低空经济发展研究报告（2024）

Investment Rating - The report indicates a positive outlook for the low-altitude economy, with a projected market size of 3.5 trillion yuan by 2035 and a compound annual growth rate (CAGR) of 14.14% from 2026 to 2035 [4][171]. Core Insights - The low-altitude economy is expected to experience significant growth due to advancements in low-altitude flight technology and increasing applications across various sectors, including logistics, tourism, and emergency services [4][101]. - The report highlights the importance of government policies and support in fostering the development of the low-altitude economy, with over 20 provinces having included low-altitude economic development in their work reports [101][172]. - Key regions for low-altitude economic development include the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, which have established a strong industrial base and supportive policies [6][172]. Summary by Sections 1. Definition and Industry Chain - The low-altitude economy encompasses low-altitude manufacturing, flight operations, low-altitude security, and comprehensive services, with a focus on integrating various sectors [155][158]. - The industry chain includes upstream raw materials and components, midstream aircraft manufacturing, and downstream infrastructure and operational services [162][171]. 2. Development History - The low-altitude economy has evolved through three stages: early application exploration, accelerated development, and commercialization exploration [167][171]. 3. Opportunities and Challenges - The market size of the low-altitude economy reached 506 billion yuan in 2023, with a year-on-year growth of 33.8%, and is expected to exceed 1 trillion yuan by 2026 [171][172]. - Challenges include the need for breakthroughs in low-altitude aircraft technology, improvements in airspace management, and the establishment of a comprehensive regulatory framework [183][184]. 4. Low-altitude Aircraft and eVTOL - eVTOL (electric Vertical Take-off and Landing) aircraft are highlighted as a key component of the low-altitude economy, with significant potential for urban air mobility and logistics applications [43][250]. - Major players in the eVTOL market include EHang, Volant, and others, with various models under development and orders exceeding 1,500 units for some companies [49][74]. 5. Key Players in the Industry - The report identifies leading companies in the low-altitude economy, including DJI, SF Express, and various eVTOL manufacturers, emphasizing their roles in shaping the industry landscape [34][34][229]. - The supply chain for low-altitude aircraft includes manufacturers of engines, avionics, and other critical components, with significant players identified in each segment [32][240].