The global urban air mobility market was valued at USD 3.60 billion in 2023 and is expected to grow significantly, reaching USD 14.64 billion by 2032. This impressive growth, projected at a compound annual growth rate (CAGR) of 16.09% from 2024 to 2032, is highlighted in a report by Fortune Business Insights™ titled “Urban Air Mobility Market, 2024-2032.” Factors such as increasing urbanization and worsening traffic conditions are expected to drive this market expansion. The growing need for faster, cleaner, safer, and interconnected transportation solutions is also anticipated to fuel market growth.
Get More Details:
https://www.fortunebusinessinsights.com/urban-air-mobility-uam-market-106344
Key Players in the Urban Air Mobility Market
- Textron Inc. (U.S.)
- Uber Technologies Inc. (U.S.)
- Airbus SE (Netherlands)
- Ehang (China)
- Safran SA (France)
- Volocopter (Germany)
- Lilium Aviation GmbH (Germany)
- Carter Aviation (U.S.)
- AIRSPACEX (U.S.)
- Aurora Flight Sciences (U.S.)
These companies are at the forefront of developing the urban air mobility market, striving to create sustainable and efficient transportation solutions for the future.
Market Segmentation
The market is analyzed based on vehicle type, range, operation, end user, and region:
- Vehicle Type: Segments include air taxis, air metro, air ambulance, last-mile delivery, and others.
- Range: Divided into intercity and intracity.
- Operation: Categories include piloted, hybrid, and autonomous.
- End User: Segments comprise ride-sharing companies, scheduled operators, e-commerce companies, hospitals and medical agencies, and private operators.
- Region: Market regions include North America, Europe, Asia Pacific, and the Rest of the World.
Comprehensive Report Coverage
The report offers an in-depth look into the urban air mobility sector, examining various market segments and subsegments. It covers factors such as research and development capabilities, manufacturing process optimization by key players, current market trends, and future industry developments. Several growth factors that have propelled the market in recent years are also highlighted.
Drivers and Challenges
Key Growth Drivers:
- Increasing demand for alternative transportation modes and growing road traffic are major factors driving market growth.
- The rising urban population and the demand for greener transportation solutions are also significant contributors.
- Autonomous urban air mobility solutions promise lower pollution, shorter travel times, and reduced pressure on existing transportation infrastructure, further boosting market growth.
Challenges:
- Security concerns, high initial investments, and a lack of supportive government regulations are potential barriers to market growth.
Regional Insights
North America:
- Expected to hold the largest market share due to the presence of leading companies and rising adoption of urban air mobility solutions.
- Increasing air traffic and demand for air taxis and airport shuttles are also contributing factors.
- The use of eVTOL aircraft for last-mile and freight services is anticipated to further drive market growth.
Europe:
- Predicted to be the fastest-growing market, thanks to being a hub for technological innovation.
- Increased investment opportunities and the presence of key players will support market expansion.
Competitive Landscape
The urban air mobility market is still emerging, with leading companies competing to expand their customer base. Strategies such as collaborations, mergers and acquisitions, and the development of innovative products are expected to drive market growth. For example, in May 2021, Volocopter introduced the Voloconnect, an eVTOL designed to connect suburbs and cities, complementing its existing intra-city aircraft lineup.
Recent Developments
- July 2021: Klein Vision’s Flying Car completed its first intercity trip, transitioning from a car to an aircraft in just 3 minutes and completing the journey in 35 minutes.
