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(EMAILWIRE.COM, July 26, 2024 ) Global Urban Air Mobility Market size was valued at USD 3.76 Bn in 2023 and is expected to reach USD 11.66 Bn by 2032, at a CAGR of 13.4%.
Pune, 25, July 2024: The Global Urban Air Mobility Market was valued at USD 3.76 billion in 2023 and is expected to reach USD 11.66 billion by 2032, with a CAGR of 13.4%. The market for on-demand and automated passenger or freight services in cities and large cities is known as the UAM market. Globally increasing traffic congestion, especially in major cities, increases the need for faster urban public transport options. The concept of urban aviation is gaining popularity in the region. Urban aviation is heavily invested in research and development, and several start-ups and airlines see it as a fast-growing market. As a result, such factors are projected to drive market growth during the forecast period.
Time-saving can be important because UAM is a safe and efficient air transport system where Air Taxis carrying passengers operate in densely populated areas. In addition, UAM air taxis are mostly powered by electric or fuel cells. As a result, they reduce air pollutants. Many companies are investing heavily in this area, which is expected to accelerate technological improvements in the market in the long term, as the market is expected to explode when UAM systems become commercially available.
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Urban Air Mobility Market Dynamics
Growing urbanization and traffic congestion are pushing land transport networks to their limits. Adding a third dimension to urban air traffic can create a transport system that is faster, cleaner, safer, and better connected. Autonomous airplanes and flying cars are no longer science fiction but are being researched and tested around the world. The Federal Aviation Administration (FAA) also works with more than 15 eVTOL aircraft manufacturers. Uber Air, Guangzhou EHang Intelligent Technology Co. Ltd, Volocopter GmbH, Joby Aviation, and Lilium GmbH hope to start commercial passenger transport within the next three to five years. The use of autonomous drones in urban air transport is expected to bring benefits such as less pollution, faster travel times, and less burden on existing transport infrastructure. Increasing traffic congestion in densely populated areas is one of the key factors influencing the growth of the market. Increased road traffic in the capital region causes long traffic jams, resulting in wasted travel time.
The primary purpose of urban air traffic is to facilitate intra-urban transit by relieving the burden of current urban transportation options. Most of the autonomous aircraft manufacturers are currently in the research and development phase, so only a few players can use their autonomous aircraft for urban transportation due to the limited availability of high-capacity lightweight lithium-ion batteries and the infrastructure required for deployment. Charging points for these batteries. The Lilium Jet is an electric vertical takeoff and landing jet aircraft designed by Lilium (Germany) with a cruising speed of 300 km/h and a range of 300 km. The company plans to use this aircraft initially for domestic travel and soon for international travel as well. Pipistrel, Bell, Hyundai Motors, Volocopter, and EHang are among the companies planning to build autonomous aircraft for urban transportation. After achieving social acceptance, passenger drones will be used in intercity air traffic by 2032.
Urban Air Mobility Market Regional Insights
North America dominated the Urban Air Mobility Market in 2023 and is expected to continue its dominance over the forecast period. The presence of the Boeing Company also helped to create a good atmosphere in the industry because the company invests heavily in producing prototypes for evaluation. The United States is a pioneer in the adoption of this modern mode of transportation in North America. Many US startups are collaborating to develop and apply these technologies locally. In the next 5-6 years, a road map for the commercial use of UAM will be prepared. The increasing number of people traveling by air in the large cities of North America encourages the use of air taxis and airport shuttles. In addition, eVTOL aircraft are likely to provide extensive last-mile and cargo services in the US, which will positively impact market growth in North America.
Urban Air Mobility Market Segment Analysis
By Type
Autonomous
Piloted
Based on the Type, the market is segmented into Autonomous and Piloted. Piloted are expected to dominate the Urban Air Mobility Market during the forecast period. This growth is due to the increasing adoption of advanced eVTOL systems in commercial and military aircraft currently on the market. The demand for personal charter air service in urban cities has increased over the last five years. Cities like New York, London, and Hong Kong are the biggest financial cities in the world. The chief executive officer of the company prefers to travel in the city by public transport. Consequently, the demand for private pilots is high, reflecting the growth of the segment in the Urban Air Mobility (UAM) market.
By Application
Passenger Transport
Freighter
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Global Urban Air Mobility Market by Region
NORTH AMERICA
USA
Canada
Mexico
EASTERN EUROPE
Russia
Bulgaria
The Czech Republic
Hungary
Poland
Romania
Rest Of Eastern Europe
WESTERN EUROPE
Germany
United Kingdom
France
The Netherlands
Italy
Spain
Rest Of Western Europe
ASIA PACIFIC
China
India
Japan
South Korea
Malaysia
Thailand
Vietnam
The Philippines
Australia
New-Zealand
Rest Of APAC
MIDDLE EAST & AFRICA
Turkey
Bahrain
Kuwait
Saudi Arabia
Qatar
UAE
Israel
South Africa
SOUTH AMERICA
Brazil
Argentina
Rest of South America
Urban Air Mobility Key Competitors include:
Airbus SE (Netherlands)
Eve Holding, Inc. (Brazil)
Joby Aviation, Inc. (US)
Textron Inc. (US)
Airo Group Holdings, Inc. (US)
Wingcopter GmbH (Germany)
Embraer SA
Volocopter GmbH
Jaunt Air Mobility Corporation
Guangzhou EHang Intelligent Technology Co. Ltd, and other major players.
Key questions answered in the Urban Air Mobility Market report are:
Which market segment dominated the global Urban Air Mobility market in 2023?
What are the current global trends in the Urban Air Mobility market?
What future industry applications and trends are emerging in the Urban Air Mobility market?
What growth strategies are companies adopting to expand their presence in the Urban Air Mobility market?
Who are the leading companies in the Urban Air Mobility market, and what are their product portfolios?
What are the primary challenges that the Urban Air Mobility market may face in the future?
Which region had the largest share of the Urban Air Mobility market in 2023?
How is the regulatory environment influencing the Urban Air Mobility market?
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Key Offerings:
Market Size, Share, Size & Forecast by Different Segments | 2024−2032
Urban Air Mobility Market Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Trend Analysis
Pestle Analysis
Porters Five Forces Analysis
Industry Value Chain Analysis
Ecosystem
Regulatory Landscape
Price Trend Analysis
Patent Analysis
Technology Evolution
Investment Pockets
Urban Air Mobility Market Segmentation
Competitive Landscape Profiles of selected key players in a strategic perspective
Competitive landscape Competitive Benchmarking, Urban Air Mobility Market Share by Manufacturer (2023), Industry BCG Matrix, Heat Map Analysis, Mergers & Acquisitions
Analyst Viewpoint and Conclusion
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