A North Macedonian media delegation observes an eVTOL aircraft developed by Aerofugia on July 11 in Chengdu, Sichuan province. [Photo by Peng Chao/chinadaily.com.cn]
The rapid development of eVTOL and other low-altitude flying vehicles is boosting China's low-altitude economy, with the sector expected to surpass 3.5 trillion yuan ($516.8 billion) by 2035, according to a report released on Tuesday in Chengdu, Sichuan province.
Electric vertical takeoff and landing aircraft, or eVTOLs — also known as "air taxis" — are quieter, greener, and safer than helicopters. As urban air mobility advances, they are expected to become a new paradigm for urban transportation.
The China eVTOL Industry Development Research Report, released on Fortune China's WeChat account, pointed out that while Europe and the United States still dominate the market for traditional fixed-wing aircraft and helicopters, the low-altitude sector — especially eVTOLs — is evolving into a two-horse race between China and the US.
China's complete industrial and supply chains, breakthroughs in new energy technologies, engineering innovation, huge market with diverse application scenarios, robust policy support, and sound low-altitude infrastructure have granted its eVTOL industry a competitive edge, the report said.
