Pune, Dec. 12, 2023 (GLOBE NEWSWIRE) -- “The Urban Air Mobility Market, as per the SNS Insider report, reached a size of USD 3.1 billion in 2022 and is projected to achieve USD 32.22 billion by 2030, with an anticipated compound annual growth rate of 34% from 2023 to 2030.”
Market Overview
Urban Air Mobility refers to the integration of aerial transportation systems into urban environments, aiming to alleviate congestion on roadways and provide quicker point-to-point travel. Unlike traditional air travel, UAM focuses on short-distance, intra-city journeys, offering a seamless and interconnected network of aerial routes. These routes, often referred to as "sky corridors," enable commuters to bypass traffic and reach their destinations with unprecedented speed.
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Market Analysis
One of the primary catalysts propelling the growth of the urban air mobility market is the continuous advancement of technology. Innovations in electric propulsion systems, lightweight materials, and autonomous navigation have paved the way for the development of efficient and sustainable urban air vehicles. As these technologies mature, they contribute to the increased safety, reliability, and affordability of UAM solutions, fostering greater acceptance among both consumers and regulatory bodies. The rapid urbanization of cities worldwide has led to burgeoning populations and escalated congestion challenges on roadways. Urban planners and policymakers are increasingly recognizing the potential of UAM to alleviate traffic congestion, providing a feasible alternative for commuters seeking swift and time-efficient transportation solutions. As ground transportation struggles to keep pace with the urban population growth, UAM emerges as a viable and attractive option for short-haul travel.
Major Players Listed in this Report are:
- Volocopter GmbH
- Neva Aerospace
- Kitty Hawk
- Pipistrel Group
- EHang
- Lilium
- Airbus
- Workhorse Group Inc.
- Opener
- The Boeing Company & Other Players
Urban Air Mobility Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 3.1 Bn |
| Market Size by 2030 | US$ 32.22 Bn |
| CAGR | CAGR of 34% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regions/Countries | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Market Dynamics Analysis
The dynamics of the urban air mobility market are undergoing a profound transformation, driven by a confluence of factors that shape the industry's trajectory. One of the primary drivers propelling the UAM market forward is the ever-increasing urbanization, which has led to escalating traffic congestion and the need for more efficient and time-saving transportation solutions. The advent of advanced technologies, particularly in the fields of electric propulsion, autonomy, and artificial intelligence, acts as a catalyst, fostering innovation and the development of novel urban air mobility solutions. Additionally, the rising awareness of environmental concerns and the need for sustainable transportation options contribute to the growing interest in UAM, given its potential to reduce carbon emissions and alleviate the strain on traditional urban transportation infrastructure. However, amidst the promising prospects, the UAM market faces a set of challenges and restraints that demand careful consideration. Regulatory hurdles, for instance, pose a significant impediment as the integration of aerial vehicles into urban airspace requires meticulous navigation through complex regulatory frameworks.
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Urban Air Mobility Market Segmentation:
By Platform
- Air Shuttles and & Air Metro
- Air Taxis, Cargo Air Vehicles
- Personal Air Vehicles
- Last-mile Delivery Vehicles
- Air Ambulance & Medical Emergency Vehicles
By Platform Operations
- Autonomous
- Piloted
By Range
- Intracity
- Intercity
By Platform Architecture
- Fixed Wing Hybrid
- Rotory Wing
Key Regional Developments
North America stands at the forefront of urban air mobility market, with the United States and Canada spearheading advancements in technology and regulatory frameworks. The Federal Aviation Administration's (FAA) proactive approach to integrating UAM into existing airspace has created an environment conducive to testing and deploying aerial mobility solutions. In Europe, the UAM market is gaining momentum through collaborative efforts between industry stakeholders and regulatory bodies. The European Union Aviation Safety Agency (EASA) has been actively working on establishing a regulatory framework to ensure the safe and efficient integration of UAM vehicles. The Asia-Pacific region is witnessing a surge in UAM interest, driven by rapid urbanization and the need for efficient mobility solutions. Countries like China, Japan, and South Korea are investing heavily in UAM research and development.
Impact of Recession on Urban Air Mobility Market Growth
The global recession has disrupted supply chains across industries, and UAM is no exception. Manufacturers of UAM vehicles and components may face challenges in sourcing materials and meeting production demands, leading to delays in project timelines. The recession has spurred UAM companies to focus on technological innovations that enhance efficiency and reduce operational costs. Advancements in battery technology, vehicle design, and airspace management are crucial for achieving sustainability and affordability in the urban air mobility market.
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Key Takeaway from Urban Air Mobility Market Study
- The Fixed Wing Hybrid segment represents a paradigm shift in urban air mobility, combining the benefits of traditional fixed-wing aircraft with innovative hybrid technologies. This segment is characterized by its ability to offer both vertical takeoff and landing (VTOL) capabilities and the efficiency of fixed-wing flight.
- The Air Taxis segment is witnessing rapid technological advancements, with companies investing heavily in autonomous flight capabilities, battery technology, and infrastructure development. As urban areas seek sustainable and time-efficient modes of transport, Air Taxis are positioned to play a pivotal role in shaping the future of urban mobility.
Recent Developments
- Eve and NATS have officially announced a strategic collaboration aimed at the development of cutting-edge traffic management services. This partnership marks a significant step forward in the evolution of unmanned aerial vehicles (UAVs) and electric vertical takeoff and landing (eVTOL) technology.
- EHang has officially inaugurated its state-of-the-art Urban Air Mobility Center. Dedicated to unmanned electric vertical takeoff and landing (eVTOL) vehicles, this center is poised to serve as a hub for innovation, research, and development in the rapidly evolving field of urban air transportation.
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