In the year 2022, I found myself standing on a rooftop, gazing out at a runway surrounded by rows of olive trees in the southern region of Spain. Above me, an airplane floated in the air before swiftly darting off into the horizon.

This was my initial experience with an electric vertical take-off and landing (eVTOL) aircraft, commonly referred to as flying cars or air taxis. As the designation implies, these vehicles are fully electric and have the ability to take off and land in a vertical position, eliminating the need for a lengthy runway like traditional commercial planes.

Advocates of the aircrafts view them as feasible substitutes for transportation in urban settings or for traveling between neighboring cities.

Globally, there are numerous companies developing eVTOLs, spanning from China, the U.S., to Europe. Lilium, a company I am mentioning, is among them. Recently, I had the opportunity to visit their headquarters in Munich, Germany, to observe the advancements made since 2022. The company has already started the production of their jet.

According to JPMorgan, the eVTOL market has the potential to reach a value of $1 trillion by 2040, and multiple companies are competing to become the top player in the industry.