eVTOLs, as the new generation of revolutionary aircraft, represent a fusion of new concepts, new energy sources, new materials, and new technologies. For the first time, the low-altitude economy was mentioned in this year’s government work report. Some institutions predict that eVTOLs will become rising stars, with the market size of China’s low-altitude economy expected to reach 6 trillion yuan by 2035.
Regarding the development of eVTOLs, analyses have pointed out that among all the elements such as batteries, motors, manufacturing, communications, and intelligent driving systems, the power required for vertical takeoff is 10 to 15 times that needed for ground travel. Battery performance is a critical factor constraining the development of eVTOLs. Industry experts indicate that for flying cars to achieve commercialization, they must first be supported by extremely powerful batteries.
Source: Shutterstock, Medium, Dept. of Energy, Morgan Stanley Research
Prospects of China’s eVTOL Battery Market
Besides Morgan Stanley’s eVTOL report, GGII has released a research report titled “China eVTOL Battery Market Prospects Analysis Report,” predicting that by 2040, the eVTOL battery market will exceed 1 trillion yuan. The report emphasizes that as the core component of eVTOL technology, battery performance and safety directly determine the performance and market acceptance of eVTOL aircraft.
Source: Morgan Stanley Research Estimates
Compared to electric vehicles, eVTOLs have higher requirements for battery energy density, power, safety, fast charging, and longevity. Additionally, different types of eVTOLs have varying power requirements for hovering and cruising, with battery energy density (specific energy) levels determining the range of eVTOLs.
Firstly, in terms of energy density, eVTOLs demand much higher levels than cars. Currently, eVTOL batteries have an energy density of 285Wh/kg, which is 40% higher than the 200Wh/kg of passenger car ternary batteries and double that of passenger car lithium iron phosphate batteries at 140Wh/kg. Even so, the performance metric of 285Wh/kg still falls short of requirements.
As early as 2019, Elon Musk stated that for electric planes to be commercially viable, advancements in battery technology are crucial, with an energy density threshold of 400Wh/kg and a technological breakthrough expected in about five years.
The “Green Aviation Manufacturing Development Outline (2023-2035)” released by four ministries, including the Ministry of Industry and Information Technology in October last year, proposes the mass production of aviation lithium batteries with an energy density of 400Wh/kg to meet the demands and airworthiness requirements of electric aircraft, with small-scale validation of 500Wh/kg products.
Regarding charging rates, due to the unique takeoff and landing scenarios, eVTOL batteries need an instantaneous charge and discharge rate above 5C, while passenger car power batteries are still progressing from 1.3C-1.7C to 1.7C-2.5C in terms of their rate performance.
In terms of safety, high-altitude cruising imposes unprecedented stringent requirements on eVTOL batteries. The FAA’s Part 23 certification in the US mandates an accident probability of one in ten million, while the EU’s EASA requires a one in a billion accident rate. Such extreme safety standards present a significant challenge for aviation batteries.
Chinese Battery Manufacturers Enter the Flight Power Battery Market
Faced with a trillion-yuan low-altitude flying market, many domestic power battery companies are seizing this new track and grasping the new opportunities brought by flying cars.
The largest domestic power battery manufacturer, CATL (Contemporary Amperex Technology Co., Limited), has long been planning for the aviation sector. As early as April last year, when they released their condensed battery, they revealed ambitions of “taking batteries to the sky.” This battery can be used not only in the automotive field but also in aviation. At the time, Wu Kai, CATL’s chief scientist, mentioned that CATL is co-developing a civil electric manned aircraft project.
| Code | Company Name | Total Market Value (Billion CNY) | Rolling P/E Ratio (Times) |
| 300750 | CATL | 8400.41 | 19.04 |
| 002594 | BYD | 6047.36 | 22.13 |
| 300014 | EVE Energy | 860.84 | 30.17 |
| 002074 | Gotion High-Tech | 370.45 | 81.67 |
| 688819 | Tianneng Group | 291.14 | 12.63 |
| 300207 | Sunwoda | 268.16 | 36.67 |
| 002407 | Do-Fluoride | 173.77 | 34.73 |
| 688567 | Farasis Energy | 159.24 | – |
| 002499 | Desay Battery | 93.51 | 15.01 |
| 300530 | Leading Tech | 43.90 | – |
Farasis Energy has taken the lead in mass-producing and delivering power batteries for eVTOL. It was previously reported that the company has partnered with a renowned international eVTOL manufacturer and has begun product delivery. Wang Yu, the chairman, mentioned on the “Dialogue” program that “Farasis Energy had ventured into the field of aerial electrification five or six years ago.”
Gotion High-Tech and EHang signed a strategic cooperation agreement at the end of 2023. The two parties will jointly develop power cells, battery packs, energy storage systems, and charging infrastructure based on EHang’s eVTOL products, exploring new models for industry collaboration.
CALB (China Aviation Lithium Battery) has deeply partnered with XPeng Motors, developing the innovative 9-series high-nickel/silicon batteries for low-altitude travel. These batteries ensure high power and fast-charging capabilities while achieving significant advancements in lightweight design and safety performance.
Sunwoda’s power batteries targeting the eVTOL market can achieve high energy density of 320Wh/kg, meeting the requirements of 20% SOC, 12C high-rate discharge, and 5C constant current high-rate discharge performance. Currently, Sunwoda has established in-depth cooperation with several leading domestic and international electric aircraft companies and is conducting aviation airworthiness certification.
Lishen Battery has been exploring the electric aircraft market for a long time. The company has now achieved the application of batteries with an energy density of 325Wh/kg in eVTOL.
In conclusion, the development and proliferation of eVTOLs mark a transformative leap in aviation technology, integrating advanced materials, innovative energy solutions, and cutting-edge manufacturing processes. With the Chinese government’s recognition of the low-altitude economy and substantial market predictions, the eVTOL sector is poised for significant growth. However, the success of eVTOLs hinges critically on advancements in battery technology. Achieving the necessary energy density, power, safety, and charging capabilities remains a formidable challenge. Industry leaders such as CATL, Farasis Energy, and Gotion High-Tech are making strides in this area, highlighting the intense competition and collaborative efforts driving innovation. As battery performance enhances, we can anticipate eVTOLs becoming a cornerstone of urban transportation and logistics, revolutionizing how we traverse and interact with our environments.
References:
https://www.catl.com/en/news/6015.html
https://advisor.morganstanley.com/the-busot-group/documents/field/b/bu/busot-group/Electric%20Vehicles.pdf
https://www.stcn.com/article/detail/1149716.html
https://futurezone.at/produkte/catl-festkoerperbatterie-akku-flugzeug-chery/402417680
https://www.lifepo4-battery.com/News/volkswagen-cooperates-with-xiaopeng-moto.html
http://en.calb-tech.com/news/182.html
https://www.ehang.com/ehangaav
https://mp.weixin.qq.com/s/DsDRACINQZVmksfJWNH7Lw
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