Selbyville, Delaware , Nov. 14, 2023 (GLOBE NEWSWIRE) -- Advanced Air Mobility Market value could surpass USD 50 billion by 2032, according to the latest report by Global Market Insights Inc.
As per the report, the increased commitment of defense forces to bolster the existing technological capabilities will play a pivotal role in promoting market growth. In October 2023, The U.S. Air Force and the Federal Aviation Administration (FAA) from the U.S. Department of Transportation entered into a memorandum of understanding (MOU) to facilitate the safe integration of Advanced Air Mobility (AAM). This MOU was jointly signed by the FAA and the U.S. Air Force's innovation division, AFWERX, which is dedicated to expanding advanced technology in defense and advancing innovation for operational use. As part of this MOU, the FAA and the U.S. Air Force will share data, including flight-test information, and collaborate on the evaluation of AAM technologies. The global push for smart cities and the need for efficient, on-demand transportation solutions are further propelling the AAM market expansion.
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Cargo transport to dominate the application scenario
The cargo transport segment will register a noteworthy CAGR from 2023-2032, claims the report. The growth of e-commerce and the need for swift, efficient delivery services are pushing the demand for cargo-focused AAM solutions. Additionally, the ability to bypass ground congestion and transport time-sensitive goods in congested urban areas offers a competitive edge. Therefore, the increasing advancements in cargo transport methods by air justify its contribution to the advanced air mobility market share.
Air taxis to gain popularity
Air taxis industry could exhibit a decent growth rate over 2023-2032, as per the report. Urban congestion and traffic woes are pushing the need for efficient and time-saving transportation solutions. Additionally, advancements in electric vertical takeoff and landing (eVTOL) technology are making air taxis more feasible and environmentally friendly. As the world embraces smart cities and on-demand mobility, Advanced air mobility market growth is poised to revolutionize urban transportation with air taxis.
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Asia Pacific to witness a high revenue share
Asia Pacific advanced air mobility market will register a robust CAGR from 2023 to 2032. The robust economic growth, rapidly urbanizing cities, and increasing congestion in transportation systems are driving the need for innovative urban mobility solutions in APAC. Asia Pacific's extensive market potential, along with government support and investment in electric vertical takeoff and landing (eVTOL) technology, is fostering a conducive environment for AAM companies to thrive and develop cutting-edge urban air transportation solutions.
Advanced Air Mobility Market Players
The Boeing Company, Embraer S.A., Vertical Aerospace Group Ltd., Volocopter GmbH, Wisk Aero, Airbus S.A.S., Aurora Flight Sciences, Bell Textron Inc., Guangzhou EHang Intelligent Technology Co., Ltd., and Workhorse Group, Inc. among others.
Companies within the Advanced Air Mobility (AAM) market are employing diverse strategies aimed at strengthening their market presence. These strategies primarily entail ongoing collaboration and the formation of strategic partnerships.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
