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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 Grouping	Manufacturer	Type	Comment
Regional Electric – Small	LYTE Aviation	LA-44 Skybus
Business Electric – Multi Engine	Electron	Electron 5
Business Electric – Multi Engine	Airflow	M200
Business Electric – Multi Engine	Bye Aerospace	eFlyer 800
Business Electric – Multi Engine	Eviation	Alice
Business Electric – Multi Engine	Electra	Electra eSTOL
Business Electric – Single Engine	VoltAero	Cassio 330
Business Electric – Single Engine	BETA Technologies	CX300
eVTOL – UAV/UAS	BETA Technologies	ALIA-250c
eVTOL – Urban Air Mobility	EHang	VT-30
eVTOL – Urban Air Mobility	Joby Aviation	S4
eVTOL – Urban Air Mobility	Manta Aircraft	ANN2
eVTOL – Urban Air Mobility	Wisk Aero LLC	Cora
eVTOL – Urban Air Mobility	Volocopter GmbH	VoloConnect
eVTOL – Urban Air Mobility	TCab Tech	E20 eVTOL
eVTOL – Urban Air Mobility	Overair Inc	Butterfly
eVTOL – Urban Air Mobility	Aerofugia	AE200
eVTOL – Urban Air Mobility	Plana	CopterPlane CP-01
eVTOL – Urban Air Mobility	DuFour Aerospace	Aero3
eVTOL – Urban Air Mobility	AutoFlight	Prosperity 1
eVTOL – Urban Air Mobility	BETA Technologies	ALIA-250
eVTOL – Urban Air Mobility	SkyDrive	SD-05
eVTOL – Urban Air Mobility	EHang	EH216
eVTOL – Urban Air Mobility	Jaunt Air Mobility	Journey
eVTOL – Urban Air Mobility	Volocopter GmbH	VoloCity
eVTOL – Urban Air Mobility	Archer Aviation	Midnight
eVTOL – Urban Air Mobility	Ascendance Flight Technologies	Atea
eVTOL – Urban Air Mobility	Odys Aviation	Odys eVTOL
eVTOL – Urban Air Mobility	XTI Aircraft Company	TriFan 600
eVTOL – Urban Air Mobility	Lilium GmbH	Lilium Jet
eVTOL – Urban Air Mobility	Vertical Aerospace Group Ltd	VX4
eVTOL – Urban Air Mobility	Eve Air Mobility	Eve
Regional Electric – Small	Maeve Aerospace	Maeve 01
Regional Electric – Small	Jekta	PHA-ZE 100
Regional Electric – Small	Heart Aerospace	ES-19	Programme Cancelled
Regional Electric – Small	Aura Aero	ERA
Regional Electric – Small	Heart Aerospace	ES-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.

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.

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.

Business electric – multi-engine

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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