eVtoL Aircraft Global Market Report 2024

The evtol aircraft market size is expected to see exponential growth in the next few years. It will grow to $28.84 billion in 2028 at a compound annual growth rate (CAGR) of 26.2%. Anticipated growth is driven by the increasing demand for green and noise-free aircraft, a rising need for eVTOL aircraft in cargo applications, and growing urbanization. Key trends include the adoption of electric propulsion and hydrogen fuel cell technology, integration of artificial intelligence, development of eVTOL aircraft shuttles, autonomous eVTOL aircraft, and strategic partnerships and research and development.

The eVTOL aircraft market is anticipated to experience growth driven by the rising demand for eVTOL aircraft in cargo applications during the forecast period. The application of eVTOL aircraft in cargo transport is gaining prominence, ranging from large cargo deliveries to parcel shipments. These aircraft are valued for their high fuel efficiency and swift transportation capabilities compared to ground vehicles, leading to cost reductions and faster delivery times. Additionally, eVTOL aircraft are viewed as efficient means to transport essential items such as vaccines, masks, and other medical equipment during emergencies. Major logistics and shipping firms such as UPS, Royal Mail, and global e-commerce platforms such as Amazon are actively testing eVTOL technology for logistics applications, aiming to enhance delivery efficiency, particularly to remote locations. The increasing demand for eVTOL aircraft in cargo applications is poised to be a significant driver for the market in the foreseeable future.

The growth of urbanization is expected to contribute to the expansion of the eVTOL aircraft market. Urbanization is propelled by factors such as the pursuit of employment opportunities, economic growth, industrialization, rural-urban transformation, and social benefits. As urbanization continues to attract more individuals to urban areas, there is an associated increase in income and spending, including on air travel. The rising awareness of environmental concerns is also steering preferences toward sustainable air transportation solutions. According to data from the United Nations Department of Economic and Social Affairs, the global urban population reached 4.46 billion in 2021, with a projected increase to 6.68 billion by 2050. This substantial growth in urbanization is expected to fuel the demand for air transportation, contributing to the overall expansion of the eVTOL aircraft market in the forecast period.

The eVTOL aircraft market is witnessing a significant trend of technological advancement, with major companies in the industry focusing on delivering cutting-edge solutions to bolster their market presence. These companies are integrating advanced technologies into their eVTOL aircraft services, including Internet of Things (IoT), ultra-edge hydrogen and battery cells, onboard sensors, collision prevention systems, artificial intelligence (AI) technology, 5G communication, and more. For instance, Hyundai, an automotive manufacturer, has explored the use of hydrogen fuel cell technology for short Take-off and Landing (eVTOL) aircraft, anticipating that this technology will provide sufficient range for intercity trips.

Artificial intelligence (AI) is emerging as a crucial trend in the eVTOL aircraft market, particularly for estimating weather conditions and patterns along essential routes to ensure safe and reliable journeys. A partnership between Avidyne Corporation, a U.S.-based avionics company, and Daedalean AG, a Switzerland-based company specializing in autonomous flight control software, resulted in the development of an AI-based avionics vision system known as PilotEye. PilotEye acts as an additional set of eyes in the cockpit, detecting airborne risks such as non-cooperative traffic, aircraft without Automatic Dependent Surveillance-Broadcast (ADS-B), drones, and birds. This solution encompasses visual-spectrum camera-based systems for visual location, traffic identification, hazard avoidance, and landing guidance, providing pilots with crucial data for faster and more accurate decision-making assistance in emergencies.

In June 2022, Joby Aviation, a California-based eVTOL developer, acquired Avionyx for an undisclosed sum. This acquisition positions Joby to fulfill regulatory requirements for bringing their eVTOL aircraft to market. Avionyx specializes in embedded software and hardware engineering services for the commercial aerospace industry.

Major companies operating in the evtol aircraft market report are Airbus SE, Textron Inc., Embraer SA, Wisk Aero, Volocopter GmbH, Volkswagen Group China, Zerog, Aerofugia, AutoFlight, TCab, Volant Aerotech, MuYu Aero, Pantuo, Plana, MintAir, Tetra Aviation, SkyDrive, XPeng HT Aero, Vertical Aerospace, Zuri, United Aircraft Corporation, Urban Aeronautics Ltd., Moog Inc., Boeing, Bombardier, McDonnell Douglas, Cessna, Joby Aviation, Lift Aircraft, Neva Aerospace, Uber Technologies Inc., Archer Aviation Inc., Jaunt Air Mobility LLC, Overair Inc.

North America was the largest region in the eVTOL aircraft market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the evtol aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the evtol aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The eVTOL aircraft market consists of sales of eVTOL aircraft having to carry a weight capacity of less than 200 Kg and beyond. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


Key technologies employed in eVTOL aircraft include vectored thrust, multirotor, and lift pulse cruise. Vectored thrust involves adjusting the thrust angle to control the aircraft's attitude or angular velocity. This technology is commonly used for pitch and yaw attitude control in boosters and upper stages. Propulsion systems for eVTOLs include fully electric, hybrid electric, and hydrogen electric options. These aircraft, available in both autonomous and piloted configurations, find applications in air taxis, air shuttles, private transport, cargo transport, air ambulance services, last-mile delivery, inspection and monitoring, surveying and mapping, surveillance, special missions, and more.

The eVTOL aircraft market research report is one of a series of new reports that provides eVTOL aircraft market statistics, including eVTOL aircraft industry global market size, regional shares, competitors with an eVTOL aircraft market share, detailed eVTOL aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the eVTOL aircraft industry. This eVTOL aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.