eVTOL Market Growth Analysis | 2022-2040

Market Insights

The eVTOL Market is expected to attain an initial value of $163.9 million in 2023 and is estimated to reach 55.7 billion USD in 2040. This report provides insights into the key drivers, market segmentation, and major players in the eVTOL market.

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Key Factors Driving the Growth of eVTOLs:

The eVTOL market is driven by stringent government regulations that aim to reduce carbon emissions in the transportation sector. Additionally, increasing urbanization and population growth have led to city congestion, creating a need for new transportation solutions. Based on the claims being made by the leading OEMs, eVTOLs are expected to have at least 35% lower CO2 emissions as compared to ICEVs. Since they can operate vertically, they’ll require less expensive infrastructure compared to traditional ground transportation.

The eVTOL (electric vertical take-off and landing) market is experiencing significant growth due to increased demand for sustainable transportation solutions and rising congestion in urban areas. eVTOLs have been the center of attraction of the aviation industry for the past several years now and they are one of the most sought-after innovations in the mobility sector. 

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The time-savings per trip are also huge and traveling through an eVTOL can be anywhere between 3x to up to 10x faster in comparison to traditional road-transport alternatives.

Market Segmentation

By Application Type

Based on the application type, the eVTOL market is divided into passenger transport and cargo. Passenger transport is expected to remain dominant with more than 50% of the share till 2040, while cargo transport is expected to witness significant growth in the coming years due to the growing demand for fast and efficient delivery of goods.

By Configuration Type

Based on configuration type, the market is divided into vectored thrust, lift + cruise, wingless, and hoverbikes. Among these, vectored thrust is expected to remain dominant since vectored thrust models have efficient lift and cruise capabilities and since they use the same set of rotors for both operations, they offer some advantage in terms of lightweight as well. Leading OEMs like Joby, Vertical Aerospace, Beta Technologies, Wisk, etc. have chosen the vectored thrust configuration for their first program.

By Seating Capacity

Based on passenger seating capacity, programs having a seating capacity of 4-8 passengers will dominate the market since more passengers would mean more revenue per aircraft. The growing popularity of air taxis for urban transportation will drive the demand for eVTOLs with larger seating capacities.

Regional Analysis

The presence of leading OEMs is almost evenly distributed between North America and Europe in the current scenario. However, the number of upcoming programs from the NA region far exceeds that of Europe, which will lead to the dominance of North America in the future. The presence of cities capable of supporting the UAM infrastructure will further propel the quick adoption of eVTOLs in North America and Europe.

Key Players

The eVTOL market is highly competitive, with several key players such as:

• Eve Holdings
• Joby Aviation
• Lilium GmbH
• Volocopter
• Vertical Aerospace
• Wisk
• Airbus
• Beta Technologies
• Pipistrel

As of February 2023, Joby Aviation has made the most progress in terms of certification, followed by Lilium GmbH. Most leading OEMs are planning on entering into service before 2026.

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Joby Aviation and Lilium GmbH are also the top two most heavily funded organizations in the eVTOL space with Joby alone having received a funding of ~$1.9 billion. Though not commercialized yet, almost every leading player in the eVTOL industry has several pre-ordered units in the pipeline with Eve Holdings topping the list with 2,500+ pre-orders as of February 2023.

Research Methodology

This report offers high-quality insights and is the outcome of 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. More than 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 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Options

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: product portfolio, geographical reach, regional presence, and strategic alliances.

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