Research Report on the Development Prospects of Personal Air Vehicles and Low-Altitude Flight Technology Market

Personal air vehicles and low-altitude flight technology are in a critical transition period from proof-of-concept to commercial implementation. According to data from authoritative market research institutions, this field shows significant growth momentum:

Time Node	Market Size	Compound Annual Growth Rate (CAGR)
2025	USD 1 billion	-
2030	USD 4 billion	36.6%
2035	USD 21 billion	36.6%

Year	Market Size (RMB 100 million)	YoY Growth Rate
2021	2,912	-
2022	3,781	+29.8%
2023	5,060	+33.8%
2024E	6,703	+32.5%
2025E	8,592	+28.2%
2026E	10,645	+23.9%

According to forecasts from the CCID Research Institute of the Ministry of Industry and Information Technology, China’s low-altitude economy is expected to exceed the

mark by 2026 [1][2]. Morgan Stanley’s forecast is even more optimistic, stating that the global urban air traffic market will reach USD 1 trillion by 2040 and is expected to exceed USD 9 trillion by 2050 [2].

Configuration Type	Range	Applicable Scenarios	Technology Maturity
Multi-rotor	30km	Aerial tours, urban transportation	Commercialized
Compound Wing	200-400km	Intercity transportation, logistics delivery	Under airworthiness certification
Tiltrotor	400km+	Urban air mobility, regional transportation	R&D and verification stage

1. Battery Technology
   : In 2024, the energy density of new lithium-sulfur batteries reached 400Wh/kg, representing a 60% increase compared to traditional lithium-ion batteries, enabling a single-charge range of over 250 miles [1]. The industry is evolving towards semi-solid and all-solid-state batteries, with solid-state battery-powered eVTOL expected to achieve large-scale application by 2030.

2. Power System
   : China’s electric drive market size is projected to grow from RMB 392 million in 2023 to RMB 14.5 billion in 2030, with a CAGR of 67.5% [1]. The target is to achieve a power density of 10kW/kg by 2030.

3. Intelligence Level
   : Technologies such as fully autonomous flight, obstacle avoidance, and noise reduction are continuously maturing, driving the arrival of the “air taxis” era.

Region	Policy Measures	Investment Amount
China	Established the Low-Altitude Economy Development Department; launched eVTOL pilots in 6 cities	Central fiscal subsidy up to RMB 100 million
EU	Urban Air Mobility Initiative	USD 2.8 billion
Japan	Advanced Air Mobility Fund	USD 1.5 billion
US	“Future of Flight” Program	USD 3.2 billion

China has established a complete eVTOL airworthiness certification system, which requires obtaining the following certificates in sequence:

• Type Certificate (TC)
  : Indicates that the product design complies with airworthiness regulations
• Production Certificate (PC)
  : Allows production in accordance with the approved design and quality system
• Airworthiness Certificate (AC)
  : Indicates that the product is in a safe and usable state
• Operating Certificate (OC)
  : Operational qualification required for operating companies [1][3]

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NAVEE is a global brand focused on the intelligent short-distance transportation sector, with product lines covering electric scooters, electric balance bikes, golf carts, and other categories. The company’s core competitiveness lies in “system-level engineering” and “intelligent technology integration”, adopting automotive-grade design standards, advanced suspension systems, and AI control technologies [4][5].

Product Name	Product Type	Core Selling Points
UT5 Ultra X	Electric Scooter	Dual motors, maximum speed of 43 mph
Eagle F1X	Golf Cart	Auto-follow function
Storm X Pro	Off-Road Motorcycle	Outdoor scenario expansion
WaveFly 5X	Water-Borne Aircraft	Ground effect technology, skimming flight

: The NAVEE WaveFly 5X is positioned as a personal recreational water-borne aircraft, utilizing ground effect technology to achieve skimming flight over water [4][5].

Indicator	Parameter
Maximum Speed	53 mph (85km/h)
Cruise Speed	40 mph (64km/h)
Maximum Endurance Time	70 minutes
Flight Height	Approximately 30cm above water (utilizing ground effect technology)
Cockpit Layout	Dual-seat design

The design of the WaveFly 5X is inspired by the Soviet Union’s “Caspian Sea Monster” – a ground effect vehicle. This technical route, which generates lift using water/ground effect, forms differentiated competition with traditional multi-rotor or tiltrotor eVTOL solutions [4].

NAVEE’s strategic logic for entering the personal air vehicle sector lies in:

1. Technology Synergy
   : Extending its technological accumulation in electric drive, battery management, and intelligent control to water-borne flight scenarios

2. Scenario Expansion
   : Expanding from urban short-distance transportation to outdoor recreational scenarios to build a complete product ecosystem

3. Brand Upgrading
   : Enhancing brand image through cutting-edge products and occupying the “innovator” mental positioning

• There is still a long way to go from concept product to commercial mass production
• Needs to obtain airworthiness certification from aviation regulatory authorities in various countries
• Cost control and market acceptance need to be verified

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The global eVTOL market presents a pattern of “head concentration and diversified competition”, with the top five enterprises accounting for over 70% of the market share [1][3].

Enterprise	Country of Origin	Core Technology	Airworthiness Progress	Market Positioning
EHang Intelligent	China	Multi-rotor, unmanned flight	World’s first full set of TC/PC/AC/OC	Urban air mobility
Joby Aviation	US	Tiltrotor	FAA TIA certification	Air taxi
Archer Aviation	US	Tiltrotor	Under FAA review	Urban air mobility
Lilium	Germany	Tiltrotor	Under EASA review	Regional air mobility
Vertical Aerospace	UK	Tiltrotor	Under EASA review	Air taxi

• North America: Accounts for 42% of the global market value
• Europe: Accounts for 28%
• Asia-Pacific: Accounts for 25%, with the fastest growth rate; expected to exceed 50% of the market share by 2030 [1]

Enterprise	Model	Configuration	Airworthiness Status
EHang Intelligent	EH216-S	Multi-rotor	Full set of four certificates, world’s first
Peak Aero	V2000CG	Compound Wing	TC for tonnage-level cargo
XPeng HT	X3-F	Multi-rotor	TC application accepted
Time’s Aerospace	E20	Tiltrotor	TC application accepted
Volant Aerospace	VE25-100	Compound Wing	TC application accepted

Overseas orders of Chinese eVTOL enterprises have been intensively signed between 2024 and 2025 [6]:

Enterprise	Order Customer	Order Quantity	Destination
Volant Aerospace	Thailand Pan Pacific	500 units	Thailand, Maldives
Time’s Aerospace	UAE Autocraft	350 units	Middle East, North Africa
XPeng HT	Dubai Client	600 units	Middle East
Peak Aero	UAE Falcon	50 units	UAE

Huang Xiaofei, co-founder of Volant Aerospace, stated: “We do not rely on low prices to win. When our products are in the same price range as similar models from Europe and the US, overseas customers still choose Chinese brands, which indicates the competitiveness of ‘China Intelligent Manufacturing’.” [6]

Segmented Market	Target Users	Expected Commercialization Time	Market Size
Aerial Tours	Tourist consumers	2025-2027	Billion-yuan level
Medical Transport	Medical institutions	2025-2028	Billion-yuan level
Air Taxis	Business/daily commuters	2030-2035	Hundred-billion-yuan level
Personal Air Vehicles	High-net-worth individuals	Post-2035	Trillion-yuan level

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┌─────────────────────────────────────────────────────────────────┐
│  Phase 1: Introduction Period (2025-2030)                       │
│  • Priority deployment of aerial tours, medical transport, and emergency rescue │
│  • Pilot operation of UAM (Urban Air Mobility)                  │
│  • Intensive issuance of airworthiness certifications           │
├─────────────────────────────────────────────────────────────────┤
│  Phase 2: Explosive Growth Period (2030-2035)                   │
│  • Popularization of "air taxis" and "air shuttles"             │
│  • Improvement of low-altitude infrastructure (vertiports, charging facilities) │
│  • Penetration into intercity transportation scenarios          │
├─────────────────────────────────────────────────────────────────┤
│  Phase 3: Popularization Period (Post-2035)                     │
│  • eVTOL enters personal and household consumer markets         │
│  • Rise of private air vehicles                                 │
│  • Commercialization of fully autonomous driving                │
└─────────────────────────────────────────────────────────────────┘

1. From “Selling Aircraft” to “Selling Services”
   • Increasing proportion of operation service revenue
   • Aviation service operation, ecological standard co-construction

2. Scenario-Based Solutions
   • Tourism and sightseeing: Operation of low-altitude tourism routes
   • Medical emergency: Air ambulance services
   • Logistics delivery: Urban drone express delivery
   • Business travel: Air taxi services

3. Global Layout
   • Middle East market: Regions with concentrated high-net-worth populations such as the UAE and Saudi Arabia
   • Southeast Asian market: Tourism hotspots such as Thailand and Indonesia
   • European market: Scenarios already implemented in countries such as Spain and Japan

Component	Market Size (2030)	Competitive Landscape
Motor	Front-loading RMB 13.1 billion + After-loading RMB 39.2 billion	Wolong Electric Drive, Infore leading
Battery	Front-loading RMB 9.8 billion + After-loading RMB 102.8 billion	Condensed-state and solid-state batteries accelerating application
Avionics and Flight Control	RMB 13.1 billion	Localization rate gradually increasing

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1. Policy Certainty
   : Low-altitude economy has been incorporated into national strategy, and policy support continues to increase
2. Technology Maturity
   : Core technologies such as batteries, motors, and flight control are accelerating breakthroughs
3. Commercialization Inflection Point
   : 2026 is expected to be the first year of eVTOL commercialization
4. Overseas Expansion Dividend
   : Chinese enterprises seize global market share with technology + cost advantages

Risk Type	Specific Performance
Airworthiness Certification Risk	Long certification cycle, possible changes in standards
Technical Risk	Battery energy density and fast-charging technology breakthroughs fall short of expectations
Market Risk	Insufficient consumer acceptance and infrastructure support
Competitive Risk	Traditional aviation giants and automobile companies accelerate market entry
Regulatory Risk	Changes in airspace management policies and safety standards

For cross-industry entrants such as NAVEE, it is recommended to focus on:

1. Differentiated Technical Route
   : Ground effect aircraft have unique advantages in specific scenarios (water-borne) compared to eVTOL
2. Gradual Commercialization
   : Enter from the water-borne entertainment market and gradually extend to transportation scenarios
3. Ecological Co-Construction
   : Cooperate with resort destinations and water sports operators to establish early application scenarios
4. Airworthiness Compliance
   : Closely track the regulatory policies of water-borne aircraft in various countries and lay out certifications in advance

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Personal air vehicles and low-altitude flight technology are in a historic development opportunity period. The global eVTOL market is projected to reach USD 21 billion by 2035, and China’s low-altitude economy is expected to exceed RMB 1 trillion by 2026. NAVEE enters this market with its WaveFly 5X water-borne aircraft, leveraging ground effect technology to achieve differentiated competition, which reflects the strategic ambition of intelligent short-distance transportation enterprises to extend to broader travel scenarios.

From the perspective of competitive landscape, EHang Intelligent has become the first to obtain the “full set of four certificates”, and Chinese enterprises’ competitiveness in the global eVTOL market continues to grow. The intensive landing of overseas orders indicates that the “China Solution” has gained international recognition. The commercialization path will evolve along the direction of “from cargo to passenger, from suburbs to cities, from special needs to daily use”, and 2026 is expected to be the first year of commercialization.

For investors, this track has high growth potential, but attention should be paid to core variables such as airworthiness certification, technological breakthroughs, and regulatory policies. For new entrants such as NAVEE, it is necessary to seek a balance between technological innovation and compliant operation, establish first-mover advantages in segmented scenarios, and gradually penetrate into the mainstream market.

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[1] Unbank Information Network - Analysis Report on eVTOL Industry Distribution (http://www.unbank.info/static/pages/2061/312611.html)

[2] KPMG - The Golden Age of Low-Altitude Economy: Deconstructing the Industry Ecosystem (https://assets.kpmg.com/content/dam/kpmg/cn/pdf/zh/2025/10/the-golden-age-of-low-altitude-economy.pdf)

[3] Dongfang Fortune Securities - In-Depth Analysis of eVTOL: Hundred-Billion-Yuan Market Ready to Take Off (https://pdf.dfcfw.com/pdf/H3_AP202504241661432889_1.pdf)

[4] Autoweek - 15 Coolest Finds from CES 2026 (https://www.autoweek.com/news/g69930757/coolest-finds-from-ces-2026/)

[5] PR Newswire - NAVEE Unveils High-Performance Mobility Innovations at CES 2026 (https://www.prnewswire.com/news-releases/navee-unveils-high-performance-mobility-innovations-and-expands-into-outdoor-scenarios-at-ces-2026-302655041.html)

[6] Securities Times - Chinese eVTOL Witnesses Unprecedented Outburst of Overseas Orders (https://www.stcn.com/article/detail/3545760.html)