Read all of the latest updates from Ascend Consultancy experts who deliver powerful analysis, commentaries and projections to airlines, aircraft build and maintenance companies, financial institutions, insurers and non-banking financiers. 
Meet the Ascend Consultancy team.

The year 2024 was a mixed bag for the Advanced Air Mobility industry. Whilst some great advanced were made by China’s EHang, the European OEMs faced challenges leading to the first high profile insolvency filings.  To date, the Cirium team has registered order commitments for 26 different eVTOL OEMs. There are undoubtedly more out there. Consolidation among the vast number of competing companies appears inevitable, as they strive to position themselves as a frontrunner to operate in civil capacity.

Data coverage includes:

eVTOLs – Urban Air Mobility (UAM)

The eVTOL – UAM sector has generated the most activity in the market both in terms of the number of aircraft in development, and commitments received to date. Since the last update in October 2024, the sector has attracted 711 new order commitments. The space now has a total of just under 12,000 order commitments captured by Cirium Fleets Analyzer. Eve Air Mobility and Vertical Aerospace continue to lead the sector with 2,950 and 1,552 commitments respectively.

The global market for eVTOLs shows a varied regional distribution. Between the last update in October 2024 and 31^st December 2024, APAC surpassed North America as the region with the most orders at a total of 3,914 taking a 32% share.

European eVTOL OEMs face challenges

Early 2024, the eVTOL (electric vertical takeoff and landing) industry gained momentum when Chinese company EHang reported successful completion of the first series of passenger carrying commercial demonstration flights by its EH-216S pilotless electric aircraft. The aircraft achieved certification by the Civil Aviation Administration of China (CAAC), in quarter four of 2023. The company continued to make progress throughout the year and in November 2024, the OEM reported it had also completed debut passenger flights in Thailand.

Cirium Fleets Analyzer has registered 42 deliveries of the EH216 – 27 to Wencheng County Transportation Development Group, ten to Xishan Tourism and five to Shenzen Boling Holding Group – all for Sightseeing/Tourist usage.

Meanwhile, the European eVTOL industry faced some turbulence primarily linked to certification and funding challenges –  

• Volocopter – In June 2023, German-based Volocopter, along with Paris Airport operator Groupe ADP and the French Civil Aviation Authority, had announced their plan to offer eVTOL services to the general public during the 2024 Summer Olympics. It would make Paris the first European city to embrace this novel mode of transportation and was greatly anticipated right up until the event. However, certification issues hindered the plans, resulting in only demonstration flights taking place.

In a major blow, Volocopter filed for insolvency proceedings in Germany on December 26, 2024.

• Rolls Royce –  In November 2023, renowned UK-based engine OEM Rolls-Royce had announced its electric flight division was up for sale, as the company prioritized improving profits in its established jet engine business. A year later, in October 2024, Rolls-Royce declared the closure of its electrical business after failing to secure a buyer.

• Vertical Aerospace – Following the divestment of Rolls-Royce’s electric flight division, UK-based Vertical Aerospace faced the challenge of finding a new engine partner. Despite this setback, the company remains determined and insists that they are on track, with ambitions remaining high. As reported on Cirium Dashboard in November 2024, under a new plan dubbed ‘Flightpath 2030’, Vertical intends to deliver at least 150 aircraft to customers by 2029 and break even in cash terms in 2030.

The OEM reportedly reached a rescue deal in 2024, with its biggest creditor, US-based Mudrick Capital, obtaining a 70% stake in the business.

At the start of January 2025, Vertical Aerospace announced it had become “the second company in the world” to achieve piloted thrustborne flight maneuvers with a full-scale vectored thrust eVTOL aircraft.

• Lilium – Lilium stood out among eVTOL OEMs for debuting on US stock exchanges after merging with special purpose acquisition companies (SPAC), also known as “blank check companies.”

The OEM secured substantial commitments and funding, with some reports claiming a valuation at $3.3 billion at its peak. In July 2024, the OEM announced one of the largest commitments in the eVTOL sector—an agreement with Saudia Group in July 2024 to acquire up to 100 eVTOLs.

However, in November 2024, following an unsuccessful bid to secure a further loan of EUR100 million from the German Government, Lilium’s principal German subsidiaries applied for self-administration proceedings. On Christmas Eve 2024, the OEM announced they had secured a buyer by a little-known entity called the Mobile Uplift Consortium, reportedly from Europe and North America. This acquisition preserves almost 80% of Lilium’s workforce.

While setbacks and challenges have plagued European eVTOL manufacturers, the industry as a whole continues to evolve.

However, undoubtedly the eVTOL industry will continue to face significant hurdles primarily relating to certification and funding, but also market positioning and scale of manufacturing.

In addition, many eVTOL OEMs rely heavily on government funding, which could be affected by geopolitical uncertainty as countries prioritize higher budgets for defense, potentially impacting incentives for electric aircraft.

The BBC raised the following question in an article published 15^th November: “Given all the uncertainty and expense, you may wonder why investors put money into new electric aircraft in the first place”. Bjorn Fehrm, with a background in aeronautical engineering and ex-combat pilot for the Swedish Air Force, replied:  “No one wanted to miss out on the next Tesla.”

Business electric – multi-engine

In the business electric sector, there was a little less turbulence.

Electra’s EL-2 Goldfinch hybrid-electric short takeoff and landing (eSTOL) marked the first flight of an electric aircraft with a pilot onboard at NASA’s Langley Research Centre in July 2024. The eSTOL has received almost 1,350 order commitments, including from notable clients like the helicopter lessor Bristow Group. However, the identities of the majority of the source of order commitments remain undisclosed.

Aura Aero’s ERA have the second most order commitments at a total of 570. The OEM signed a co-operation agreement with Airbus Protect in May 2024. According to the OEM’s press release, by committing to the PAC, “Aura Aero will receive technical advice services from EASA, whilst helping to draft the generic elements to set the foundations of the future formal product certification basis”.

Meanwhile, Sweden’s Heart Aerospace unveiled its first full-scale X1 demonstrator of the company’s regional 30-passenger ES-30 aircraft and will fly this in 2025. The ES-30design has been revised into a hybrid-electric aircraft. The  ES-30 has just over 530 order commitments.  

The Cirium Ascend Consultancy AAM team will continue to provide valuable insight to the market. We would be pleased to hear any thoughts, comments or feedback you may have, so do not hesitate to contact us.

---