Horizon Aircraft's Cavorite X7 Pioneers Future of eVTOL Air Mobility

Imagine being able to order a flying taxi at the touch of a button and be whisked over traffic and across the city in minutes, navigating above skyscrapers to an awaiting vertiport. This once futuristic vision is inching closer to reality, thanks to advances in electric vertical take-off and landing (eVTOL) technology. Global investors expect to see the first commercial flights using eVTOL aircraft by 2026.

The United States Federal Aviation Administration said last year that it expects the first eVTOL to begin commercial operations around late 2024 or early 2025. Meanwhile, the United Kingdom recently outlined a roadmap for eVTOL aircraft use, which it sees launching by 2026, with fully autonomous versions in the skies by 2030.

According to Spherical Insights, the Advanced Mobility Market (AMM) was worth $9.3 billion in 2023 and is expected to grow at a compound annual growth rate of 18.69% from 2023 to 2033, reaching $51 billion. Morgan Stanley has an even more bullish outlook, predicting that AMM will encompass a total addressable market of $1.5 trillion by 2040, citing the convergence of technologies such as batteries, autonomous systems, and advanced manufacturing as reasons for this explosive growth.

Several key players are making headlines in the eVTOL market, including New Horizon Aircraft (NYSE: HOVR), Joby Aviation, and Lilium. While most companies are taking a traditional piloted approach with their eVTOLs, others, such as Archer Aviation (NYSE: ACHR), EHang, and Boeing (NYSE: BA) subsidiary Wisk Aero are developing fully autonomous versions.

Horizon Aircraft's Cavorite X7 is distinguishing itself with a hybrid electric propulsion system, allowing it to travel faster, go further, and carry more useful cargo. According to the company, the X7 will have a maximum range of 500 miles, a maximum useful load of 1,500lb, and a top speed of 250 mph – outperforming its all-electric competitors in every metric.

The seven-seat Cavorite X7 uses a patented fan-in-wing design, with 14 electric ducted fans installed. After a vertical takeoff, the wings reconfigure, allowing it to fly like a normal aircraft during en-route flight. It can also take off and land from a traditional airport like a normal aircraft.

The Canadian firm currently has a 50%-scale prototype that has successfully demonstrated hover flight and hopes to complete a successful transition flight soon. The company recently announced a number of promising technical updates.

Horizon’s innovative approach appears to be working – earlier this year, Indian air operator JetSetGo signed a letter of intent with the company to purchase 50 Cavorite X7 for $5 million each, with an option to purchase an additional 50, at a total cost of $500 million.

With its innovative approach to eVTOL design, and with a government that has shown robust support for the development of sustainable aviation, New Horizon Aircraft seems to be in a good position to take advantage of a potential boom in this new and disruptive form of air travel.