New York, United States , May 17, 2024 (GLOBE NEWSWIRE) -- The Global Advanced Air Mobility Market Size to Grow from USD 9.3 Billion in 2023 to USD 51.6 Billion By 2033, at a Compound Annual Growth Rate (CAGR) of 18.69% during the forecast period.
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The Advanced Air Mobility industry is a growing industry of aviation that focuses on novel aerial transportation solutions that go beyond traditional manned aircraft. Advanced Air Mobility encompasses a diverse spectrum of vehicles, including eVTOL planes, urban air mobility (UAM) vehicles, and electric fixed-wing aircraft, among others. These vehicles are frequently intended to be more efficient, sustainable, and accessible than traditional aircraft, with the potential to alter transportation in both urban and rural areas. Several factors drive the Advanced Air Mobility market's expansion. Urbanisation, population growth, and increased traffic congestion in cities are all boosting demand for alternative modes of transportation. Furthermore, advances in electric propulsion, battery technology, and self-driving flight systems are making Advanced Air Mobility vehicles increasingly feasible.
Advanced Air Mobility Market Value Chain Analysis
The Advanced Air Mobility market value chain includes research and development activities to create technologies such as electric propulsion and autonomous flight control, as well as design, production, and supply chain management for Advanced Air Mobility vehicles. Certification and regulatory compliance ensure safety and airworthiness, whilst infrastructure development facilitates operations via vertiports and air traffic management systems. Advanced Air Mobility operators provide services such as urban air taxis and cargo transportation, which are backed by maintenance, repair and overhaul activities. Financing and investment promote market development and commercialization, encouraging collaboration and innovation throughout the value chain in order to realise the transformational promise of advanced air mobility.
Browse key industry insights spread across 210 pages with 115 Market data tables and figures & charts from the report on the "Global Advanced Air Mobility Market Size By Type (Air Taxis, Drones), By Application (Cargo Transport, Passenger Transport, Mapping & Surveying, Special Mission, Surveillance & Monitoring), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033".
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Insights by Application
The surveillance and monitoring segment accounted for the largest market share over the forecast period 2023 to 2033. With rising urbanisation and population density, there is a higher need for better security and monitoring systems. Advanced Air Mobility platforms equipped with advanced sensors, cameras, and monitoring systems can provide airborne surveillance capabilities, enabling authorities to better monitor large areas and respond to security threats in real time. Advanced Air Mobility vehicles provide major benefits to border patrol and law enforcement agencies by allowing them to patrol wide areas and respond rapidly to situations. Advanced Air Mobility platforms are outfitted with high-resolution cameras, thermal imaging sensors, and other surveillance technologies, allowing them to detect illegal border crossings, monitor critical infrastructure, and assist with search and rescue operations in remote or inaccessible areas.
Insights by Type
The drones segment is dominating the market with the largest market share over the forecast period 2023 to 2033. Drones, also known as unmanned aerial vehicles (UAVs), are increasingly being used in a number of commercial applications. Drones are used in agriculture, construction, infrastructure inspection, and logistics for purposes such as crop monitoring, site surveying, asset inspection, and parcel delivery. The growing popularity of recreational and hobbyist drones is also helping to boost the drone sector. Affordable consumer drones with cameras and sophisticated flight features are gaining popularity among enthusiasts, photographers, and videographers. This widespread adoption encourages innovation, economies of scale, and technology advancements in both the consumer and commercial drone markets.
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Insights by Region
North America is anticipated to dominate the Advanced Air Mobility Market from 2023 to 2033. North America boasts a thriving ecosystem of companies and organisations working on the development and implementation of Advanced Air Mobility technology. The region's players vary from established aerospace manufacturers to startups and technological firms, and they are driving innovation in electric propulsion, autonomous flying systems, and urban air transportation services. Building the infrastructure needed to support Advanced Air Mobility operations is a critical challenge in North America. This includes establishing vertiports, charging infrastructure, and air traffic control systems to ensure safe and efficient operations.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The Asia-Pacific region is rapidly urbanising, with cities in China, India, Japan, and South Korea accounting for a substantial share of the global urban population. As cities become more densely populated, traffic congestion and pollution have become major concerns. Building the infrastructure needed to support Advanced Air Mobility operations is a high priority in the Asia-Pacific area. This entails creating vertiports, charging infrastructure, and air traffic control systems to enable a safe and efficient operation. With its enormous population, burgeoning middle class, and developing metropolitan zones, Asia-Pacific represents a significant market opportunity for Advanced Air Mobility technologies. China, India, and Indonesia have some of the world's largest cities, making them potential locations for Advanced Air Mobility deployments to address urban transportation issues.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Advanced Air Mobility Market are Airbus S.A.S., Aurora Flight Sciences, Bell Textron Inc., The Boeing Company, Guangzhou EHang Intelligent Technology Co. Ltd., Embraer S.A., Joby Aviation, Lilium GmbH, Neva Aerospace, Opener, Inc., PIPISTREL (Textron Inc.), Terrafugia, Vertical Aerospace Group Ltd., Volocopter GmbH, Wisk Aero, Workhorse Group, Inc. and Other Key Vendors.
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Recent Market Developments
- In February 2023, Skyway Technologies Corp. partnered with Moonware Inc. to provide infrastructure for efficient, contemporary, innovative air mobility solutions
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Global Advanced Air Mobility Market, Type Analysis
- Drones
- Air Taxis
Global Advanced Air Mobility Market, Application Analysis
- Cargo Transport
- Passenger Transport
- Mapping & Surveying
- Special Mission
- Surveillance & Monitoring
Global Advanced Air Mobility Market, Regional Analysis
North America
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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- US
- Canada
- Mexico
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