Urban Air Mobility Market Overview
Urban Air Mobility Market Size was valued at USD 2.2 Billion in 2022. The urban air mobility market industry is projected to grow from USD 2.904 Billion in 2023 to USD 26.7662 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 32.00% during the forecast period (2023 - 2032).
The road traffic is expanding, especially during specific peak hours, due to the rise in the number of on-road passenger vehicles. This has resulted in a large increase in commuters' time spent travelling by road. Most countries' current road infrastructures are insufficient to handle peak-hour traffic without making commuters wait in line. Not only do these challenge governments, but it also wastes citizens' time. Additionally, the number of passenger vehicles on the road is increasing, contributing to significant environmental pollution by burning fossil fuels. Government and technology businesses are beginning to see Urban Air Mobility Market Insights as a feasible solution for passenger and other freight transport as traffic congestion and urban road mobility pose a significant barrier.
There is a large time saving because the UAM is a reliable and effective air transportation system that operates passenger-carrying air taxis above urban regions. The key issues that need to be overcome in all nations adopting urban air mobility are political, economic, social, technological, and legal. Operations at Urban Air Mobility Market are economically scaled to accommodate operations with high demand and low fixed costs. Governments, businesses, universities, and research institutions have invested considerably. Urban air mobility's primary goal is to ease intracity travel so that existing urban mobility solutions won't be as taxed.
Competitive Analysis
The global market for urban air mobility has an intensely competitive landscape. The market is well-recognized to offer lucrative opportunities to the players worldwide. The players are actively making efforts to strengthen their market position. The list of leading players in the global urban air mobility market includes companies such as Joby Aviation (US), Workhorse Group Inc. (US), Lilium (Germany), Delorean Aerospace LLC (US), Bell Helicopter Textron Inc. (US), Embraer SA (Brazil), Honeywell International Inc. (US), Boeing (US), EHang (China), Kitty Hawk (US), Neva Aerospace (UK), PIPISTREL (Slovenia), Aurora Flight Sciences (US), Volocopter GmbH (Germany), Airbus Group (France), and many others.
Regional Analysis
The global Urban Air Mobility Market Outlook is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
The North American regional market has managed to secure the top position globally and is likely to register the highest CAGR over the review timeframe. In the US, NASA is operating with an effective collaboration with the Federal Aviation Administration (FAA), academia, and industry to recognize and look for solutions to the challenges to accommodate remotely piloted aircraft. The presence of several prominent players, growth in air traffic, and growing technological advancements are some of the primary aspects boosting the regional market's growth.
The European regional market for urban air mobility is anticipated to record a substantial growth rate over the review timeframe. The players in the regional Urban Air Mobility Market focus on mobilizing regions and cities across Europe along with a wide-ranging ecosystem of stakeholders fascinated in introducing practical mobility demonstration projects with air and ground mobility. Airbus is projected to act as the catalyst and orchestrator for a European community of urban air mobility.
Market Segmentation
By Vehicle Type Analysis
Air Taxi Segment is evaluated to Grow Strongly During the Forecast Period
Grounded in vehicle type, the Urban Air Mobility Market is segmented into air taxis, air metro, air ambulances, last-mile delivery, and others.
The air ambulance segment was assessed to be the largest segment in 2023, owing to rising demand for emergency medical services. The want for air ambulances has further accelerated amid pandemics to provide medical treatment to people in remote areas.
The air cabs segment witnessed rapid pace growth during 2023-2028. This growth is attributed to rapid technological rises similar to constructing prototypes. A confluence of technology, including largely efficient batteries, smart manufacturing ways, and autonomous vehicles like self-driving automobiles, is anticipated to drive the segment growth during the cast duration. The air taxi segment will be further supplemented by private transportation in urban areas in the future times. For case, the first aircraft will transport people around the Olympic games in Paris, France in 2024; and test flights will be taking place soon in Dallas, Texas.
By Range Analysis
Intercity Segment is anticipated to avouch fast-paced Growth During Forecast Period
The market has been breaking up into intercity and intracity based on range.
By Operation Analysis
Autonomous Segment is anticipated to the culture at a Rapid Rate
The Urban Air Mobility Market is broken up into three segments grounded on operation, including piloted, hybrid, and autonomous.
The autonomous segment, individual, is likely to increase and produce significant profit in the global market. The reduction of human error in aircraft businesses due to enhanced autonomy, new artificial intelligence (AI) developments, and added cost savings in the global aviation sector will fuel this expansion. In extension, aviation industry leaders, similar to Aurora Flight Sciences, specializing in evolving advanced aircraft, are evolving new products.
By End User Analysis
Ride- Sharing Companies Segment is Estimated to Witness Fastest Growth
Grounded on the end-user, the market is segmented into ride- sharing companies, scheduled operators, e-commerce companies, hospitals, medical services, and private operators.
Recent developments
Elroy Air, a firm that wants to use autonomous hybrid-electric aircraft to haul goods, showed the pre-production model of its Chaparral aircraft in January 2023. The Chaparral is a vertical take-off and landing aerial transport platform from Elroy Air. With its hybrid-electric drivetrain and straightforward, redundant lift and forward-flight motors, the Chaparral's first iteration can transport 300–500 lbs. of freight over a 300-mile range. The plane is intended for "middle-mile" logistics, such as transporting goods between distribution centres, airports, and centres, or from centres to parking lots for transfer to last-mile truckers.
Urban Air Mobility Market Research Report Information by Operation (Piloted, Autonomous), Architecture, Range (Inter-City, Intra-City), Infrastructure, Part, Propulsion, Hardware, Software, Platform, Application, and Region—Forecast till 2030
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