Investment Rating - The report does not explicitly state an investment rating for the eVTOL industry Core Insights - The eVTOL industry is in the 0-1 stage, with vast application prospects ahead [2] - The low-altitude economy is defined as a comprehensive economic form driven by low-altitude flight activities of manned and unmanned aerial vehicles, encompassing various related industries [4] - The global drone market has seen rapid growth, with investment in the drone industry increasing from 4.806 billion in 2022 [11] - The report highlights the significant growth potential of the low-altitude economy in China, projecting a market size increase from over 500 billion RMB in 2023 to over 2 trillion RMB by 2030, with a compound annual growth rate of 22% [30] Summary by Sections 1. Low Altitude Economy Overview - The low-altitude economy includes the development of manned and unmanned aerial vehicles, infrastructure, and related services [4] - The low-altitude flight activities primarily occur below 1000 meters, with the market dominated by industrial and consumer drones [4] 2. Development History - The low-altitude economy has evolved through early application exploration and standardized development phases, with the current focus on application popularization [7] 3. Application Scenarios - Various application scenarios include logistics, agriculture, public services, and tourism, showcasing the versatility of the low-altitude economy [9] 4. Global Development Status - The global drone market is rapidly growing, with the number of general aviation aircraft deliveries reaching 2,818 in 2022, a 6.5% increase year-on-year [11] - The U.S. leads in general aviation development, while China has a significant advantage in drone operation scale [12] 5. U.S. and European Market Insights - The U.S. has maintained a stable delivery volume of general aviation aircraft, while Europe focuses on diverse applications such as agricultural monitoring and logistics [14][16] 6. Chinese Policy and Market Development - China's low-altitude airspace management reforms began in 2010, with significant progress in policy formulation and implementation [21] - The market for low-altitude economy in China is projected to grow significantly, with the number of registered general aviation aircraft expected to increase by 17% by 2025 [30] 7. Industry Chain Structure - The industry chain includes upstream research and development, midstream manufacturing of drones and low-altitude aircraft, and downstream applications integrating various industries [37] 8. eVTOL Development - eVTOLs are characterized by their ability to carry passengers and cargo, with various configurations such as multi-rotor and tilt-wing designs [46] - The eVTOL market is expected to see significant growth, with applications in urban air mobility, emergency rescue, and private transportation [48]
eVTOL专题报告：eVTOL处于0-1过程，应用前景广阔
中泰证券·2024-03-20 16:00