It’s been a fantastic year for eVTOL stocks with a big rally for some of the best names in the industry. There are two reasons for eVTOL stocks surging higher. First, most of the companies are nearing commercialization and therefore robust growth. Further, the outlook for flying car stocks seems to be bright for the coming decades. The revenue and growth that’s likely in the next few years will be the tip of the iceberg.

To put things into perspective, the global flying car market is expected to reach $17.84 billion by 2030. It’s expected that the market size will swell to $1 trillion by 2040 and further to $9 trillion by 2050. If these estimates hold true, there will be massive value creators among eVTOL stocks in this decade and beyond.

It’s worth noting that most flying car stocks have taken a breather after a big rally in the last few quarters. This phase of correction and consolidation is a good opportunity to accumulate. The period of 2024 and 2026 will be characterized by commercialization and robust order intake. This is likely to create multibagger stocks from the industry.

Archer Aviation (ACHR)

Archer Aviation (NYSE:ACHR) seems to be among the best bets among eVTOL stocks to buy. It’s worth noting that the short interest in the stock is high at 26%. I would not rule out a massive short squeeze rally backed by positive business developments.

It’s worth noting that in August, the company raised $215 million. The investors included Boeing (NYSE:BA) and Stellantis (NYSE:STLA). The backing of some big investors is an indication of the potential the company holds.

In terms of positive business developments, Archer has collaborated with the Abu Dhabi Investment Office to launch all-electric air taxi service across UAE in 2026. The company is also on track for eVTOL aircraft commercialization by 2025. Clearly, the next few years are likely to be exciting in terms of scaling-up of business.

I must add here that Archer has a contract worth $142 million from the United States Air Force. The defense sector is likely to be one of the growth catalysts in the coming years.

EHang Holdings (EH)

EHang Holdings (NASDAQ:EH) stock is another name among eVTOL stock that has skyrocketed in the last 12 months. However, there has been some correction in the recent past and it presents a good accumulation opportunity. It’s worth noting that EH stock has a short interest that’s 23% of the free-float and is another short squeeze candidate.

The company has already completed all certifications from the Civil Aviation Administration of China for its flying car. This is an important development and sets stage for commercialization and growth.

I also like the fact that EHang is going global. The company has already conducted 39,000 test flights in 14 countries across Europe and Asia. Recently, EHang inaugurated its first urban air mobility center in Spain.

Another important point to note is that the company’s drone application is for industries that include travel, tourism, defense and emergency health services among others. The addressable market is therefore significant for the coming years.

Joby Aviation (JOBY)

Joby Aviation (NYSE:JOBY) has witnessed a deep correction from July highs of $12. At current levels of $5.8, the eVTOL stock looks attractive and poised for a strong reversal rally.

Recently, the company reported Q3 2023 results and there are several positives. First, Joby has indicated that 84% of certification plans have been accepted by the Federal Aviation Authority. Once all certifications are completed in the next few months, JOBY stock is likely to surge higher.

In another key development, the company has delivered its first electric air taxi to the U.S. Air Force few months ahead of schedule. The total contract with the Department of Defense is worth $131 million.

It’s also worth noting that Joby reported a cash buffer of $1.1 billion as of Q3 2023. This provides strong financial flexibility through the commercialization stage. Given these positives, JOBY stock is indeed undervalued.

On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.