Core Insights - The U.S. Department of Transportation has introduced the first national strategy for Advanced Air Mobility (AAM) for the period 2026-2036, aiming to integrate electric vertical takeoff and landing (eVTOL) aircraft into national airspace, thereby enhancing the U.S.'s global leadership in next-generation aviation [1][2][4] Economic Impact - The U.S. aviation industry supports $1.8 trillion in economic activity annually, contributing nearly 4% to GDP, with AAM identified as a core component for future transportation, logistics, emergency services, and national defense [1][2] Strategic Framework - The AAM strategy includes 40 action recommendations focusing on industry competitiveness, operational safety, and economic strength, structured around six pillars: airspace, infrastructure, safety, planning and community engagement, workforce, and automation [2] - A four-phase framework named LIFT is proposed to transition from pilot projects to a fully transformed aviation ecosystem [2] Implementation Timeline - The strategy outlines a three-phase approach for commercial rollout: - By 2027, demonstration operations and limited early commercial services will be conducted using existing airports and vertiports - By 2030, regular operations will commence in select urban and rural areas, covering diverse eVTOL applications - By 2035, advanced application scenarios will be developed, promoting autonomous operation modes in specific environments [3] Challenges and Solutions - Airspace management is identified as the biggest challenge for scaling AAM, with the FAA acknowledging that current air traffic control systems cannot accommodate the anticipated volume of low-altitude aircraft [3] - Proposed solutions include creating cooperative airspace models, transitioning operational modes to rely more on automation and data exchange, and integrating low-altitude traffic with existing aviation systems [3] Automation and Safety - While autonomous flying taxis are a long-term goal, the strategy emphasizes that operations before 2035 will be pilot-led, supported by a robust safety framework and gradual automation [3] Domestic Manufacturing and Global Leadership - The strategy aims to establish a domestic manufacturing system, promote aircraft exports, and secure global standards in the AAM sector, reflecting a cautious yet competitive development approach [4] Joby Aviation's Role - Joby Aviation is recognized as a leader in eVTOL technology, with significant advancements in international flight demonstrations and plans for expansion in the Middle East, where demand for high-end air travel is strong [5][6][7] Competitive Landscape - The U.S. and China are currently the leading players in the global low-altitude aviation market, with the U.S. focusing on technological leadership while China sets clear economic development targets [8][9]

Investment Rating - The report suggests a positive outlook for the general aviation market, indicating steady growth in the second half of 2025, with full-year deliveries expected to grow by 5-7% and market scale growth maintaining a rate of 8-10% [12][13]. Core Insights - The general aviation market demonstrated resilience with stable volume and rising value, achieving total deliveries of 1,432 units in the first half of 2025, a year-on-year increase of 4.3%, and a market scale exceeding $1.225 billion, growing by 9.9% year-on-year [7][10]. - The second quarter of 2025 showed significant improvement, with deliveries reaching 800 units, a quarter-on-quarter increase of 26.6%, and a market scale of $721 million, surging 43.1% quarter-on-quarter [7][10]. - The market is evolving towards premium segments, with an increasing average unit value driving market scale expansion [10]. Summary by Sections Aircraft Delivery Trends - The first half of 2025 revealed a divergence in aircraft delivery types, with piston aircraft deliveries reaching 810 units (up 5.1% year-on-year) and turbine aircraft deliveries at 622 units (down 3.3% year-on-year) [8][9]. - In Q2 2025, piston aircraft deliveries were 452 units, showing a strong recovery with a quarter-on-quarter increase of 26.3%, while turbine aircraft deliveries reached 348 units, reflecting a significant quarter-on-quarter growth of 27.0% despite a year-on-year decline [8][9]. Competitive Landscape - The competitive landscape is characterized by a concentration of market share, with Cirrus leading with 350 deliveries (31.0% year-on-year growth) and Textron in second place with 300 deliveries (19.0% year-on-year growth) [9][10]. - Together, these two companies hold over 45% of the market share, benefiting from economies of scale and brand strength [9][10]. Market Opportunities - Key market drivers include strong demand in North America and Asia-Pacific, particularly due to China's low-altitude economy policy [10]. - The increasing proportion of turboprop and jet deliveries is optimizing product structure and driving average price increases [10]. - There is growing demand in professional application fields such as emergency response and business travel, expanding the market for high-end aircraft models [10]. Investment Recommendations - The report recommends focusing on three major investment directions: opportunities for market share growth among leading companies, value opportunities from high-end model demand, and innovation opportunities from new technology applications such as eVTOL and hybrid power [13].