The Chinese government has identified seven emerging industries, with the “low-altitude economy” being particularly noteworthy. This sector includes various commercial and economic activities within low-altitude airspace, typically up to 1,000 meters above ground. A critical component of this economy is eVTOL (electric Vertical Take-off and Landing) aircraft, poised to become the next “super terminal” due to their potential to revolutionize multiple industries.
Credits to Vecteezy
Key Industry Segments
eVTOLs are electric aircraft capable of vertical take-off and landing. Two main camps dominate the eVTOL race: “aviation-based” companies with aircraft design expertise and “automotive-based” companies leveraging similarities in battery, motor, and electronic control systems with electric vehicles.
Companies like CATL have entered the aviation field, creating new entities such as Comac-CATL, focusing on civil aircraft maintenance, component design, and battery sales. Key players in the eVTOL industry include founders with strong aerospace backgrounds, such as Huang Yongwei of Timeless Technology, a former chief engineer at Airbus China Engineering Center.
Power System: Catching Up
eVTOL power systems include motors, electronic controls, high-voltage components, cooling systems, and propellers. These components require high design and manufacturing standards. Unlike the distributed supply chains in the automotive industry, eVTOL power systems need integrated airworthiness certification, potentially leading to a more consolidated industry structure.
Internationally, companies like Rolls Royce and Safran are transitioning to electric aircraft power systems, with some already achieving airworthiness certification. Chinese companies with strong industry backgrounds, like the formerly Geely-owned VoFly, and others like T-Motor and Wolong, are also entering this field.
Battery: Leading
China’s new energy vehicle industry gives it an edge in eVTOL battery technology. eVTOLs demand high energy density, charge/discharge power, and cycle life from batteries, standards higher than those for electric vehicles. While current batteries like ternary lithium cells dominate, ongoing efforts aim to enhance energy density and lifespan.
Chinese companies have made significant advancements, with Funeng Technology’s batteries achieving 285Wh/kg energy density, supporting speeds up to 320km/h and 250km range. Innovations like condensed state batteries and solid-state batteries are also emerging.
Flight Control System: Catching Up
Flight control systems are crucial for eVTOLs, with global suppliers like Honeywell and Thales dominating the market. Chinese companies, including traditional military units and new private firms, are also developing these systems.
Airframe Materials: Transitioning to Domestic Supply
High-strength carbon fiber is the primary material for eVTOL airframes. While international suppliers like Hexcel and Toray lead, Chinese companies like Zhongfu Shenying and Guangwei Composites are gaining ground, with their products certified for aviation use.
Complete Aircraft: Leading in Certification
eVTOL financing is concentrated among top companies, with firms like JOBY Aviation and Archer Aviation going public between 2020 and 2023. In China, companies like XPeng Huitian and EHang have secured significant funding and achieved milestones in airworthiness certification.
5G: Enhancing Low-Altitude Operations
China’s 5G infrastructure provides a competitive edge in low-altitude eVTOL operations, enabling reliable communication, tracking, and management of flying vehicles in urban areas.
The Coming Transformation
The eVTOL market is on the brink of significant growth, similar to the rapid expansion seen in new energy vehicles and drones. Chinese companies are well-positioned to lead in this emerging industry, leveraging their strengths in new energy and drone technologies.
In conclusion, as the eVTOL industry develops, understanding and meeting the specific needs of various sectors will be crucial. With the right focus and innovation, Chinese companies can seize the opportunities in this promising field.
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