According to the new research report on "eVTOL Aircraft Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market size is expected to reach US$ 1,756.28 million by 2028, registering a CAGR of 35.6% from 2024 to 2028.
The aerospace industry in the US is the largest in the world, and it is expected to dominate the eVTOL aircraft market in North America by 2024. The country is home to numerous eVTOL aircraft manufacturers, and there is a growing investment in the industry. The US Air Force's Agility Prime initiative is one such effort that is providing financing for the flight test and certification of approximately 20 eVTOL aircraft that participated in its "Air Race to Certification" program. Moreover, the initiative is also funding 257 teams of small businesses, universities, and other non-profit research institutions engaged in near-term eVTOL R&D work. Major eVTOL manufacturers such as Joby Aviation and Bell are receiving significant investments to expand their operations. Joby Aviation, for instance, has received investments worth $75 million and $50 million from Uber Technologies and its Series C financing round, respectively. Similarly, Bell has secured a contract worth $950,000 from the US Air Force Research Laboratory to conduct applied research into a high-speed VTOL aircraft. Beta Technologies has also flown its prototype Alia-250 eVTOL aircraft across the US, installing a flight simulator at the Air Force facility and another in Washington, DC, to support its Agility Prime contract. The US is poised to become a major player in the eVTOL aircraft market, thanks to these investments and initiatives.
Prior to the emergence of the COVID-19 pandemic, the eVTOL aircraft market experienced significant growth prospects, fueled by substantial investments in the sector. In the first few months of FY 2020, the eVTOL aircraft market received investments exceeding US$1 billion, which faced multiple challenges later in the year due to the industry crisis. Despite this setback, the eVTOL aircraft market analysis predicts that investments in the urban air mobility sector will rise to around US$318 billion by 2040.
The eVTOL aircraft market in North America is driven by a variety of factors, including geographic diversification across different countries in the region and the presence of major aircraft manufacturers such as Joby Aviation, Bell Textron Inc., and Kitty Hawk. In July 2021, the Government of Quebec and the Government of Canada provided financial assistance exceeding US$685 million to Pratt & Whitney Canada, Bell Textron Canada, and CAE. The funding will support projects totaling US$2 billion in investments in Canada, with nearly US$1.6 billion going to Quebec, to develop and commercialize environmentally friendly aviation technology. Additionally, the eVTOL market is benefiting from ongoing developments in eVTOL technologies. For example, in April 2022, Jaunt Air Mobility secured funding from two new private investors to support its plan to bring a four-passenger eVTOL aircraft to market by 2026. These developments are expected to continue fueling the growth of the eVTOL aircraft market in North America.
The eVTOL aircraft market is segmented into lift technology, propulsion type, application, and operation mode. Based on lift technology, the eVTOL aircraft market is segmented into multirotor, lift plus cruise, vectored thrust, and others. Based on propulsion type, the market is segmented into hybrid, fully electric, and electric hydrogen. Based on application, the market is categorized into air taxi; cargo transport; last mile delivery; critical missions; inspection, surveying, and mapping; and others. Based on operation mode, the eVTOL aircraft market is segmented into piloted, optionally piloted, and autonomous.
Key Findings of Study:
While the eVTOL aircraft market is still in the development phase globally, leading companies are strategically positioning themselves to take advantage of market dynamics. One such company is Volocopter GmbH, a German aircraft manufacturer and pioneer in urban air mobility (UAM). Volocopter GmbH has plans to launch the world's first-ever eVTOL suite of services using passenger air taxis and heavy-lift cargo drones. In March 2022, the company signed a strategic partnership agreement with Jetex to define a safe and sustainable model of urban air mobility. The partnership aims to establish permanent, economically sustainable, and integrated UAM taxi takeoff and landing infrastructure and services for passenger transportation. Additionally, in October 2021, Volocopter GmbH successfully conducted the first public flight demonstration of its eVTOL VoloDrone. These developments indicate that Volocopter GmbH is poised to take advantage of emerging opportunities in the eVTOL aircraft market.
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