With this short piece, I aim to learn as much as possible about a topic. I have picked four topics (4 separate articles) focused on the growing influence of technology on the real estate sector. The other articles are about Urban Parking, VTOLs, and Smart Buildings.
PS. I have been researching ‘Real Estate Tokenisation’ and will be sharing my findings next week. Look forward to sharing!
Vertical Take Off and Landing (VTOL)
Let’s start with what VTOLs are. They stand for vertical take-off and landing (VTOL). I found a fantastic definition online (Krossblade Aerospace) which goes as follows:
VTOL, vertical take-off and landing, enables a traveler to travel directly from point A to point B, instead of going from point A to an airport in a car say, then fly from the airport to another airport, and then drive with a car from the other airport to point B. Not only in travel is VTOL very useful, in rescue operations as well as in military and law enforcement applications it is often supremely important to be able to touch down and take off from a spot, rather than an airfield/airport.
Now we have a definition, let’s dive deeper into the vehicle’s future and implementations within urban areas. Whilst VTOLs have been around for a long time (think helicopters), the key component to making VTOLs successful within cities is adding the “e”, e-VTOLs. The benefit of e-VOTLs versus VTOLs is clear (the same concept as with cars), and that is lowering emissions. What makes e-VTOLS really interesting, is their benefits versus land travel, which includes removing cars from the streets and making journey times significantly shorter. This would also simultaneously make cities more pedestrian and environmentally friendly. Additional benefits include low infrastructure costs with no fixed routes needed to be followed.
Whilst this does sound exciting, we must also consider the risks and limitations. Firstly, regulations need to be implemented which takes time (think electric and autonomous vehicles). Logistics and infrastructure also need to be considered as take-off, landing, and charging zone need to be built across cities (I’m thinking of empty parking lots and shopping malls to start with). Safety and air traffic management are further considerations. Economic viability is another determining factor because if these projects are not economically viable, then will it be worth pursuing them? Energy density and range endurance is the last issue, although probably the main one. Range endurance will be key in order for the vehicles to succeed and be implemented (same issues with electric airplanes and trucks), but as technology advances, it is likely to be made possible.
Let’s now look at what the situation is with e-VTOLs in 2021, starting with Uber. Uber had big plans for their e-VTOLs division although have recently sold it off to Joby Aviation. Joby is a transportation company developing e-VTOLs with the intention of operating them by 2023. Uber Elevate (eVTOL division), is still part of the venture and Uber intends to be a major part of the project. The big names in the aviation industry are also involved with VTOLS, including the likes of Boeing, Airbus, and NASA. A few of the more innovative start-ups involved are Vertical Aerospace, who have a pre-order list of 1,000 vehicles. Or Lilium with a 2025 launch date and the intention of their e-VTOLs to fly at a top speed of 300 km/h and a range of 300km. There are several more firms in the race for e-VTOLs and I would not bet my money against Tesla entering the race.
Whilst the competition is high, the firms involved within the industry seem ambitious and optimistic about the future of these vehicles, with the mid-2020s appearing to be the target date. Looking at the streets in 2021, I do not expect mass adoption by then, but would not be surprised if we start seeing flights to and from airports to city centres soon. I do think it will take a few more years for e-VTOLs to start replacing Uber journeys and private vehicles.
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