eVTOL Market Analysis | 2025-2040

eVTOL Market Analysis | 2025-2040

eVTOL Market Analysis | 2025-2040
Report code - SR2380 Published On : Jan,2025 No. of Pages: 128
eVTOL Market Size, Share, Trends, Forecast Analysis & Growth Opportunity: 20 See more...

“Stratview estimates that approximately 183 eVTOLs were delivered in 2024. The eVTOL deliveries are expected to grow at a handsome CAGR of more than 15% (2025-2040) to reach 10,000+ cumulative deliveries by 2040.”

 

Market Dynamics

Introduction

eVTOL has been a hotbed in the past five years, with investments pouring in from several fields. At present, there are 500+ eVTOL companies active worldwide. 2023-2024 proved to be a fruitful period, with EHang and Autoflight receiving type certification and Joby and Archer delivering the first of their aircraft. As key programs near the final stages of certification, OEMs are preparing for commercial production for their eVTOLs. Efforts to develop vertiports are also progressing rapidly, setting the stage for the widespread adoption of these vehicles shortly.

Market Drivers:

Key factors driving this market are the rising urban population and traffic congestion, the government's push for sustainable transportation to minimize carbon footprint, expected EIS (Entry-Into-Service), and pre-orders of upcoming eVTOL programs.

Market Challenges:

Stringent qualification and approval processes, high manufacturing costs, supply chain uncertainties, slipping market entry timelines, and declining funding as investor confidence dips are some of the market's challenges.

Recent Developments:

  • In November 2024, Xpeng Aeroht, a Chinese electric vehicle manufacturer Xpeng subsidiary, showcased its new product, a modular flying car called the Land Aircraft Carrier, at the 15th Airshow China. The company claims that the aircraft has already secured 2,008 pre-orders. 
  • In May 2022, Volocopter’s 4-seater and lift + cruise prototype, VoloRegion completed its first flight. The aircraft offers further and faster journeys than any other Volocopter aircraft to date, with a range of over 60 miles (100 km) and flight speeds above 155 mph.
  • In May 2021, EHang's long-range eVTOL VT-30 completed the first phase of the trial flight. The VT-30 will be a lift + cruise aircraft, taking off vertically and transitioning to forward flight using a pusher propeller and its wings.

Recent Strategic Partnerships:

OEMs exhibit a strong commitment towards eVTOL development by forming strategic partnerships. Some critical partnerships in the past few years:

  • In April 2023, OEM Joby Aviation announced the signing of a long-term agreement with Japanese automotive giant Toyota to supply key powertrain and actuation components for the latter's production of Joby's aircraft.
  • In January 2023, Archer Aviation joined forces with its strategic partner, Stellantis, to manufacture Archer’s Midnight eVTOL aircraft. Stellantis will likely contribute advanced manufacturing technology, expertise, experienced personnel, and capital to enable aircraft manufacturing.
  • In February 2022, Vertical Aerospace announced a partnership with Leonardo to jointly develop the fuselage for the former’s VX4 electric aircraft.

Segments Analysis

Segmentations

List of Sub-Segments

Segments with High Growth Opportunity

Configuration Type

Vectored Thrust, Lift + Cruise, and Wingless/Multirotor

Wingless/Multirotor is likely to remain dominant. Vectored and Lift + Cruise are estimated to grow at a greater pace in the coming years.

Application Type

Passenger, Cargo, and Other Applications

Passenger is likely to remain dominant in the market, whereas cargo transport is expected to witness significant growth.

Seating Capacity

1-Seater, 2-Seater, 3-Seater, 4-Seater, 5-Seater, 5+ Seater, and Cargo

2-seater and 5-seater aircraft are likely to be the most attractive market categories.

Region Analysis

North America, Europe, China, Rest of Asia-Pacific, and the Rest of the World

North America and China are the frontrunners in the market.

 

By Configuration Type

Wingless/Multirotor is expected to be the leading segment in the market during the forecast period.”

With EHang deliveries, Multirotor dominated the market during the trend period. It is well suited for short-range operations in cities where they can bypass traffic jams. However, it is expected to lose some share to longer-range Vectored and Lift + Cruise eVTOLs in the future. In 2023, Joby Aviation made its highly anticipated first delivery of the vectored eVTOL, S4, to the US Air Force. In 2024, Autoflight's Prosperity, a Lift + Cruise eVTOL, marked its first delivery.

By Application Type

Passenger applications maintain market dominance, with cargo segment set for rapid growth in the future..

The market began with passenger applications dominating and is expected to maintain this dominance throughout the study period. Once all cargo eVTOL programs are introduced, the segment is expected to quickly gain momentum and record significant growth during the forecast period. Other applications include emergency medical services and firefighting applications. The segment, compared to the other two, is expected to expand slowly.

Regional Analysis

North America and China lead the market with the largest eVTOL orders.”

The US and China are the frontrunners regarding eVTOL orders. China is set to dominate the eVTOL units' market, with companies planning to expand beyond its borders to develop Asia's "low-altitude economy." This government-backed initiative has led to the emergence of over 30 eVTOL-related startups in the past year. The value market is expected to be dominated by North America, owing to deliveries from leading eVTOL manufacturers in the US, such as Joby, Archer, and Beta, as they fulfill their large order books.

Presently, Europe is slightly behind in overall eVTOL development. However, it is poised to experience the highest growth in the long run. In the rest of the world, Brazil and the UAE have placed a high number of eVTOL orders.

Key Players

 

Major OEMs in the market are striving to achieve type certification for their eVTOL aircraft. After completing certification, they collaborate with established aircraft and automotive giants to accelerate commercial manufacturing. The following are the key players in the eVTOL market.

Here is the list of the Top Players (Based on Dominance)

  • EHang
  • Joby Aviation, Inc.
  • Archer Aviation
  • Autoflight
  • Eve Air Mobility
  • Xpeng AeroHT
  • Vertical Aerospace Ltd.
  • Elroy Air
  • Lilium GmbH
  • Volant Aerotech

 

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Please write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players and those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

The eVTOL market is segmented into the following categories:. 

eVTOL Market, by Configuration Type

  • Vectored thrust (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Lift + Cruise (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Multirotor/Wingless (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

eVTOL Market, by Application Type

  • Passenger
  • Cargo
  • Other Applications

eVTOL Market, by Seating Capacity Type

  • 1-Seater
  • 2-Seater
  • 3-Seater
  • 4-Seater
  • 5-Seater
  • 5+Seater
  • Cargo

eVTOL Market, by Region

  • North America
  • Europe
  • China
  • Rest of Asia-Pacific
  • Rest of the World 

Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s eVTOL market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role in helping market participants and investors identify the low-hanging fruits available in the market and formulate growth strategies to expedite their growth process. This report offers high-quality insights and results from a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. Over 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 50+ detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

Frequently Asked Questions (FAQ)

An eVTOL (electric vertical takeoff and landing) is an aircraft that uses electric propulsion to take off, hover, and land vertically. It is designed for urban air mobility, regional transport, or cargo delivery and focuses on sustainability, efficiency, and reduced noise.

The eVTOL market is highly competitive, with several key players such as Joby Aviation, Lilium GmbH, Volocopter, Vertical Aerospace, Eve Holdings, Wisk, Airbus, Beta Technologies, and Pipistrel.

The eVTOL market is estimated to grow at a CAGR of over 15% from 2025 to 2040.

Rising urban population and traffic congestion, the government's push for sustainable transportation to minimize carbon footprint, expected EIS, and pre-orders of upcoming eVTOL programs are some of the key market drivers.

EHang, Joby Aviation, Inc., Archer Aviation, Autoflight, Eve Air Mobility, Xpeng AeroHT, Vertical Aerospace Ltd., Elroy Air, Lilium GmbH, and Volant Aerotech are the top players in the eVTOL market.

China has the largest market share and leads the growth in the region. Government-backed initiatives in China to develop UAM are driving the emergence of more eVTOL companies. Additionally, North America will showcase significant growth during the forecast period, driven by the presence of major eVTOL players (Joby, Archer, and Beta) and investment from local and government investors.

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