eVTOLS: Are flying cars finally becoming reality?

Inventors have been fixated on the idea of "flying cars" for nearly as long as they have been on the road, with prototypes dating as far back as the 1940s.

Innovators and investors today, however, prefer the acronym eVTOL, which stands for electric vertical take-off and landing.

As the name suggests, eVTOLS are powered by electricity, not fuel. They take off and land vertically, like what you're used to seeing with a helicopter, but many also fly like a traditional aircraft.

More than 400 companies and innovators have registered designs on the World eVTOL Aircraft Directory. CNBC has focused on eVTOL companies like Lilium, EHang, Alef and mentions Joby Aviation, Archer Aviation and Vertical Aerospace.

The broader industry has attracted billions of dollars in funding over the last decade. For some, those investments could really pay off. One Markets and Markets forecast estimated that the eVTOL market will grow from $1.2 billion in 2023 to $23.4 billion in 2030. That's an annual average growth rate of 52%.

So, are we in the golden age of eVTOL development or the "mother of all aerospace bubbles?" Watch the video above to learn what the field will need to do to reach its ambitious targets.