Hyderabad, July 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Urban Air Mobility Market Report (2023-2028)," the market is estimated at USD 12.77 billion in 2023. It is expected to register a CAGR of 23.54% during the forecast period.
The urban air mobility (UAM) market refers to the on-demand use of automated air transportation services to carry passengers and cargo around urban areas. Massive traffic congestion issues, especially in highly populated cities, are increasing the demand for faster means of intracity transportation. Therefore, the concept of urban air mobility is gaining importance.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 12.77 billion |
| Market Size (2035) | USD 36.75 billion |
| CAGR (2023-2035) | 23.54% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Growing traffic congestion is propelling the need for faster transportation options around cities. |
| R&D investments in the urban air mobility industry. |
Which are the Top Companies in the Urban Air Mobility Market?
The urban air mobility market is consolidated and includes a smaller number of companies accounting for significant market shares. The market is still developing as the players are incorporating collaborations and partnerships. Through this, they are trying to deliver the first UAM units to customers and begin flight testing in collaboration with aircraft operators.
Some of the notable players in the urban air mobility market are:
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- Airbus SE
- Volocopter GmbH
- Embraer SA
- Honeywell International Inc.
- Hyundai Motor Group
- Jaunt Air Mobility Corporation
- Karem Aircraft Inc.
- Opener Inc.
- PIPISTREL d.o.o.
- Safran SA
- Textron Inc.
- The Boeing Company
- Joby Aero Inc.
- Guangzhou EHang Intelligent Technology Co. Ltd
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Key Highlights from the Urban Air Mobility Market Report:
Autonomous Segment is Expected to Register Highest Growth
- An autonomous eVTOL is an electric aircraft designed to transport passengers and cargo in urban areas.
- It uses electric motors, batteries, and advanced sensors to navigate through obstacles.
- The usage of autonomous eVTOLs can reduce pollution and congestion and provide more flexibility in terms of scheduling and routing.
Asia-Pacific is Rapidly Adopting the UAM Technology
- China, Japan, and South Korea are heavily investing in UAM technologies.
- The Japanese government is focusing on introducing passenger drones, flying cars, and other advanced aviation vehicles.
- The Civil Aviation Ministry of India announced urban mobility in the form of eVTOLs in the country after trials in the United States and Canada.
What are the Latest Developments in the Urban Air Mobility Market?
- In April 2023, Geely Aerofugia, a subsidiary of Chinese automaker Geely, announced the completion of the flight test of the prototype flying car AE200.
- In February 2022, Eve UAM LLC entered a partnership with Skyports Pte Ltd to develop a new Concept of Operations (CONOPS) for Advanced Air Mobility for the Japan Civil Aviation Bureau (JCAB). The collaboration included other partners like Kanematsu Corporation Japan Airlines.
Mordor Intelligence has Segmented the Urban Air Mobility Market Based on Vehicle Type, Application, and Geography:
- By Vehicle Type (Market Size and Forecast based on Value (USD billion), 2018-2035)
- Piloted
- Autonomous
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2035)
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- Passenger Transport
- Freighter
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- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2035)
-
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
-
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Urban Air Mobility Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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