Air taxis to take off

The market for electric vertical take-off and landing (eVTOL) air taxis will reach US$14.7 billion by 2041.

And the automotive industry is taking an interest with Toyota, Hyundai, Geely, Stellantis, and Daimler all part of ongoing eVTOL projects.

In January 2020, Toyota invested nearly US$400 million in eVTOL start-up Joby Aviation in a US$590 million funding round joined by private fund manager Baillie Gifford, which famously invested early in Tesla stock at US$6 per share.

Baillie Gifford has also invested US$35 million in German eVTOL OEM Lilium. Aside from Joby Aviation and Lilium, there are a host of interesting eVTOL start-ups that have popped up around the world, including Volocopter, EHang, SkyDrive, Vertical Aerospace, Jaunt Air Mobility, Archer Aviation, and Beta Technologies.

So says IDTechEx’s new report Air Taxis: Electric Vertical Take-Off and Landing Aircraft 2021-2041 which reflects the reality of the eVTOL market at this early stage of its development.

 

It’s intended to help companies understand the exciting, emerging, urban air mobility (UAM) market and considers eVTOL aircraft for air taxi applications, from design through to key enabling technologies such as aviation-grade batteries, electric motors and propulsion systems, composite materials, and eVTOL ground infrastructure.

What’s not mentioned is New Zealand trials by Wisk (the trading name for Zephyr Airworks) of eVTOL “Cora”, planning for pilot-less electric air taxi passenger transport.

IDTechEX’s 20-year outlook also studies eVTOL air taxi sales, market revenue, battery demand, and battery market revenue.

Analysis of air taxi/passenger drone operations suggests there are frequently talked about areas for air taxi deployment which do not look viable, offering commuters no perceivable benefit at greater expense.

However, its research also indicates applications where eVTOL aircraft could provide a faster, more direct, and flexible journey at a lower cost than competing transport modes.

It is this potential that has attracted the attention of huge companies both inside and outside the aviation industry and stirred major investment into this nascent market.

Many of the world’s largest aerospace and automotive companies are ramping up their interest in eVTOL aircraft, recognising it as a potentially disruptive new transport mode.

Incumbent OEMs like Boeing, Airbus, Embraer, and Bell have ongoing eVTOL development projects. The major aerospace suppliers Raytheon, GE, SAFRAN, Rolls-Royce, and Honeywell, are all investing in eVTOL technologies.

Composite material manufacturers like Toray and Hexcel are working with OEMs on advanced lightweight materials.

There are opportunities for companies across numerous technologies.

IDTechEx believes that for any company wondering whether they should investigate this market, the question is, why not? The hard work being done over the next decade could pave the way for eVTOL to have a significant role in future mobility. 

As the first eVTOL aircraft get closer to flight certification, interest in the market is certainly on the rise.