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Ascend Consultancy Weekly Team Perspective: Advanced Air Mobility – Snapshot January 2024

At the turn of the year, the Advanced Air Mobility (AAM) market reflected the changing seasons with a gradual cooling.



By Pascal Chui, Valuations Analyst at Cirium Ascend Consultancy

At the turn of the year, the Advanced Air Mobility (AAM) market reflected the changing seasons with a gradual cooling, influenced by spiking interest rates and the rising cost of capital. Yet, in the face of these headwinds, the number of commitments and orders recorded in Cirium’s database increased to over 13,000 as of 31 December 2023, with over 3,700 secured in the past 12 months.

Data coverage includes:

Market GroupingManufacturerTypeComment
Regional Electric – SmallLYTE AviationLA-44 Skybus 
Business Electric – Multi EngineElectronElectron 5 
Business Electric – Multi EngineAirflowM200 
Business Electric – Multi EngineBye AerospaceeFlyer 800 
Business Electric – Multi EngineEviationAlice 
Business Electric – Multi EngineElectraElectra eSTOL 
Business Electric – Single EngineVoltAeroCassio 330 
Business Electric – Single EngineBETA TechnologiesCX300 
eVTOL – UAV/UASBETA TechnologiesALIA-250c 
eVTOL – Urban Air MobilityEHangVT-30 
eVTOL – Urban Air MobilityJoby AviationS4 
eVTOL – Urban Air MobilityManta AircraftANN2 
eVTOL – Urban Air MobilityWisk Aero LLCCora 
eVTOL – Urban Air MobilityVolocopter GmbHVoloConnect 
eVTOL – Urban Air MobilityTCab TechE20 eVTOL 
eVTOL – Urban Air MobilityOverair IncButterfly 
eVTOL – Urban Air MobilityAerofugiaAE200 
eVTOL – Urban Air MobilityPlanaCopterPlane CP-01 
eVTOL – Urban Air MobilityDuFour AerospaceAero3 
eVTOL – Urban Air MobilityAutoFlightProsperity 1 
eVTOL – Urban Air MobilityBETA TechnologiesALIA-250 
eVTOL – Urban Air MobilitySkyDriveSD-05 
eVTOL – Urban Air MobilityEHangEH216 
eVTOL – Urban Air MobilityJaunt Air MobilityJourney 
eVTOL – Urban Air MobilityVolocopter GmbHVoloCity 
eVTOL – Urban Air MobilityArcher AviationMidnight 
eVTOL – Urban Air MobilityAscendance Flight TechnologiesAtea 
eVTOL – Urban Air MobilityOdys AviationOdys eVTOL 
eVTOL – Urban Air MobilityXTI Aircraft CompanyTriFan 600 
eVTOL – Urban Air MobilityLilium GmbHLilium Jet 
eVTOL – Urban Air MobilityVertical Aerospace Group LtdVX4 
eVTOL – Urban Air MobilityEve Air MobilityEve 
Regional Electric – SmallMaeve AerospaceMaeve 01 
Regional Electric – SmallJektaPHA-ZE 100 
Regional Electric – SmallHeart AerospaceES-19Programme Cancelled
Regional Electric – SmallAura AeroERA 
Regional Electric – SmallHeart AerospaceES-30 

eVTOLs – Urban Air Mobility (UAM)

The competition is heating up, with Eve Air Mobility and Vertical Aerospace‘s VX4 at the forefront. Notably, Eve has won a remarkable number of orders even without a full-scale test flight, showing strong investor confidence. At the same time, other start-ups like Archer, Jaunt Air Mobility, Ascendance Flight Technologies, Volocopter, and AutoFlight are also making waves, each with about 200 orders in the past 12 months, indicating a growing interest in these eVTOL types.

Source: Cirium Fleet Analyzer, as at 31st December 2023

The order commitment landscape presented a picture of ambition and strategy, with North America leading significantly at over 3,300 orders, driven predominantly by the USA. Asia-Pacific followed with nearly 2,300 orders, where India, China, and Japan were the top contributors. Europe’s total orders stood at around 1,700, with the UK accounting for the largest share. Latin America showed a substantial number of orders at 550, mainly from Brazil.

Source: Cirium Fleet Analyzer, as at 31st December 2023

EHang first to achieve type certification

In October 2023, EHang achieved a major milestone by receiving the world’s first type certification for an unmanned eVTOL, the EH216-S, from the Civil Aviation Administration of China (CAAC). EHang aims to transform the experience of aerial sightseeing. The EHang EH216 orderbook includes commitments from different general aviation and business operators across Asia, with Indonesia’s Prestige Aviation ordering 101 units, China’s Shenzhen Boling Holding Group at 95 units, Malaysia’s Aerotree Flight Services Sdn Bhd at 61 units and Japan’s AirX Inc at 50 units.

Source: Cirium Fleet Analyzer, as at 31st December 2023

Business electric – multi-engine

Source: Cirium Fleet Analyzer, as at 31st December 2023

In the business electric sector, Electra’s eSTOL has received more than 1,100 order commitments, including from notable clients like the helicopter lessor Bristow Group. However, the identities of the majority of these order commitments remain undisclosed. Electra’s eSTOL completed its inaugural all-electric test flight on 11 November, followed by a hybrid-electric flight on 19 November. Unlike eVTOLs, Electra’s eSTOL requires only 1/10th the length of a traditional runway, thanks to its advanced blown lift technology. This feature enables Electra’s eSTOL to offer flights to locations that lack space for conventional runways, significantly expanding potential air travel destinations and operational flexibility.

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