According to a comprehensive report from The Insight Partners (Pune, India), the electric vertical takeoff and landing (eVTOL) market is expected to experience significant growth toward the end of this decade. The report, providing in-depth analysis of market trends, key players and future opportunities for 2024-2028, says the market valued at $519 million in 2024, is projected to reach $1.75 billion by 2028, and is expected to register a CAGR of 35.6% during the forecast period.
According to The Insight Partners, the eVTOL aircraft industry is not yet to commercialization — however, developments across the market are rapidly growing, with most companies focusing on testing and certifications of their eVTOL products. Moreover, some companies have already grabbed major contracts to provide an additional competitors advantage (such as Joby Aviation. 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 and applications for eVTOL aircraft — such as air taxis, cargo transport, tourism, medical logistics and so on.
The Insight Partners covers the following eVTOL aircraft segments:
- Lift plus cruise segment: Includes multirotor, lift plus cruise, vectored thrust and others. The lift plus cruise segment is expected to account for the largest share in 2025.
- Propulsion type: Hybrid, fully electric and electric hydrogen. The fully electric segment expected to dominated the market in 2025.
- The market is categorized into air taxi, cargo transport, last mile delivery, critical missions, inspection, surveying and mapping and 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.
The report, in addition to identifying key players and the competitive landscape, provides stakeholders with insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
To access the report, visit this link.
