The Urban Air Mobility Market Projected to Grow at a CAGR of 30.2% and Generate a Revenue of $30,740 million by 2031Download Sample Reports Overview
The global urban air mobility market size is predicted to be valued at $30,740 million by 2030, surging from $2,280 million in 2021, at a noteworthy CAGR of 30%.
Impact Analysis of COVID-19 on the Urban Air Mobility Market
The global urban air mobility industry has experienced a negative impact during the COVID-19 pandemic. The global outbreak affected almost every industry in multiple ways including supply chain disruptions, production & demands directly, and progress of ongoing projects in the market. The shutdown has caused economic losses for numerous businesses involved in urban air travel. Numerous businesses in the region have had to cease operations as a result of development delays and a lack of finance.
The commercialization of urban air mobility has been delayed by a year compared to the prerequisites. However, there were supply chain interruptions in the urban air mobility sector as a result of import-export restrictions, a delay in the availability of components, and travel limitations. During the COVID-19 Impact on urban air mobility market, all of these variables had a negative impact on the expansion of the urban air mobility sector. Still, several urban air mobility companies have taken initiatives during a covid-19 pandemic by incorporating their urban air mobility vehicles during covid19 pandemic for providing medical services such as sample delivery, medicine supply and many more.
Global Urban Air Mobility Market Analysis
Urban air mobility is a means of transportation that uses air as a mode to move people and cargo throughout cities. These aerial vehicles are also known as VTOL vehicles or Air Taxi. The noticeable usage of UAM vehicles in medical crises is the primary factor driving the market growth of the global urban air mobility industry. Aircraft are good for usage in the healthcare industry for a number of reasons, including natural electric efficiency and decreased noise signature. These factors are anticipated to fuel urban air mobility market demand.
However, the use of urban air mobility vehicles can face new challenges in the aviation industry over a long duration of time such as battery issues, noise pollution due to an increase in the number of air crafts, certification issues by the government taking consideration of rapid utilizations of drones which can create issues for flying of both urban air mobility vehicle and drones can create safety issues. These factors are going to hamper the urban air mobility market growth.
The possibility for convenient and effective on-demand transportation for people and freight in urban areas is being created by advancements in aviation technology. Urban air mobility is a concept for transportation that might completely restructure how people move around in society. Urban air transit that is extremely accessible, quick, and economical is suggested, which would relieve ground-based traffic by using the existing vehicle transportation infrastructure. Urban air mobility is dependent on advances in technology like distributed electric propulsion, new business models like application-based ride-sharing, and developments in advanced aerospace manufacturing that will lower production costs. In order to realize the autonomous urban air mobility vision, it will be essential to increase the credit of vehicle automation and autonomous vehicle operations. An economically feasible transportation system that can accommodate the large anticipated demand will require autonomy.
Global Urban Air Mobility, Segmentation
The global urban air mobility market analysis is segmented based on platform, platform operations, range, platform architecture, and region.
The platform segment is further classified into air taxis, air shuttles & air metro, personal air vehicles, cargo air vehicles, air ambulance & medical emergency vehicles, and last-mile delivery vehicles. Among these, the air taxis sub-segment is anticipated to have a dominant urban air mobility market share in 2021. The concept of an Air Taxi has been developed, which is essentially a battery-powered aerial vehicle that can land and take off like a helicopter but is considerably quieter, safer, and environmentally friendly. As Air Taxis may fly in numerous pre-defined layers of air, one above the other, and so lessen congestion in one specific way, this technology is very promising for decreasing traffic. The minimal infrastructural needs of UAM are another benefit. The Air Taxi operates without the need for any infrastructure like roads or railroads, unlike vehicles and trains.
The platform operations segment is further classified into piloted and autonomous. Among these, the autonomous sub-segment is projected to show the fastest growth during the analysis period. An unmanned aircraft called an autonomous urban air mobility vehicle forbids human flight management input. Additionally, these autonomous aircraft offer quick, convenient, and effective air transportation within a city. In contrast to on-road transportation options, this idea of urban air mobility has the potential to deliver considerable "travel trip time savings," according to leading aviation and space enterprises Uber, NASA, and Airbus S.A.S.
The range segment is further classified into intercity and intracity. Among these, the intercity sub-segment is anticipated to have a dominant market share in 2021. Due to technology developments that have made urban air transportation a practical alternative, the intercity segment of the worldwide market is anticipated to experience the largest growth. These aircraft are also outfitted with technology that enables them to fly between 50 and 250 kilometers while carrying 2 to 4 passengers and 20 to 40 kilograms of hand luggage. Furthermore, the urban air mobility intercity flights will eventually be made possible by advances in electric propulsion, and autonomous flight technologies. Intercity aircrafts enable airlines to locate airports close to highly populated urban areas, reduce the amount of land needed for airport runways, and provide direct passenger transport.
The platform architecture segment is further classified into rotary wing and fixed-wing hybrid. Among these, the rotary wing sub-segment is anticipated to have a dominant urban air mobility market share in 2021. Helicopters are classified as rotorcraft or rotary-wing aircraft to distinguish them from fixed-wing aircraft, because the helicopter derives its source of lift from the rotor blades rotating around a mast. The key advantage of rotary-wing craft is that the vertical take-off and landing requires minimal space. They can take off and land vertically without a runway, meaning that they can essentially operate everywhere. These rotary wing urban air mobility vehicles offer a flexible solution for a variety of commercial applications.
The urban air mobility market size in the Europe region is projected to show the fastest growth. Some of the major factors driving the urban air mobility market growth in the Europe region are increase in traffic conjunction and rising environmental concerns such as emission of greenhouse gases. Also, European Union aviation safety agency has conducted the social regarding the acceptance of urban air mobility with the help European Union considering various issues such as noise, security and efficiency of urban air mobility. This survey will help the EU and EUAS for taking decision regarding the further rules and regarding for urban air mobility in the region. These factors are anticipated to fuel the growth of urban air mobility market opportunity in the region.
Key Players in the Global Urban Air Mobility Market
Some of the leading urban air mobility market players are
- Lilium Gmbh
- Wisk Aero LLC.
- Bell Textron
- Volocopter GmbH
- Workhorse Group Inc.
- Joby Aviation.
- Kitty Hawk
- Archer Aviation.
In November 2021, Urban Aeronautics and Universal Avionics partnered for improving the safety of and capabilities of City Hawk eVTOL vehicle.