The era of electric vertical take-off and landing vehicles (eVTOLs) is upon us, with the latest CNBC Tech podcast episode shedding light on the industry's rapid advancement and the challenges it faces.
What Happened: A recent episode of CNBC Tech's "Beyond the Valley" podcast delves into the burgeoning market of eVTOLs, often dubbed flying cars. The podcast, hosted by Arjun Kharpal and Tom Chitty, explores the potential and challenges of this innovative mode of transportation that could revolutionize urban and intercity travel.
As reported by CNBC on Sunday, eVTOLs are all-electric aircraft capable of vertical takeoffs and landings, offering a compact and efficient alternative to traditional airplanes and helicopters. These vehicles are seen as a solution to urban congestion and could serve as a new form of short-distance travel.
Companies worldwide, from the U.S. to Europe and China, are actively developing eVTOLs. The eVTOL market is projected to be worth a staggering $1 trillion by 2040, according to JPMorgan, with numerous firms vying for leadership in this high-stakes industry.
Urban integration of eVTOLs raises questions about landing zones and compatibility with existing cityscapes and transport systems. Regulatory support from organizations like the Civil Aviation Administration of China and the U.S. Federal Aviation Administration, through certification programs, is vital for the industry's growth.
Despite the excitement, there is skepticism about the practicality and safety of flying cars. The industry must overcome significant challenges, including infrastructure needs, safety concerns, and earning public trust, to make eVTOLs a ubiquitous feature of urban life.
Why It Matters: Recent developments in the eVTOL sector have captured the attention of both the public and investors. eVTOL startups like Archer Aviation and Joby Aviation, are pioneering the modern-day 'Jetsons' future.
Furthermore, 96% of professional investors are keeping a close eye on this transport of the future, as companies like New Horizon Aircraft and Hyundai Motor advance eVTOL technology.
Earlier in the year, XPeng Aeroht, a subsidiary of XPeng Inc., wowed attendees at CES with its flying supercar concept. This event underscored the industry's progress and the growing interest in eVTOLs as a viable form of transportation.
Image via Shutterstock