In 2025, the low-altitude economy has been upgraded from an "optional" to a "must-have" strategic emerging industry, as confirmed in the government work report at the beginning of the year and the "15th Five-Year Plan" proposals at the end of the year. In contrast, capital is gradually "cooling down," shifting from speculative hype to a focus on intrinsic value. In response to the harsh stratification of low-altitude economy commercialization, we proudly present the "2025 Low-Altitude Economy Annual Special," dissecting the fervor and challenges of the 2025 low-altitude economy from the perspective of application scenarios.

In 2025, China's low-altitude economy has completed a crucial transition from policy-driven growth to systemic advancement. As a core component, eVTOLs have steadily progressed through policy support, technological breakthroughs, capital investment, and commercial exploration.

The industry has moved beyond its early stage of rapid and unregulated growth, entering a phase of meticulous development. Leading companies are focusing on airworthiness certification and production capacity layout (Chinese for 'planning'), accelerating the construction of ecological moats. Application scenarios are continuously expanding from pilot demonstrations to full urban coverage.

As the "15th Five-Year Plan" unfolds in 2026, this industrial revolution concerning the "third space" is approaching a critical inflection point for commercialization.

Dual Struggle: Scaling Up and Navigating Growing Pains

In 2025, China's eVTOL industry is leading the global market with growth rates far exceeding the global average, showcasing a pronounced industrial agglomeration effect. Multiple authoritative data sources indicate that China's eVTOL industry market size will reach RMB 12.8 billion in 2025, with the manufacturing and supply chain segments alone surging from RMB 3.2 billion in previous years to RMB 5.75 billion, a staggering year-on-year increase of 79.69%. The global eVTOL market size is projected to reach USD 7.85 billion, expected to soar to USD 32.68 billion by 2030, with a compound annual growth rate (CAGR) of 33.2%. Additionally, data from the Civil Aviation Administration of China (CAAC) reveals that the operating revenue of eVTOL models with airworthiness certification in China has reached RMB 1.82 billion. Evidently, eVTOLs, particularly those from China, have become the core growth engine of the global low-altitude economy.

Behind this explosive growth lies a synergistic boost from iterative technological maturity, moderate opening of low-altitude airspace, and expanded application scenarios. Industrial clusters centered around Shanghai, Shenzhen, and Hefei have begun to take shape.

The restructuring of the capital landscape is particularly notable. In 2025, industry financing has officially entered a new phase of collaborative efforts between "state-owned capital + industrial capital," replacing the previous VC/PE-led short-term speculative model. This shift is characterized by obvious centralization and long-term orientation.

Statistics show that the eVTOL aircraft R&D and manufacturing sector remains at the core, with 42 financing events accounting for 27% of the total. Over 60% of the projects are in the mid-to-late stages, including Series B and beyond. Among them, there are 32 projects with financing exceeding RMB 100 million, collectively accounting for 40% of the total annual financing volume. Leading companies such as Aerofugia, Volant Aerotech, EH216-S Technology, Zero Gravity Aircraft Industry, Yufeng Future, Dream Chaser Aerospace, Weijian Aerospace, and Yidong Aerospace continue to secure substantial funding. Investors include top-tier investment institutions, industrial capital, and local state-owned funds. In the fourth quarter alone, companies like Volant and Yufeng Future completed multiple rounds of financing, with funds precisely directed towards key areas such as airworthiness certification, production preparation, and scenario implementation, forming a closed-loop industrial empowerment of "capital empowerment + resource collaboration."

Behind this rapid growth, structural pain points in the industry remain unresolved, posing core constraints to large-scale implementation.

Firstly, the airworthiness and airspace management systems lag behind. The certification process for manned eVTOLs is lengthy, and operational costs are high, posing short-term profitability challenges. The dilemma of "multiple oversight bodies and cumbersome approval processes" in airspace management remains unresolved, making it difficult to meet the high-frequency and immediate demands of low-altitude logistics and urban commuting.

Secondly, there is an insufficient supply of infrastructure. The number of takeoff and landing sites is scarce, and there is a lack of unified construction standards. The route planning system is imperfect, unable to support future large-scale operations.

Thirdly, there are shortcomings in technical performance. Most aircraft models face issues such as weak meteorological adaptability, limited endurance and payload capacity, and immature multi-aircraft collaboration technologies. High failure rates and maintenance costs make it difficult to meet the core commercialization requirements of "continuous, stable, and economical flight."

Fourthly, business models and industry standards have not yet taken shape. Application scenarios are still primarily government-procured public services, with insufficient cultivation of the C-end consumer market. Cargo aircraft models need to overcome the cost and freight rate balance challenges for tonnage-level operations. Insufficient commercialization operations among enterprises and differentiated technological routes have led to rising costs in the industrial chain, constraining commercialization efficiency.

In 2025, China's eVTOL industry has achieved breakthroughs in scale and capital, yet it is still constrained by multiple pain points. The competitive landscape in the industry has become clear, with leading companies leveraging technological and capital advantages to break through using differentiated strategies.

From "Spring and Autumn" to "Warring States": Leading Companies' Differentiated Breakthroughs

In 2025, the competitive landscape of China's eVTOL industry is accelerating towards clarity, transitioning from a "chaotic Spring and Autumn era" to a "segmented Warring States period." Original Equipment Manufacturers (OEMs), including EHang, AutoFlight, and Aerofugia, are heavily investing in core areas such as complete aircraft manufacturing, flight control systems, electric propulsion technologies, and composite materials. Application scenarios are expanding from single demonstrations to multiple fields including freight, rescue, cultural tourism, and commuting, indicating the initial emergence of a full industry chain competition.

EHang has seized the first-mover advantage by "trading time for space." As the world's first company to achieve "four certificates" for eVTOLs, EHang focused on commercialization operations and product iterations in 2025, deepening its "manned + cargo" dual-wheel drive strategy. Its EH216-S model has completed full airworthiness certification, while the VT-35 model has entered the certification process, maintaining global leadership in manned eVTOL commercialization. Leveraging its Hefei industrial base, EHang continues to strengthen production capacity construction, collaborating with local governments, operators, and supply chain partners to promote large-scale implementation of urban air mobility and low-altitude logistics scenarios.

AutoFlight adheres to a pragmatic strategy of "cargo first, then passengers," achieving global breakthroughs in the freight sector in 2025. Its tonnage-class cargo eVTOL, the V2000CG, became the world's first model above one tonne to obtain "three certificates." Throughout the year, it secured 2,000 commercial orders, including 300 confirmed orders, achieving large-scale order conversion. In terms of scenario validation, AutoFlight completed landmark projects such as the nation's first tonnage-class unmanned eVTOL cross-Qiongzhou Strait transportation and cross-city low-altitude logistics flights in the Yunnan-Guizhou Plateau. It released the world's first "Sea-Air Integrated Low-Altitude Economy Solution," constructing a full industry chain ecosystem encompassing "R&D - production - operations - infrastructure."

Aerofugia, backed by Geely Group's capital support, focused on airworthiness certification and technological iterations in 2025. Its core model, the AE200 (a 5-6 seat tilt-rotor eVTOL), achieved key progress, with its Production Certificate (PC) application officially accepted in May, targeting the Type Certificate (TC) in 2026. Simultaneously, it is laying out a synergistic industrial chain of "aviation + new energy," actively participating in airworthiness standard formulation, and deepening communication and collaboration with the Civil Aviation Administration of China (CAAC) to promote scenario validation and implementation of medium-to-large manned eVTOLs.

Meanwhile, major OEMs in 2025 are focusing on four core areas: order expansion, production capacity building, financing implementation, and airworthiness certification. They are closely pursuing growth with pragmatic strategies and strong technological iteration capabilities. Companies such as Volant Aerotech and EH216-S Technology have formed a solid echelon (Chinese for 'echelon'), with impressive performance in overseas orders, continuously refresh ing multi-billion-yuan order volumes. Yufeng Future, Dream Chaser Aerospace, and others have synchronization (Chinese for 'simultaneously') accelerated their financing processes, securing substantial funding. Several companies, including Zero Gravity, are precisely investing in production line implementation, supply chain perfection, and preparation for large-scale production, forming a linkage with airworthiness progress.

Comparison of Selected Chinese eVTOL OEMs in 2025:

It can be said that the eVTOL industry is presenting a competitive landscape of diversity and strength. Leading and echelon companies are simultaneously seizing global opportunities, using overseas orders as a gateway to export Chinese technologies and products, and actively promoting mutual recognition of Chinese and foreign standards to lay a solid foundation for Chinese eVTOLs to enter the international market.

2026: The Potential "First Year" of eVTOL Commercialization

2026, marking the inaugural year of the "15th Five-Year Plan," is widely recognized by the industry as the first year of eVTOL commercialization. By this time, eVTOLs will have transcended their status as mere aircraft, becoming a core hub connecting airspace management, smart transportation, and urban operational systems. The industry's competitive focus will shift from technological verification to commercialization efficiency and market strategy optimization, with risk logic transitioning from technological risks to execution risks and cash flow management.

Full industry chain integration is accelerating, with leading enterprises continuing to lead through advantages in funding, supply chains, and airworthiness progress. Differentiated routes are becoming key for small and medium-sized players to break through.

Scenario implementation is poised for large-scale expansion, with the B-end market leading the way and propelling the industry from "technological takeoff" to "industrial takeoff." Low-altitude logistics will serve as a core scenario, with bulk deliveries of cargo models such as the AutoFlight Kerrou and Lanyee LEU100, transitioning from cross-regional trials to regular operations, covering areas such as e-commerce logistics, medical supply transportation, and remote area resupply.

Among them, AutoFlight's "Sea-Air Integrated" solution will accelerate its promotion (Chinese for 'promotion'), overcoming coastal and island transportation bottlenecks through "zero-carbon water-based airports." Companies like EHang and Yufeng Future will focus on constructing urban low-altitude logistics networks, achieving rapid delivery closed loops between core business districts and surrounding areas.

The emergency rescue scenario will undergo standardized and large-scale upgrades. eVTOLs will be widely applied in material delivery and personnel search and rescue during natural disasters such as earthquakes and floods, as well as in cross-regional medical emergency transportation. Government-enterprise collaborations will establish emergency rescue fleets and rapid response mechanisms. Simultaneously, relevant technical standards and operational norms will be gradually perfected, further enhancing rescue efficiency and safety, and serving as important validation scenarios for technological iterations.

The Urban Air Mobility (UAM) scenario will see a continuous expansion of pilot ranges. Companies like EHang and Volant will launch routes between airports and city centers, as well as between scenic spots and urban areas, in core cities such as Shanghai and Shenzhen. Prices for manned eVTOL rides will gradually become more affordable, accelerating the cultivation of the C-end consumer market. Niche scenarios such as "eVTOL + low-altitude tourism" and "eVTOL + business travel" will emerge, forming diversified commercial operation models.

Furthermore, industrial application scenarios will continue to penetrate, with eVTOLs replacing traditional manpower in areas such as power grid inspections, agricultural and forestry patrols, and border surveillance. Models like the ET3, available in pure electric and hydrogen-lithium hybrid versions, will achieve ultra-long endurance and all-weather operations, meeting the diversified needs of the public safety sector.

Globalization and IPOs are poised to become core growth drivers for eVTOLs. Chinese eVTOL companies have already gained global competitiveness in terms of technology and cost, with strong demand emerging in new markets such as the Middle East and Southeast Asia. On the capital side, the Hong Kong Stock Exchange's Chapter 18C and the Sci-Tech innovation board (Chinese for 'Science and Technology Innovation Board')'s fifth set of listing standards provide clear capitalization paths for enterprises. It is expected that 3-5 companies will go public within the next 1-2 years, enhancing the industry's financing capabilities and brand influence.

It is worth noting that the commercialization process of eVTOLs is highly dependent on the collaborative efforts of policies, regulations, enterprises, and ecosystems. On the one hand, it is necessary to accelerate the accumulation of airworthiness certification experience and reform airspace management mechanisms, opening up a full-process path from model certification to operational permits. On the other hand, it is crucial to simultaneously advance the construction of takeoff and landing facilities, the layout of charging and battery swap networks, and the perfection of operational maintenance service systems, constructing replicable and scalable commercial operation models.

The low-altitude sector requires "patience," investing with a long-term perspective to overcome technological and institutional bottlenecks. Only then can the industry truly possess the sustainable momentum to "take off."

Whale Wonder Commentary

In 2025, China's eVTOL industry has completed a crucial leap from technological R&D to commercialization pilots, with rapid market growth and the initial formation of a leading company landscape. Despite challenges such as lagging infrastructure, technological bottlenecks, and immature business models, the industry's fundamentals continue to improve.

At the dawn of the "15th Five-Year Plan" in 2026, with the perfection of airworthiness systems, breakthroughs in core technologies, and large-scale scenario implementations, China's eVTOL industry is poised to enter a new stage of high-quality development, expected to occupy a leading position in the global low-altitude economy competition. For companies, the key to success lies in focusing on core technological innovations, deepening ecological collaborations, seizing policy and market opportunities, and driving the transformation of eVTOLs from "capable of flight" to "continuous, stable, and economical flight." Only then can they contribute to making the low-altitude economy a core growth engine of the nation's strategic emerging industries.

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