Picture this scene: You open your Uber-like app, and a small electric aircraft drops from the sky to transport you to your destination. Welcome to the world of advanced air mobility — aka, air taxis. Following in the footsteps of the electrification of the automotive industry, we are told this fictional scenario once relegated to the Back to the Future films could become commonplace by the 2030s. Two years ago, a wealth of funding was injected into electric take-off and landing vehicles (eVTOLs), with thousands of companies flooding the market. But R&D isn’t cheap; these pioneering players burn through cash quickly, and all are now chasing certification. The competition is stiff, so when the gold rush inevitably comes to an end, who will be the last eVTOL standing?

Electric aviation in its current iteration isn’t suited for every mission, but it's ideal for those under 500 miles and in cities troubled by pollution and congestion, promising increased safety, reduced noise, and significantly lowered cost. Thanks to advancements pushed by Tesla, electric power systems have advanced to the point where lithium-ion batteries have enough energy and power density to power an aircraft, with prototypes for larger models expected by the end of this decade.

The first step will be proving safety credentials to regulatory authorities, next will be winning over the hearts and minds of local communities. Joby Aviation has set its sights on Dubai and New York as early launch markets. As for noise concerns, CEO JoeBen Bevirt claims that its aircraft measures about 65 decibels in hover and 45 decibels in overflight, as opposed to helicopters which typically sit between 85-95 decibels. By 2040, electric aircraft could carry up to 200 people and with continuous evolution, they could capture a larger market share over time. eVTOLs seeking urban deployment must also factor in additional real estate costs such as roof permits and the lack of an established network of available landing sites. Klaus Roewe, CEO of Lilium explains: “We believe less in the urban market than our competitors. The regional market is more lucrative, less regulated, faster to access, easier to establish and connect longer distances.” He adds that engagement from EASA is more advanced than the FAA, which is “lagging 2-3 years behind.”

Even CAE has commenced the development of eVTOL simulators and training programs for these aircraft and major OEMs have caught wind of the trend. Throwing its hat into the ring developing a five-person 100 percent electric helicopter-style aircraft through its subsidiary company Eve Air Mobility is Embraer while Boeing’s subsidiary Wisk Aero is developing an unmanned, self-flying aircraft.