Research from Canada-based hybrid eVTOL developer Horizon Aircraft predicts that air passenger taxis, air ambulance and cargo transport will be the three areas of the eVTOL market that will see the biggest growth over the next five years.

Key to growth of the eVTOL market will be the development of battery technology, making longer flights of over 100 miles more practical and sustainable. Four out of 10 (40 per cent) private equity and venture capital professionals believe battery technology will evolve enough over the next two years to make this achievable, and 29 per cent believe this will be the case by 2025. A further 22 per cent say this will be achieved by 2026 or 2027.

Overall, from an investors point of view, 97 per cent of private equity and venture capital professionals believe that it is important that an eVTOL can be used in different transport markets, from air passenger taxi services to military operations.

CEO Brandon Robinson says: “The versatility of eVTOLs is what makes many of them attractive to investors. We designed our unique aircraft to target early use cases that are underpinned by solid economics. Our aircraft doesn't require significant regulatory changes, huge battery improvements or new types of power systems; it is designed with current technology to do useful work today across a wide variety of missions.”

The company is enjoying strong progress with its Cavorite X5 with several grants, a USAF contract award and a flying large-scale prototype. It is currently running rigorous testing of its 50 per cent-scale prototype and developing a detailed design of a full-scale prototype as it pursues the next phases of the AFWERX HSVTOL challenge that could offer up to $35 million in non-dilutive financing over the next three years.