EVTOL Aircraft Market Size Skyrockets to $1.75 Billion by

US & Canada, March 27, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “the global EVTOL Aircraft Market Size and Forecast (2024 - 2028), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Lift Technology (Multirotor, Lift Plus Cruise, Vectored Thrust, and Others), Propulsion Type (Hybrid, Fully Electric, and Electric Hydrogen), Application (Air Taxi; Cargo Transport; Last Mile Delivery; Critical Missions; Inspection, Surveying, and Mapping; and Others), and Operation Mode (Piloted, Optionally Piloted, and Autonomous), and Geography”.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. Different types lift technologies include multirotor, lift plus cruise, vectored thrust, and others. EVTOL aircraft manufacturers procure specific grades of materials from raw material suppliers and process them further to develop the final product.

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Market Overview and Growth Trajectory:

EVTOL Aircraft Market Growth: The eVTOL aircraft market was valued at US$ 0.51 billion in 2024 and is projected to reach US$ 1.75 billion by 2028; it is expected to register a CAGR of 35.6% during the forecast period. 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, Joby Aviation, Inc., a passenger electric vertical take-off and landing aircraft manufacturer announced delivery of its first eVTOL aircraft to Edwards Air Force Base. 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.

Adoption of Air Taxis due to Development of Urban Air Mobility: The urban air mobility industry is fueled by recent technological advancements, UAMs usage in different civil and commercial applications, and considerable investments in emerging nations. Several cities are expected to adopt the new generation of transportation using eVTOL aircraft due to recent technological breakthroughs in urban air mobility. The eVTOL aircraft are most suitable for shorter trips across congested cities to avoid traffic. The aircraft also help with middle-mile and last-mile cargo delivery and medical services. Therefore, the adoption of air taxis is growing. The air taxis used for urban air mobility are mostly electric powered. Hence, they do not cause atmospheric pollution. The urban air mobility industry is at the early stage, which is expected to drive the adoption of air taxis in the coming years. In March 2022, Airbus and The Helicopter Company (THC) signed an agreement to introduce urban air mobility and continue expanding helicopter activities in Saudi Arabia. This comes as an additional step toward co-creating an urban air mobility ecosystem in the country.

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Demand for Last-Mile Delivery: The eVTOL aircraft provide ease in operations, fly like an airplane, and have minimal to zero noise pollution. Therefore, the aircraft are gaining traction in e-commerce platforms for package delivery. The battery-operated eVTOL aircraft helps reduce carbon footprint and costs. With the rise of e-commerce, consumer preferences have become increasingly important in the formerly business-oriented parcel-delivery market. Large e-commerce players and various start-ups have identified last-mile services as a key differentiator. Consumer expectations have been a big driver for same-day services. In March 2023, UPS announced collaboration with BETA Technologies (BETA) for testing eVTOL aircrafts in United Arab Emirates.

Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by APAC and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.

EVTOL Aircraft Market Segmentation, Applications, Geographical Insights:

Based on lift technology, the EVTOL Aircraft market is divided into multirotor, lift plus cruise, vectored thrust, others. The lift plus cruise segment is expected to account for the largest share in 2025.
Based on propulsion type, the EVTOL Aircraft market is categorized into hybrid, fully electric, electric hydrogen. The fully electric segment expected to dominated the market in 2025.
Based on application, the EVTOL Aircraft market is categorized into is segmented into air taxi, cargo transport, last mile delivery, critical missions, inspection, surveying and mapping, others. In 2025, air taxi segment is expected to account for the largest share.
Based on operation mode, the EVTOL Aircraft market is segmented into piloted, optionally piloted and autonomous. In 2025, piloted segment is expected to account for the largest share.

Key Players and Competitive Landscape:

The EVTOL Aircraft Market is characterized by the presence of several major players, including:

Airbus (The Netherlands)
Bell Textron Inc. (US)
Boeing (US)
Eve Air Mobility (Brazil)
Lilium GmbH (Germany)
Opener (US)
EHang (China)
BETA Technologies (US)
Pipistrel Group (Slovenia)
Volocopter GmbH (Germany)
Joby Aviation Inc. (US)
Heart Aerospace (Sweden)
Archer Aviation Inc. (US)

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

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EVTOL Aircraft Market Recent Developments and Innovations:

" Archer Aviation Inc. announced that it has entered into a multi-party collaboration agreement with key UAE and Abu Dhabi entities to advance the establishment of electric air taxi operations in Abu Dhabi. The agreement aims to formalize the cooperation between UAE and Abu Dhabi stakeholders in preparation for the launch of the first commercial eVTOL flight.”
“Honda eVTOL aircraft receives Red Dot Design Concept Award. Currently under development, the Honda eVTOL will be powered by a gas turbine hybrid power unit for longer travel range, combining Honda's electrification, combustion, aerodynamic and control technologies to offer user-friendly, intercity mobility for the connected cities of the future.”

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Conclusion:

eVTOL aircraft requires advanced air mobility (AAM)—a new air transport system concept that integrates new transformational aircraft designs and flight technologies to transport people and cargo—infrastructure to be deployed across airports and cities. The AAM infrastructure is a complex ecosystem requiring vertiport network on land and water that can help eVTOL take off and land easily. Also, urban air mobility solutions need vertiport that has at least one helicopter pad and multiple gates, typically six to ten, where passengers can board while the aircraft is charging. The AAM infrastructure development, on the other hand, is yet to keep pace with developments in eVTOL aircraft manufacturing and testing activities. Some of the major projects that are under development phase for the establishment of vertiports across different regions include development of vertiports in Orlando, Spain wherein Ferrovial is expected to build a vertiport by 2025.

The report from The Insight Partners, therefore, provides several stakeholders—including raw material providers, manufacturers, suppliers and distributors, and end users—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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Contact Person: Ankit Mathur
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EVTOL Aircraft Market Size Skyrockets to $1.75 Billion by 2028 | CAGR of 35.6%, Dominated by Tech Giants - Airbus (The Netherlands), Bell Textron Inc. (US), Boeing (US), Eve Air Mobility (Brazil) - The Insight Partners

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