Report : North America EVTOL Aircraft Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – 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)
At 38.2% CAGR, the North America EVTOL Aircraft Market is speculated to be worth US$ 674.41 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America eVTOL aircraft market was valued at US$ 184.82 million in 2024 and is expected to reach US$ 674.41 million by 2028, registering an annual growth rate of 38.2% from 2024 to 2028. Adoption of air taxis due to development of urban air mobility and development of electric propulsion-based eVTOL aircraft.
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 the first quarter of 2020, Toyota had invested US$ 394 million in Joby Aviation eVTOL Aircraft. This comes as an additional step toward co-creating an urban air mobility ecosystem in the country. In January 2022, Boeing made an investment of worth US$ 450 million in Wisk Aero to support the development of future pilotless flying taxis. Further, Joby Aviation is planning to achieve the certification for its aircraft from the Federal Aviation Administration (FAA) along with its plan to launch commercial operations and passenger service up by 2024. The favorable government initiatives from leading countries and a growing number of startups entering the market fuel the adoption of air taxis. The funding aims to accelerate the adoption of urban air mobility transportation, which consists of drones, eVTOL aircraft, and alternative propulsion systems. In addition, according to FAA, the US is engaged with more than 15 eVTOL aircraft manufacturers. Uber Air, EHang, Volocopter, Joby, and Lilium are among those who have forefront their intent to launch commercial passenger operations within the next three to five years. Thus, upcoming developments and initiatives from leading countries for incorporating the adoption of air taxis would strengthen the demand for urban air mobility, which is expected to provide lucrative opportunities for the eVTOL aircraft market growth during the forecast period. This is expected to drive the market during the forecast period.
On the contrary, certification and qualification challenges for market vendors hurdles the growth of North America eVTOL aircraft market.
Based on lift technology, the North America eVTOL aircraft market is divided into multirotor, lift plus cruise, vectored thrust, and others. The lift plus cruise segment held 45.4% market share in 2024, amassing US$ 83.85 million. It is projected to garner US$ 293.06 million by 2028 to expand at 36.7% CAGR during 2024–2028.
Based on propulsion type, the North America eVTOL aircraft market is categorized into hybrid, fully electric, and electric hydrogen. The fully electric segment held 79.6% market share in 2024, amassing US$ 147.12 million. It is projected to garner US$ 512.63 million by 2028 to expand at 36.6% CAGR during 2024–2028.
Based on application, the North America eVTOL aircraft market is categorized into air taxi, cargo transport, last mile delivery, critical missions, inspection, surveying and mapping, and others. The air taxi segment held 72.2% market share in 2024, amassing US$ 133.39 million. It is projected to garner US$ 498.31 million by 2028 to expand at 39.0% CAGR during 2024–2028.
Based on operation mode, the North America eVTOL aircraft market is categorized into piloted, optionally piloted, and autonomous. The piloted segment held 75.7% market share in 2024, amassing US$ 139.82 million. It is projected to garner US$ 523.11 million by 2028 to expand at 39.1% CAGR during 2024–2028
Based on country, the North America eVTOL aircraft market has been categorised into the US and Canada. Our regional analysis states that US captured 84.5% market share in 2024. It was assessed at US$ 156.17 million in 2024 and is likely to hit US$ 599.55 million by 2028, exhibiting a CAGR of 40.0% during the forecast period.
Key players dominating the North America eVTOL aircraft market are Airbus; Bell Textron Inc.; Boeing; Eve Air Mobility; Lilium GmBH; Opener; EHang; BETA Technologies; Pipistrel Group; Joby Aviation Inc.; Heart Aerospace; and Archer Aviation Inc among others.
- In May 2022, Airbus partners with MAGicALL to develop the electric motors of CityAirbus NextGen.
- In Jan 2020, Bell unveils electric four-ducted Nexus 4EX at CES 2020.