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Honeywell CEO Sees Limited Air Taxi Demand, Predicts USD$2 Billion in Sales by 2030

by Ben Mirwani
Honeywell CEO Sees Limited Air Taxi Demand, Predicts USD$2 Billion in Sales by 2030

Mike Madsen, the President and CEO of Honeywell International’s Aerospace division, said the demand for eVTOL air taxi services will be limited initially.

But as this mode of transport becomes more accepted, he predicts demand will gradually increase before really gaining traction in 2030. Madsen also forecasts Honeywell’s eVTOL sales to hit USD$2 billion by 2030.

“There will be some initial vehicles introduced that’ll be used for some limited use cases maybe under some pretty strict requirements, and then it will take off,” Madsen said at a recent Jefferies conference. “It’s going to be really slow at the beginning.”

He added that the regulatory hoops many eVTOL manufacturers have to jump through will continue to be the persisting challenge, but played down potential issues that may rear up on the technological front.  

“We also develop the technology and we share that technology with the regulators. I really do think that the regulation is going to be the challenge, not the technology,” Madsen said. 

Honeywell Aerospace has been actively involved in the eVTOL industry, establishing itself as one of the leading original equipment manufacturers (OEM) for several notable companies in the air taxi space. The Phoenix-based firm partnered with Hyundai Motor Group’s Supernal, Archer Aviation, and Lilium in 2022. Honeywell previously signed a memorandum of understanding (MoU) with Vertical Aerospace in 2019 to address the technical, regulatory and business challenges in the sector. 

Honeywell is working on developing flight control systems, avionics technologies, and cockpits for eVTOLs while trying to make vehicle operations as simple as possible to avoid a pilot shortage.

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