Global Urban Air Mobility market Size, Share & Trends Analysis Report, By Vehicle Type, By Range, By Operation, By Region Forecasts, 2024-2032

Global Urban Air Mobility market Size, Share & Trends Analysis Report, By Vehicle Type, By Range, By Operation, By Region Forecasts, 2024-2032

Global Urban Air Mobility Market was valued at US $ 3.8 billion in 2023 and is expected to reach US $ 28.5 billion by 2032 growing at a CAGR of 33.5% during the forecast period 2024 – 2032.

The ground transport infrastructure is becoming overstretched by urbanisation and traffic jams. The third dimension can be combined with urban air mobility to build a network of connected, faster, cleaner, and safer transportation. Science fiction no longer applies to autonomous aerial vehicles and flying cars, as these initiatives and tests advance globally. Even though this business is still in its infancy, over a billion dollars have been invested in it in the first few months of 2020 alone. Among the most noteworthy are the USD 650.0 million IPO valuation of Guangzhou EHang Intelligent Technology Co. Ltd. and the USD 590.0 million that Toyota spent in Joby Aviation. Additionally, the FAA collaborates with over 15 eVTOL aircraft suppliers. For instance, during the next three to five years, Uber Air, Guangzhou Ehang Intelligent Technology Company Limited, Volocopter gmbh, Joby Aviation, and Lilium gmbH intend to start offering commercial passenger services.

Global demand for speedier intercity transport solutions is being driven by the growing number of cities, particularly large ones, experiencing traffic congestion issues over time. R&D spending in this field is likely to increase as more startups and aerospace firms see this market as expanding. These factors will therefore probably accelerate market growth during the course of the forecast period.

“Air Ambulance segment, by vehicle type, to be dominating market from 2023 to 2030.”

Due to the growing need for emergency medical services, the air ambulance industry was predicted to see the largest market demand in the first half of 2020. Because of this, the necessity of using air ambulances to transport medical personnel to remote locations has increased along with pandemics. Prototype development and other cutting-edge technologies are responsible for this surge. Over the course of the projection period, the category will experience substantial expansion due to the convergence of technologies such as advanced machinery, self-driving automobiles, and highly efficient energy resources. Over the next few decades, private mobility will also help the air taxi sector even further, mostly in urban areas. For example, Guangzhou, China has been conducting test flights since 2018 that will be utilised to transport fans to the 2024 Olympic Games in Paris, France. These flights will shortly depart for Dallas, Texas.

“Intercity segment, by range, to be fastest growing market from 2023 to 2030.”

Given the worldwide industry, the intercity segment is predicted to increase at a very quick rate due to technical advancements that have made urban air mobility a viable choice. Furthermore, these devices have the newest technologies available, enabling operations with trip distances of up to 250 km while transporting two to four persons and up to forty kilogrammes of luggage. These intercity planes also cut the amount of time needed to travel between two cities in half. All by themselves, these planes offer high-speed transportation without requiring a lot of infrastructure. This is anticipated to result in historically high levels of demand for intercity aircraft, which might accelerate the segment's growth even further over the course of the projection year.

“Autonomous segment, by mode of operation, to be dominating market from 2023 to 2030.”

This growth will be fueled by new AI technologies, increased automation, and significant cost savings across the board for the commercial aviation sector. Increased automation will also lessen the likelihood of human error in aircraft operations. In addition to them, other well-known brands in the aviation sector, such as Aurora Flight Sciences, which produces next-generation aircraft, are also keeping a close eye on things.

“North America to be largest and fastest growing region in Urban Air Mobility market.”

North America will dominate the segment in revenue and have the highest CAGR throughout the projection period. Urban air mobility has grown in this area due to a number of causes, including rising demand for efficient transportation, government backing, and significant technology advancements. Leading aerospace corporations and innovative businesses continue to be drawn to North America in their pursuit of last-mile solutions disruption. Air ambulance, cargo transport, and air taxis are just a few of the many applications that spur the UAM business in North America. The region's transport patterns are predicted to change significantly as a result of this projected rise.

Urban Air Mobility Competitive Landscape

The competitive landscape of the Urban Air Mobility market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Urban Air Mobility technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Urban Air Mobility market is highly competitive, with numerous companies vying for market share. Prominent companies in the Urban Air Mobility Market include:

Major Players:

Textron Inc. (U.S.), Aurora Flight Sciences (U.S.), Uber Technologies Inc. (U.S.), AIRSPACEX (U.S.), Airbus SE (Netherlands), Carter Aviation (U.S.), Ehang (China), Lilium Aviation GmbH (Germany), Safran SA (France), Volocopter (Germany).

Recent Developments:

As part of its sustainability initiative, American Airlines invested in June 2021 in Vertical Aerospace, an engineering and aviation firm that creates eVTOL aircraft. It demonstrates its readiness to implement cutting-edge techniques to enhance the consumer journey in addition to environmentally friendly solutions meant to reduce emission discharge. ANRA Technologies was given the community planning and integration program for NASA's advanced air transportation project in May 2021. Offering UAM services to businesses developing passenger drones and other cutting-edge air transportation technologies is part of this program.

Eve Urbane Air Mobility Solutions, Inc., a joint venture between Eve and Embraer, said in March 2021 that they planned to include the Beacon maintenance Coordinator system in their offering of services and support. Eve makes use of Beacon's multifaceted platform, which links and synchronizes industry resources, ancillary services, and aviation participants to provide flexibility in maintaining airline operations.