EVTOL market: ‘Biggest growth for air taxis, ambulance and cargo’
Air taxis, air ambulance and cargo will be the three biggest growth areas of the eVTOL market over the next five years, according to a new Horizon Aircraft study.
Innovation in battery technology, making longer flights of more than 100 miles more practical, is key to market growth, the study suggested. Four out of 10 of those surveyed believe battery technology will evolve enough over the next two years to make this achievable and 29% believe this will be the case by 2025.
Overall, 97% believe that it is important that an eVTOL can be used in different transport markets. Brandon Robinson, CEO, Horizon Aircraft, said: “The versatility of eVTOLs is what makes many of them attractive to investors. We designed our unique aircraft to target early use cases that are underpinned by solid economics. Our aircraft doesn’t require significant regulatory changes, huge battery improvements, or new types of power systems; it is designed with current technology to do useful work today across a wide variety of missions.”
Horizon Aircraft is currently testing its 50%-scale prototype and developing its full-scale prototype design as it takes on the next phases of the AFWERX HSVTOL (High-Speed Vertical Takeoff and Landing) challenge. The AFWERX programme could offer up to $35m in non-dilutive financing over the next three years.
In 2022, the US Air Force selected a small group of companies, of which Horizon Aircraft was one, to proceed with the conceptual development of a High-Speed VTOL aircraft. The initiative is supported by AFWERX, the Air Force’s innovation hub, and US Special Operations Command.
The project attracted proposals from more than 200 companies. These were narrowed down to 35 solutions, including Horizon Aircraft’s Cavorite X-series, were selected for investment in Phase 1 of the programme.
Meanwhile, earlier this month our sister title Revolution.Aero reported that the Canada-based eVTOL developer had successfully completed initial hover testing of its prototype, the X5 Cavorite, and released video of the tests conducted last month.
EVTOL Market growth over the next five years – at a glance
- Air passenger taxi
- Air ambulance
- Cargo transport
- Fire service
- Military service
Source: Horizon Aircraft based on views of private equity and venture capital professionals.
Above and top: Horizon Aircraft’s X5 Cavorite completed a successful hover test last month, said the developer.