Electric cars have taken over the cultural zeitgeist the past several years, thanks to famous manufacturers like Tesla (NASDAQ:TSLA). However, now might be time for investors to look for the next big thing. Flying car, or electric vertical takeoff and landing (eVTOL), aviation companies are some of the fastest-growing stocks with multibagger potential in the transportation industry. The sector could help move a large number of people around cities in the coming decades. The eVTOL market size was about $10.9 billion in 2022 and will probably increase to $24.1 billion in 2024. With enough investment and consumer interest, this nascent market could become a force to be reckoned with.

Despite the field being relatively small, there are potential multibagger flying car stocks to consider for a long-term investment.

EHang (EH)

China-based EHang (NASDAQ:EH) manufactures autonomous aerial vehicles (AAVs) for tourism, logistics and emergency response applications. Unlike many AAV manufacturers, EHang has delivered several products and generated sales. Toward the end of last year, EHang received airworthiness certification from China’s aviation safety authority, making it the first company in the world to receive such a certification. The safety certification came after a number of compliance and safety assessments. Moreover, EHang’s third quarter results saw the AAV manufacturer deliver 13 AAVs, a notable increase over the 4 AAVs delivered during the same period in 2022.

The eVTOL firm’s Q4 earnings report came out in mid-March and was a pleasant surprise for investors. Not only did revenue reach record levels, but the company’s net loss narrowed, which is what shareholders would like to see in a start-up firm. In particular, EHang generated RMB117.4 million, which represented an increase of 165% from RMB44.3 million in 2022. EHang also delivered 23 AAVs in Q4, which brought the 2023 total to 52 sold and delivered to customers. Bringing their overall total in 2023 to 31 more than in 2022.

EHang shares are up 4.11%, beating the Nasdaq’s 3.89% YTD performance figure. While its share price may be in choppy waters in the near term, like much of the market, EHang presents a good long-term investment opportunity in a nascent but growing market.

Joby Aviation (JOBY)

Joby Aviation (NYSE:JOBY) has continued to build the eVTOL space here in the U.S. In particular, this California-based company aims to create a scalable eVTOL aircraft that can carry passengers and cargo over short distances.

The company has made significant strides in preparing cities across the U.S. for flying taxi infrastructure. In mid-January, Joby announced a partnership with eVTOL company Atlantic to electrify current aviation infrastructure in southern California and New York. This would eventually pave the way for Joby to kickstart the release of its long-awaited air taxi service. Furthermore, Joby signed a contract with Dubai’s Road and Transport Authority to give the start-up exclusive rights to launch and run an air taxi service in the UAE’s flagship city for six years. The air taxi service should launch by the end of next year. In other words, Joby expects the UAE to be its debut launch market.

While Joby is definitely still pre-revenue, these various partnerships give us a glimpse into the company’s long-term potential as a major player in the nascent space. Joby’s share price is down nearly 32% in 2024, likely due to investors becoming weary of non-cash flow generating companies. Still, Joby provides a unique long-term opportunity for investors.

Embraer (ERJ)

Embraer (NYSE:ERJ), is a commercial and defense aircraft designer and manufacturer based in Brazil. The release of its new passenger jet, the E195-E2, and the subsequent $1.2 billion sale to Porter Airlines has helped the aircraft company build backlog and gain traction in the space. The company generated $1.8 billion in revenue from commercial aircraft in 2023 off the demand of its new jet. However, outside of making commercial and defense aircraft, Embraer has dipped its toes into the eVTOL market.

The aircraft manufacturer’s subsidiary Eve (NYSE:EVEX) works directly in the eVTOL space and has recently signed an agreement with Japan’s public helicopter charter service company AirX to sell up to 50 eVTOLs. If you’re an investor, it might be a conundrum to choose whether to invest directly into Eve or its parent company. For me, it’s simple. Embraer is the parent company and plays a significant role in the production of Eve’s products, which counts Embraer as a player in the eVTOL space. Moreover, exposure to Embraer’s eVTOL innovations along with its growth in other sectors (e.g. commercial aviation) could be a less risky investment play in the long term.

On the date of publication, Tyrik Torres did not have (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.