Urban Air Mobility Market Overview
Urban air mobility market Size is projected to grow from USD 2 billion in 2022 to USD 27 billion by 2028, at a CAGR of 32% from 2022 to 2028.
Urban air mobility (UAM) refers to an aviation industry term for on-demand and cargo-carrying or automated passenger air transportation services, usually flown without a pilot. With traffic getting worse in urban areas, this creates an opportunity for such services to get new ways to travel around urban areas and cities while reducing congestion. The global urban air mobility market has registered enormous growth in the past few years. The market's growth is mainly attributed to the rapidly increasing interest in providing air transportation services across major metropolitan areas. Furthermore, the increasing congestion is another crucial aspect boosting the growth of the UAM market over the forecasted timeframe. Moreover, the advancements in eletric aircraft and automation are also anticipated to catalyze the market's growth over the coming years.
Segmentation of the Global Urban Air Mobility Market
Based on architecture, the UAM market has been divided into quadcopters, multicopters, tilt wingers, fixed wing, and hybrid constructions. The quadcopter segment is expected to remain the largest segment of the global urban air mobility market during the forecast period. Electric or hybrid-electric quadcopters are going to be the first choice for carrying passengers as they can take-off and land anywhere.
On the basis of range, the UAM market has been segmented into inter-city and intra-city. The inter-city segment is expected to be the largest during the forecast period as it is likely to offer short-haul, inter-city flights carrying multiple passengers.
On the basis of platform, the UAM market has been segmented into air taxis, air shuttles, air metro, air ambulances, DroNav, personal aerial vehicles, cargo aerial vehicles, and others. The air taxis segment is expected to be the largest during the forecast period. Industry watchers and proponents see air taxis becoming part of the transportation network and generating huge service revenues every year going forward. Airport shuttles and air taxis are expected to grow significantly since the markets are viable with a significant total available market value of USD 500 billion at market entry price points.
By region, North America is expected to remain the largest urban air mobility market during the forecast period and is also expected to register the highest growth rate. In the US, NASA is working on effective partnerships with industry, academia, and the Federal Aviation Administration (FAA) to identify and seek solutions to the challenges to accommodate remotely piloted aircraft. By 2020, NASA is expected to host a UAM ecosystem-wide challenge for participants to execute system level safety and integration scenarios within a robust and relevant environment.
Europe is also likely to offer lucrative growth opportunities to market players in the coming years. Market players aim to mobilize cities and regions across Europe along with a wide ecosystem of stakeholders interested in launching practical mobility demonstration projects with ground and air mobility. Airbus is likely to act as the orchestrator and catalyst for a European community of urban air mobility.
The key players in the global urban air mobility market are Airbus Group (France), Boeing (US), Volocopter GmbH (Germany), Honeywell International Inc. (US), Aurora Flight Sciences (US), Embraer SA (Brazil), PIPISTREL (Slovenia), Bell Helicopter Textron Inc. (US), Neva Aerospace (UK), Delorean Aerospace LLC (US), Kitty Hawk (US), Lilium (Germany), EHang (China), Workhorse Group Inc. (US), and Joby Aviation (US).
The urban air mobility market values and forecast are derived using the MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository, and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace and defense magazines, white papers, corporate presentations, company websites, and paid databases, among others.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights about the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
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|Market Size||USD 27 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Operation ,|
|Geographies Covered||By region, North America|
|Key Vendors||Airbus Group (France), Boeing (US), Volocopter GmbH (Germany), Honeywell International Inc. (US), Aurora Flight Sciences (US), Embraer SA (Brazil), PIPISTREL (Slovenia), Bell Helicopter Textron Inc. (US), Neva Aerospace (UK), Delorean Aerospace LLC (US), Kitty Hawk (US), Lilium (Germany), EHang (China), Workhorse Group Inc. (US), and Joby Aviation (US).|
|Key Market Opportunities||Europe is also likely to offer lucrative growth opportunities to market players in the coming years|
|Key Market Drivers||urban air mobility market share analysis, financial analysis, product benchmarking, and strategic developments including joint ventures, product launches, and mergers & acquisitions|
Urban air mobility market is touted to record a substantial market valuation at a CAGR of nearly 32%.
A few eminent market players operating in the global Urban air mobility market are Neva Aerospace (UK), Delorean Aerospace LLC (US), Kitty Hawk (US), Lilium (Germany), EHang (China) among others.
The civilian segment is expected to observe substantial demand over the review period.
The quadcopters segment is slated to expand as the fastest-growing segment.