eVTOL Market is segmented by Configuration Type (Vectored thrust, Lift + Cruise, Wingless/Multirotor, Hoverbikes), Application Type (Passenger Transport, Cargo, Emergency and surveillance, Others), Seating Capacity Type (1-Seater, 2-Seater, 3-Seater, 4-Seater, 5-Seater, 5+ Seater), and Region (North America, Europe, Asia-Pacific, and Rest of the World).
eVTOL Market is segmented by Configuration Type (Vectored thrust, Lift + Cruise, Wingless/Multirotor, Hoverbikes), Application Type...
The eVTOL Market is expected to attain an initial value of $163.9 million in 2023 and is estimated to reach 55.7 billion USD by 2040. Commercialized operations for eVTOLs are expected to commence in 2025 and the eVTOL market is expected to showcase an impressive CAGR of ~50%during the first five years (i.e., from 2025-2030) and is expected to maintain a double-digit CAGR for the next decade. This report provides insights into the key drivers, market segmentation, and major players in the eVTOL market.
The eVTOL market is driven by stringent government regulations that aim to reduce carbon emissions in the transportation sector. Additionally, increasing urbanization and population growth have led to city congestion, creating a need for new transportation solutions. Based on the claims being made by the leading OEMs, eVTOLs are expected to have at least 35% lower CO2 emissions as compared to ICEVs. Since they can operate vertically, they’ll require less expensive infrastructure compared to traditional ground transportation.
Mode
Cost per mile of infrastructure in the US($/mile)
Urban Light Rail Lines
~100 Million
Four-lane Urban Road
~8 Million
Subway
~600 Million
eVTOL
Minimal
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.
The time-savings per trip are also huge and traveling through an eVTOL can be anywhere between 3x to up to10x faster in comparison to traditional road-transport alternatives.
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Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Application Type
Passenger Transport, Cargo, Emergency and surveillance, Others
Passenger transport is likely to remain dominant in the market, whereas cargo transport is expected to witness significant growth.
North America, Europe, Asia-Pacific, and the Rest of the World
North America & Europe dominate the market.
By 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
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
In the eVTOL market, 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:
Note: The above list does not necessarily include all the top players in the market.
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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?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the eVTOL Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market Segment Analysis and Forecast
Who are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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Detailed profiling of additional market players (up to three players).
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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.
Based on the application type, the 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.
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.
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.
