eVTOL Aircraft Market to reach USD 39.7% billion in 2030, at a CAGR of 39.7% | IMR

In the latest report published by Intent Market Research, the eVTOL Aircraft Market stood at USD 0.9 billion in 2023-e and projected to grow at a CAGR of 39.7% through 2030 to reach USD 12.4 billion. eVTOL aircraft is set to revolutionize urban air mobility with the introduction of cleaner and quieter modes of transportation. eVTOL aircraft are gaining traction in government and military applications, poised to revolutionize commercial transportation in the near future. Technological innovations in automotive eVTOL aircraft and advances in battery technologies are driving the eVTOL aircraft market growth.

The key companies in eVTOL Aircraft are continuously striving to strengthen their portfolio to meet the growing demand. Some of the key companies in the market are Airbus, Archer Aviation, Bell Textron, Boeing, EHang, Elbit Systems, Joby Aviation, Lilium, Surf Air Mobility, and Volocopter, among others. 

Lift + Cruise eVTOL Aircraft are anticipated to grow at a significant pace owing to the increased operational range

The Lift + Cruise eVTOL aircraft type utilizes forward flight thrust generation with separate rotors that are used for forward thrust. This design increases the number of rotors, motors, and inverters to establish a coherent propulsion system. However, switching to wing-borne flight reduces power consumption and increases flight duration. Moreover, forward thrust can be optimized to increase the operational range of the eVTOL aircraft. Several formerly rotor-only eVTOLs, such as Volocopter are transitioning to lift + cruise configuration owing to the benefit of increased operational range.

The commercial segment is anticipated to grow at a significant pace owing to the favorable regulatory changes

In recent years, there has been tremendous interest in commercial applications for eVTOL aircraft. Companies are actively applying for Federal Aviation Administration (FAA) certification for commercial operation of eVTOL. For instance, in December 2023, Guardian Agriculture got certification from the Federal Aviation Administration (FAA) for commercial operations of its commercial agriculture eVTOL aircraft. The growing number of startup companies entering the commercial eVTOL aircraft market is also one of the key drivers for the commercial segment growth. In December 2023, the FAA proposed the MOSAIC rule for Light Sport Aircraft. This is anticipated to significantly reduce electric aircraft development costs. Thus, the commercial segment is anticipated to grow at a significant pace.

Increasing investment in infrastructure for the eVTOL is driving growth in Asia-Pacific

There have been significant developments in the Asia-Pacific region in the eVTOL aircraft market. Key countries such as China, Japan, South Korea, and India are actively investing in the infrastructure for the eVTOL and procurement of the eVTOL fleet. For instance, in March 2023, Plana, a South Korea-based eVTOL company, signed a Memorandum of Understanding (MoU) with SkyScape, a Japan-based vertiport development and management company to prepare eVTOL flights between Japan and South Korea.

Moreover, rising numbers of trials and a strong focus on manufacturing capabilities are also driving market growth in the region. For instance, in March 2023, LIFT Aircraft announced that it completed the first piloted eVTOL demonstration flights in Japan. Thus, Asia-Pacific is anticipated to be the fastest-growing region in the eVTOL aircraft market.

The Key Players Are Highly Competitive to Capture the Market Share

The key companies in the eVTOL market are actively investing in developing infrastructure. The companies are also actively establishing partnerships with government organizations and industries. Some of the key companies in the market are Airbus, Archer Aviation, Bell Textron, Boeing, EHang, Elbit Systems, Joby Aviation, Lilium, Surf Air Mobility, and Volocopter.