New York, USA, Sept. 20, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global urban air mobility market is projected to register a revenue of $30,740 million and grow at a 30.2% CAGR during the forecast period from 2022-2031. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2022-2031. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Urban Air Mobility Market
Drivers: The growing urban population across the globe and the consequent rising number of on-road passenger vehicles along with increasing road traffic congestions are the major driving factors for the global urban air mobility market during the forecast years. Moreover, UAM is considered as a reliable and efficient air transportation system that operates passenger-carrying air taxis and saves time. These factors are predicted to boost the market growth by 2031.
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Opportunities: Increasing investments by market players to augment the usage of UAM solutions along with the growing demand for air mobility in the healthcare industry are the two prime factors to offer ample growth opportunities for the global urban air mobility market during the analysis timeframe. The rising need for immediate medical aid during any accidents by using urban air mobility vehicles is also estimated to uplift the market development by 2031.
Restraints: Infrastructural and technological issues are the major factors hindering the market growth.
Covid-19 Impact on the Urban Air Mobility Market
The outbreak of the covid-19 catastrophe has adversely impacted the global urban air mobility market mainly due to supply chain disruptions, the shutdown of manufacturing facilities, and global economic slowdown. Top-tier suppliers of important raw materials like Vietnam, China, and Japan backed out due to stringent import-export restrictions imposed by the governments to curb the spread of the virus. Moreover, the global automotive industry was highly devastated during the pandemic chaos owing to which the demand for urban air mobility vehicles reduced greatly. These factors contributed to the decline of the market growth amid the catastrophic stress.
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Segments of the Urban Air Mobility Market
According to the report, the global urban air mobility market is fragmented into multiple segments based on platform, platform operations, range, platform architecture, and regional analysis.
Platform: Air Taxis Sub-segment to be Most Dominant
The air taxis sub-segment is anticipated to hold a dominant market share and grow immensely during the analysis years mainly due to the rising demand for traveling to work and transporting goods using electric vehicle takeoff and landing aircraft. Moreover, urban air mobility might open up a new option like air taxis for daily urban travel, which is expected to further bolster the sub-segment’s growth by 2031.
Platform Operations: Autonomous Sub-segment to be Highly Lucrative
The autonomous sub-segment of the global urban air mobility market is projected to have a noteworthy growth rate during the 2022-2031 analysis timeframe. This is mainly because autonomous platform operations can support several aspects of a developed urban air mobility system. These operations will also look after the multiple flights taking place simultaneously above a city along with response times, degrees of decision-making, etc. These factors will propel the sub-segment’s growth by 2031.
Range: Intercity Sub-segment to be Most Advantageous
The intercity sub-segment is predicted to have the largest market share during the forecast years mainly because of advancements in the technology in the global urban air mobility market and key market players’ innovative design ideas and technological suggestions to improve the load-carrying capacity of UAM vehicles.
Platform Architecture: Rotary Wing Sub-segment to be Highly Beneficial
The rotary wing sub-segment of the global urban air mobility market is estimated to have a noteworthy market share during the analysis timeframe since it represents a class of recently designed VTOL aircraft for both manned and unmanned operations and also utilizes distributed electric propulsion. Moreover, rotary wings are usually designed to fly like fixed-wing aircraft and only use their VTOL lift rotors during takeoff and landing.
Region: Urban Air Mobility Market in the Asia-Pacific Region to be Highly Progressive
The urban air mobility market in the Asia-Pacific region is anticipated to witness an immense growth rate of 30.0% CAGR during the 2022-2031 analysis period primarily due to the increasing population, rapid urbanization across the region, and the consequent traffic conjunction in various cities. Furthermore, rising R&D investments and government’s growing focus on improving air mobility are some other factors to uplift the market growth in the Asia-Pacific region by 2031.
Significant Urban Air Mobility Market Players
Some significant urban air mobility market players are
- Volocopter GmbH
- Bell Textron
- Lilium Gmbh
- Wisk Aero LLC.
- Archer Aviation
- Workhorse Group Inc.
- Ehang
- Joby Aviation.
- Kitty Hawk
- Airbus, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships, and collaborations to sustain the market growth. – Inquire here to get access to the key companies’ development strategic report
For example, in February 2020, Ehang Holdings Ltd., the world’s leading urban air mobility manufacturer, announced its implementation of new urban air mobility vehicles for emergency transport during the covid-19 pandemic in China.
The report also summarizes many important facets including the financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Urban Air Mobility Market:
- Global Urban Air Mobility Market to Perceive Massive Growth Due to Growing Traffic Congestion Issues Worldwide
- Urban Air Mobility: The Future of Urban Transportation
- Which Top 3 Companies are in the Process of Designing World-Class Urban Air Mobility?
