The eVTOL aircraft market size is projected to grow from an estimated USD1.2 billion in 2023 to USD23.4 billion by 2030, at a compound annual growth rate of 52.0% during the forecast period, according to the latest report from MarketsandMarkets™
“Based on the mode of operation, the eVTOL aircraft market is segmented into autonomous and piloted,” says the report. “The autonomous segment accounted for the largest share of the eVTOL aircraft market in 2023. The piloted aircraft are based on matured technologies and are more reliable as compared to autonomous aircrafts that are under development. Piloted eVTOL aircraft are getting replaced by fully autonomous aerial vehicles in various civil & commercial applications as the latter will have higher payload capacity, increased propulsion power, no human intervention, and increased safety technologies such as detect and avoid and GPS-denied technology.
“Europe is projected to be the fastest-growing region in the eVTOL aircraft market during the forecast period. The eVTOL area is seeing tremendous growth in air travel owing to rising disposable incomes and a burgeoning middle class. As a result, the number of commercial aircraft operating in the region has increased, creating demand for eVTOL aircraft. Europe seemed to be a prominent eVTOL aircraft market. Increasing military upgrades, such as the purchase of unmanned aerial vehicles, and innovative technologies, such as hybrid aircraft, which can take off with vertical flight operations, are expected to drive the eVTOL aircraft market in Europe during the forecast period.”
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