Market Overview:
The Global Urban Air Mobility Market size is expected to grow from USD 3.32 billion in 2022 to USD 8.94 billion by 2030, at a CAGR of 13.2% during the forecast period (2023-2030).
The market for on-demand and automated passenger or cargo-carrying air transportation services around cities and metropolitan regions is known as the urban air mobility (UAM) market. Globally, rising traffic congestion difficulties, particularly in bigger cities, are driving the need for speedier intracity transit choices. The notion of urban air mobility is gaining traction in this area. The urban air mobility business is seeing a lot of R&D investment, with several start-ups and aerospace companies considering it as a high-growth market. As a result, such factors are projected to fuel the market's expansion throughout the forecast period.
Top Key Players for Urban Air Mobility Market:
Wisk (US), Lilium (Germany), Ehang (China.), Volocopter (Germany), Airbus A Cubed (US) and other major players.
Market Dynamics and Factors for Urban Air Mobility Market:
Drivers:
Rising Investment In Urban Air Mobility (UAM) Boosting The Market
Ground transportation networks are being pushed to their limits by rising urbanization and traffic congestion. Adding a third dimension to urban air mobility has the potential to create a transportation system that is quicker, cleaner, safer, and more connected. Autonomous aerial vehicles and flying automobiles are no longer science fiction, with research and experiments being carried out all over the world. With over USD 1 billion invested in the first few months of 2020, the UAM industry, which is still in its early stages, has seen substantial development. Toyota's USD 590.0 million investment in Joby Aviation and Guangzhou EHang Intelligent Technology Co. Ltd's USD 650.0 million IPO valuation is the two most prominent investments.
Opportunities:
The Majority Of Autonomous Aircraft Manufacturers
The primary goal of urban air mobility is to make intracity transit more convenient while also alleviating the load on current urban mobility alternatives. The majority of autonomous aircraft manufacturers are currently in the research and development phase, leaving only a few players to deploy their autonomous aircraft for intracity transportation due to the limited availability of high-powered, lightweight lithium-ion batteries and the infrastructure required to set up charging points for these batteries. The Lilium Jet is an electric vertical take-off and landing jet with a cruising speed of 300 km/h and a range of 300 km designed by Lilium (Germany).
Segmentation Analysis of the Urban Air Mobility Market:
By Type, the Piloted segment is dominating the Air Mobility (UAM) Market. The piloted segment of this market is having the largest urban air mobility market share in the global market. This growth is attributed to the increasing deployment of advanced eVTOL systems for commercial and military aircraft in the market currently.
By Application, Transport is expected to be dominating the Urban Air Mobility (UAM) Market. Because Air Taxis may fly in numerous pre-defined layers of air, one above the other, and so minimize traffic congestion in one specific way, the technology employed in Urban Air Mobility (UAM) is highly promising in decreasing traffic. Another benefit of UAM is that it requires less infrastructure.
Regional Analysis of the Urban Air Mobility Market:
North America is dominating the Urban Air Mobility (UAM) Market. The Boeing Company's presence has also aided in creating a good climate for the sector, as the business is heavily investing in producing prototypes for evaluation. The U.S. is leading the way in North America in terms of adopting this modern mode of transportation. Many American start-ups are collaborating to develop and apply these technologies on a local level. A roadmap for getting the UAM into commercial use will be laid out over the next 5-6 years. The rising air traffic among residents of major North American cities fuels the adoption of air taxis and airport shuttle services. Furthermore, last-mile and freight services are likely to be widely provided with eVTOL aircraft in the U.S., positively impacting the market growth in North America.
Key Industry Development:
May 2021, NASA's advanced air mobility project, the Aeronautics Research Mission Directorate National Campaign 2 for Advanced Air Mobility (AAM) for Community Planning and Integration, was awarded to ANRA Technologies. The firm would provide UAM services to build passenger drones and other advanced air transportation technologies as part of this initiative.
March 2021, Eve Urban Air Mobility Solutions, Inc. (Eve) has announced a collaboration with EmbraerX's Beacon maintenance coordination technology, which will be part of Eve's service and support capabilities. Eve will rely on Beacon's multi-sided platform, which connects and synchronizes industry resources, the aftermarket supply chain, and aviation professionals to maintain planes flying more agile and efficient.
