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eVTOL Aircraft Market to Hit 23.21 Billion in 2028 | eVTOL Aircraft Industry Revenue, Future Trends and Business Analysis by Fortune Business Insights

In This Article:

Companies covered in eVTOL aircraft market report are Kitty Hawk (U.S.) Lilium (Germany) Ehang (China) Volocopter (Germany) Bell Textron Inc. (U.S.) Airbus S.A.S (Netherlands) Beta Technologies (U.S.) Joby Aviation (U.S.) Urban Aeronautics Ltd. (Israel) and more players profiled.

Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global eVTOL aircraft market size was estimated to be worth USD 1.11 billion in 2020. The market value is expected to increase from USD 5.41 billion in 2021 to USD 23.21 billion in 2028 at a CAGR of 23.13% during 2021-2028. Growing urbanization, increasing traffic congestion, and the need for smarter transportation solutions are some of the major factors propelling the market forward. Fortune Business Insights presents this information in its report titled EVTOL Aircraft Market, 2021-2028."

Electric vertical take-off and landing aircraft are increasingly gaining traction across the globe. This technology represents the next generation of transportation solutions that are safer, quieter, and cleaner. Such aircraft work on electric propulsion, making them a sustainable option compared to conventional air carriers. The demand for this technology will increase significantly in the next few years, powered by increasing demand for urban air mobility, growing awareness regarding carbon footprint, and the need to cut aircraft operating costs.

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List of Key Players Profiled in the EVTOL Aircraft Market Report:

  • Kitty Hawk (U.S.)

  • Lilium (Germany)

  • Ehang (China)

  • Volocopter (Germany)

  • Bell Textron Inc. (U.S.)

  • Airbus S.A.S (Netherlands)

  • Beta Technologies (U.S.)

  • Joby Aviation (U.S.)

  • Urban Aeronautics Ltd. (Israel)

COVID-19 Impact:

Diminished Aviation Operations to Impact Developments in eVTOL Technology

The aviation sector suffered significant disruption during the COVID-19 pandemic. Supply chain disruptions, workforce shortages, and stricter protocols caused a major slowdown in the development and testing of eVTOL technology. Numerous R&D projects were also affected amid the pandemic. These factors have affected the aircraft market growth during the COVID-19 pandemic.

However, investments in the eVTOL space remained strong in several regions. Data provider Pitchbook reports that North America and Europe invested USD 1.3 billion in air mobility firms despite COVID-19 disruptions in 2020. With the gradual recovery of the aviation sector, the market will start to gain momentum in the forthcoming years.