Northbrook, IL 60062 -- (SBWire) -- 12/13/2023 --The eVTOL Aircraft market size is projected to grow from USD 1.2 Billion in 2023 to USD 23.4 Billion by 2030, at a CAGR of 52.0% from 2023 to 2030.

Electric Vertical Takeoff and Landing (eVTOL) aircraft serve the purpose of providing efficient, sustainable, and versatile transportation solutions for both passengers and cargo. eVTOLs are aircraft that can take off and land vertically, utilizing electric propulsion systems to achieve vertical flight and offering the potential for quiet, emission-free operations. These advanced aircraft are designed to operate in urban environments, overcoming traffic congestion by utilizing vertical space and providing faster point-to-point transportation. With their ability to hover, maneuver in tight spaces, and potentially operate autonomously, eVTOLs have the potential to revolutionize urban air mobility, offering convenient air taxi services and serving as efficient platforms for transportation, emergency response, and aerial logistics. Their electric propulsion systems contribute to reduced noise pollution and lower carbon emissions, aligning with the increasing focus on sustainable transportation solutions.

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The Piloted segment is projected to have a higher growth rate during the forecast period.
Based on the mode of operation, the eVTOL Aircraft market has been segmented into piloted and autonomous. Among EVTOL modes of operations, piloted operation emerges as the fastest-growing segment. While autonomous holds future potential, piloted operation exhibits advantages that propel its growth. Passengers find reassurance and trust in the presence of human pilots, particularly during the initial stages of EVTOL deployment. Addressing safety concerns and regulatory compliance becomes more streamlined with human oversight. Moreover, seamless integration with existing airspace infrastructure and air traffic management systems simplifies the regulatory framework and accelerates market acceptance.

The > 200 Km segment is projected to have a higher growth rate during the forecast period.

Based on the range, the eVTOL Aircraft market has been segmented into <= 200 km and > 200 km. The >200 km range category demonstrates the highest growth rate within the EVTOL market. This extended range capability unlocks diverse opportunities, enabling EVTOLs to cater to regional air transportation requirements and efficiently connect distant locations. Suitable for intercity connections and longer-distance travel, this range meets the demands of a broader customer base. Leveraging advancements in battery efficiency and energy storage, this category strikes an optimal balance between payload capacity and energy efficiency. The expansion of this range fuels its faster compound growth, establishing it as a prominent segment within the EVTOL market.

Europe is projected to grow at the highest CAGR during the forecast period

Europe is projected to be the fastest-growing region in the eVTOL Aircraft market during the forecast period, owing to a number of variables that support the region's growth potential. The region has witnessed significant economic development, which has resulted in greater air travel demand and a rising commercial aviation sector. The rising emphasis on sustainable aviation practices and the emergence of urban air mobility and advanced air mobility solutions will drive the demand for eVTOL Aircraft. Numerous growing economies, like France, the UK, and Germany, have made significant investments in their aerospace sectors in Europe. The presence of important aircraft manufacturers and suppliers in the region has contributed to Europe's market leadership in eVTOL Aircraft.

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Asia Pacific to grow at the highest CAGR during the forecast period.

The Asia-Pacific microgrid market is expected to grow significantly in the coming years. This growth is driven by several factors, including the increasing demand for reliable and resilient power supply, the growing focus on renewable energy, the increasing penetration of smart grids, and supportive government policies. The Asia-Pacific region is home to many countries prone to natural disasters, such as typhoons and earthquakes. Microgrids can provide a reliable and resilient power supply in the event of a disaster. Additionally, the region is one of the leading regions in terms of the adoption of renewable energy.

Key Market Players

Major players operating in the eVTOL Aircraft market are Jaunt Air Mobility (US), Lilium (Germany), Volocopter (Germany), and EHang (China), among others.