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1、Europe Equity Research19 September 2025J P M O R G A NGlobal Autos Team Jose M Asumendi AC(44-20)7742-J.P.Morgan Securities plcBill Peterson(1-415)315-J.P.Morgan Securities LLCMarcelo Motta(55-11)4950-Banco J.P.Morgan S.A.Nick Lai(65)6801-J.P.Morgan Securities Singapore Private Limited/J.P.Morgan Se

2、curities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedBeatrice Lam(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedMahima Kakani(1-212)622-J.P.Morgan Securities LLCSonny Lee(82-2)758 J.P.Morgan Securities(Far East)Limited,Seoul BranchAkira Kishimot

3、o(81-3)6736-JPMorgan Securities Japan Co.,Ltd.Akshat Kacker,CFA(44-20)7134-J.P.Morgan Securities plcPiyush Singla(91-22)6157-J.P.Morgan India Private LimitedThe market for Urban Air Mobility(UAM)and Electric Vertical Takeoff and Landing aircraft(eVTOL)could change the way people travel.These are,for

4、 the most part,new markets with a lot to prove.eVTOL aircraft are still in development today,but may blossom over the next 5-10 years,and third-parties have more recently sized the TAM could reach$60B in 2030,growing to$200B+by 2040.Getting there will require eVTOL companies to raise capital,refine

5、their business models,participate in creating a new regulatory system,and win acceptance from the public,with each of these areas raising complex questions for investors to consider.JPM analysts believe the eVTOL sector is entering a period of rapid growth.Total addressable market for passenger eVTO

6、Ls will reach US$100bn globally(33-50k units assuming each costs US$2-3mn)by 2040E,driven by accelerating regulatory frameworks,public investment in low-altitude infrastructure,and growing demand for zero-emission transport alternatives.Pilot operations are underway globally while airspace managemen