Rockville , Feb. 27, 2024 (GLOBE NEWSWIRE) -- The global eVTOL aircraft market is anticipated at a value of US$ 422.2 million in 2024, projected to grow steadily with a 21.5% CAGR through 2034. The market is projected at a valuation of US$ 2,959.9 million by 2034. The market is at the forefront of revolutionary advancements in urban air mobility. Marked by a dynamic interplay of established aerospace giants and innovative startups, this market is driven by the vision of transforming air transportation.
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In parallel, strategic partnerships, such as the one between Eve Air Mobility and FlyBlade India, underscore the global efforts to expand the reach of eVTOL technology. The collaboration aims to initiate a pilot project in India, contributing to the development of the urban air mobility ecosystem in the country. This reflects a broader trend within the eVTOL market, where partnerships play a pivotal role in shaping the industry landscape and driving innovation.
The market's competitive landscape is characterized by intense rivalry, with companies striving to enhance technological capabilities, ensure regulatory compliance, and establish themselves as leaders in urban air mobility. Breakthroughs in battery technology, autonomy, and design optimization are key focal points, aiming to address safety concerns, improve efficiency, and align with the evolving regulatory frameworks.
Investments in infrastructure, including vertiports and charging stations, are pivotal for the successful deployment and operation of eVTOL fleets. As companies navigate regulatory challenges, develop scalable business models and secure partnerships, the eVTOL market is poised to reshape the future of urban air mobility.
The vision extends beyond merely introducing new modes of transportation; it encompasses creating a sustainable and efficient aerial ecosystem that revolutionizes how people commute within cities, promising a paradigm shift in the landscape of modern transportation.
| Report Attribute | Details |
| Value Projection (2034) | US$ 46.54 Billion |
| Growth Rate (2024-2034) | 3.7% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 44 Tables |
| No. of Figures | 148 Figures |
Key Takeaways from Market Study
- North America market is expected to expand at a CAGR of 21.3% through 2034.
- The industry in the United States holds a market share of 85.1% in 2024.
- The market in the United States is valued at US$ 99.2 million in 2024.
- The industry in China is expected to rise at a CAGR of 22.2% through 2034.
- By product type, the fully electric to hold a market share of 60.3% in 2024.
“The eVTOL aircraft market is driven by the pressing issue of urban congestion. Cities worldwide are facing challenges with traffic congestion and inefficient transportation. This has led to a rising demand for innovative solutions to address these urban mobility issues, and eVTOL aircraft, capable of vertical takeoff and landing, emerge as a promising solution,” says a Fact MR. analyst.
Key Companies Profiled in This Report
- Lilium GmbH
- Workhorse
- OXIS Energy Ltd
- Uber Technologies Inc
- Bell Textron Inc
- Karem Aircraft, Inc
- Volocopter GmbH
- TERRAFUGIA
- Aurora Flight Sciences
- Airbus S.A.S
Competitive Landscape
The market is competitive with established aerospace giants and innovative startups. Major players compete for prominence by advancing technological capabilities, designing diverse eVTOL models, and forming strategic collaborations.
The race to develop urban air mobility solutions intensifies as companies focus on safety, efficiency, and regulatory compliance. This dynamic environment fosters innovation and drives the industry forward, with competition extending across traditional aviation and cutting-edge technology-driven players.
Some of the Recent Developments of eVTOL Aircraft Market
- In December 2022, Joby Aviation reported the successful completion of its second system review mandated by the Federal Aviation Administration (FAA).
This milestone marks progress in Joby Aviation's aircraft certification program, demonstrating adherence to FAA requirements for developing and certifying their electric vertical takeoff and landing (eVTOL) aircraft.
- In October 2022, Eve Air Mobility disclosed a strategic partnership with FlyBlade India for an eVTOL pilot project in India.
The collaboration aims to foster the growth of India's urban air mobility ecosystem.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the eVTOL aircraft market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on By Product Type (Fully Electric, Hybrid), By Lift Technology (Vectored Thrust, Multirotor & Rotorcraft, Lift Plus Cruise) and, By Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa)
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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