Services
- 14.1.4 Financial Overview
- 14.1.5 SWOT Analysis
- 14.1.6 Key Developments
- 14.2 Bell Textron Inc.
- 14.2.1 Key Facts
- 14.2.2 Business Description
- 14.2.3 Products and Services
- 14.2.4 Financial Overview
- 14.2.5 SWOT Analysis
- 14.2.6 Key Developments
- 14.3 Boeing
- 14.3.1 Key Facts
- 14.3.2 Business Description
- 14.3.3 Products and Services
- 14.3.4 Financial Overview
- 14.3.5 SWOT Analysis
- 14.3.6 Key Developments
- 14.4 Eve Air Mobility
- 14.4.1 Key Facts
- 14.4.2 Business Description
- 14.4.3 Products and Services
- 14.4.4 Financial Overview
- 14.4.5 SWOT Analysis
- 14.4.6 Key Developments
- 14.5 Lilium GmBH
- 14.5.1 Key Facts
- 14.5.2 Business Description
- 14.5.3 Products and Services
- 14.5.4 Financial Overview
- 14.5.5 SWOT Analysis
- 14.5.6 Key Developments
- 14.6 Opener
- 14.6.1 Key Facts
- 14.6.2 Business Description
- 14.6.3 Products and Services
- 14.6.4 Financial Overview
- 14.6.5 SWOT Analysis
- 14.6.6 Key Developments
- 14.7 EHang
- 14.7.1 Key Facts
- 14.7.2 Business Description
- 14.7.3 Products and Services
- 14.7.4 Financial Overview
- 14.7.5 SWOT Analysis
- 14.8 BETA Technologies
- 14.8.1 Key Facts
- 14.8.2 Business Description
- 14.8.3 Products and Services
- 14.8.4 Financial Overview
- 14.8.5 SWOT Analysis
- 14.8.6 Key Developments
- 14.9 Pipistrel Group
- 14.9.1 Key Facts
- 14.9.2 Business Description
- 14.9.3 Products and Services
- 14.9.4 Financial Overview
- 14.9.5 SWOT Analysis
- 14.9.6 Key Developments
- 14.10 Volocopter GmbH
- 14.10.1 Key Facts
- 14.10.2 Business Description
- 14.10.3 Products and Services
- 14.10.4 Financial Overview
- 14.10.5 SWOT Analysis
- 14.10.6 Key Developments
- 14.11 Joby Aviation Inc.
- 14.11.1 Key Facts
- 14.11.2 Business Description
- 14.11.3 Products and Services
- 14.11.4 Financial Overview
- 14.11.5 SWOT Analysis
- 14.11.6 Key Developments
- 14.12 Heart Aerospace
- 14.12.1 Key Facts
- 14.12.2 Business Description
- 14.12.3 Products and Services
- 14.12.4 Financial Overview
- 14.12.5 SWOT Analysis
- 14.12.6 Key Developments
- 14.13 Archer Aviation Inc.
- 14.13.1 Key Facts
- 14.13.2 Business Description
- 14.13.3 Products and Services
- 14.13.4 Financial Overview
- 14.13.5 SWOT Analysis
- 14.13.6 Key Developments
15. Appendix
- 15.1 About The Insight Partners
- 15.2 Word Index