eVTOL market: Biggest growth from air taxis, ambulance and cargo

Air taxis, air ambulance and cargo are seen as the three biggest growth areas of the eVTOL market over the next five years, according to a new Horizon Aircraft study.

Battery technology making longer flights upwards of 100miles more practical is key to market growth, the study suggested. Four out of ten 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 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 initiative attracted proposals from over 200 companies. These were narrowed down to 35 solutions of which 1, including the Cavorite X-series, were selected for investment in Phase 1 of the programme.