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 US has the largest aerospace industry globally. In 2024, the US is expected to account for the largest market share in the eVTOL aircraft market in North America owing to the presence of many eVTOL aircraft manufacturers and rising investments in eVTOL aircraft in the country. For instance, in March 2021, the US Air Force’s Agility Prime initiative announced that it would help finance the flight test and certification efforts of ~20 eVTOL aircraft that have participated in its “Air Race to Certification” program. The growing competition in the eVTOL aircraft market is primarily to achieve the US Federal Aviation Administration (FAA) aircraft certification and enter into commercial service.  The initiative Agility Prime is also providing funding to 257 teams of small businesses, universities, and other nonprofit research institutions engaged in near-term eVTOL research and development (R&D) work. In December 2020, Joby Aviation announced that Uber Technologies agreed to invest US$ 75 million as it acquired Uber Elevate and Expands Partnership. This investment comes in addition to a previously undisclosed US$ 50 million investment made as part of Joby’s Series C financing round in January 2020. In addition, In May 2021, The US Air Force Research Laboratory (AFRL) granted Bell a contract worth US$ 950,000 investment to conduct applied research into a high-speed VTOL aircraft. In May 2022, Beta Technologies flew its prototype Alia-250 eVTOL aircraft across the US to Springfield-Beckley Municipal Airport (SGH) in Ohio. Beta Technologies had installed an Alia-250 flight simulator at the Air Force facility and another in Washington, DC, to support its Agility Prime contract. Thus, such investment trends and the growing initiatives to promote eVTOL aircraft in the US are expected to fuel the eVTOL aircraft market growth over the forecast period.

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Before the onset of the COVID-19 outbreak, the eVTOL aircraft market witnessed tremendous growth opportunities owing to large investments in the eVTOL aircraft market. For instance, during the first few months of FY 2020, the eVTOL aircraft market had received over ~US$ 1 billion investments under which some of the developments had faced several challenges due to the industry crisis later in FY 2020. Further, the urban air mobility sector investments are expected to reach a value of ~US$ 318 billion by 2040, according to the eVTOL aircraft market analysis.

Geographic diversification across different North American countries and the presence of major aircraft manufacturers, such as Joby Aviation, Bell Textron Inc., and Kitty Hawk, are the major factors driving the eVTOL aircraft market in North America. In July 2021, the Government of Quebec and the Government of Canada provided financial assistance of over ~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, including nearly US$ 1.6 billion in Quebec. Furthermore, the investment aimed to develop and commercialize environmental-friendly aviation technology. For instance, in April 2022, Jaunt Air Mobility attracted two new private investors to help fund its plans to bring a four-passenger eVTOL aircraft to market by 2026. Thus, such developments in eVTOL technologies are fueling the eVTOL aircraft market growth 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:

The eVTOL aircraft market is in the development phase worldwide; however, the leading companies are strategically working to leverage the market dynamics. For instance, Volocopter GmbH, a German aircraft manufacturer and a leading pioneer of urban air mobility (UAM), had planned to launch the world’s first-ever eVTOL suite of services with the help of passenger air taxis and heavy-lift cargo drones. Also, in March 2022, Jetex and Volocopter signed a strategic partnership agreement to define a safe and sustainable model of urban air mobility. The partnership was established to deploy and operate permanent, economically sustainable, and integrated UAM taxi takeoff and landing infrastructure and services for passenger transportation. In addition, in October 2021, Volocopter GmbH successfully performed the first public flight demonstration of its eVTOL VoloDrone.

The eVTOL aircraft industry is currently under its development phase and has not been commercialized yet. However, the developments across the market are rapidly growing as most of the companies involved in manufacturing and production of eVTOL aircraft are majorly focusing on testing, certifications of their eVTOL products to cater to the growing market demand. Moreover, some of the vendors have already grabbed some major contracts from different customers in order to have an early mover advantages in the booming market. For instance, in 2021, Archer announced that it has got a contract for the sale of 200 eVTOL aircraft models; similarly, EVE (Embraer) has already grabbed a US$ 5.2 billion opportunity by having conditional pre-orders of 1,735 new eVTOL aircraft models whose production is expected to start by 2026. Additionally, the demand for urban air mobility is also on a high rise across some major countries which is also leading to the introduction of new markets for eVTOL aircrafts. Furthermore, the increasing investments in the development of eVTOL platforms for different applications such as air taxis, cargo transport, tourism, medical logistics, etc. is one of the major factors expected to aid the growth for the eVTOL aircraft market during the near future that will also bring a drastic change in the preference of transportation mode worldwide.

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