Inside the offices of Hubei Mingtai Aviation Technology Co. [Photo/Changjiang Daily]
Hubei Mingtai Aviation Technology Co, the first company to develop vertical take-off and landing, or VTOL aircraft in Wuhan has settled in Wuhan Economic & Technological Development Zone.
The move-in, which officially took place on July 2, is expected to strengthen WEDZ's low-altitude economy.
The low-altitude economy refers to the vertical airspace that extends from 1,000-4,000 meters above ground, where civil-manned and unmanned aircraft vehicles operate.
Mingtai Aviation focuses on general aviation R&D, manufacturing and related services – with expertise in aircraft designs, power systems, production, testing, certification and aviation services.
China's low-altitude economy is emerging rapidly, with a market size surpassing 500 billion yuan ($68.8 billion) in 2023 and projected to reach 2 trillion yuan by 2030.
VTOL aircraft – known for their convenience, eco-friendliness, safety and low cost – are expected to be the fastest-growing segment, used in urban air mobility, entertainment, short-haul transport, business travel, emergency responses and medical services.
Mingtai Aviation's two-seat and six-seat electric VTOL aircraft will feature domestically developed hybrid power systems, offering a range of 1,000 kilometers.
These aircraft are said to be poised to lead the market in performance and commercial potential. The company aims to complete prototype testing by the end of the year and achieve certification and commercialization within 3-5 years.
