New York, NY, March 13, 2024 (GLOBE NEWSWIRE) -- The global urban air mobility market size and share was valued at USD 4.30 billion in 2023 and is anticipated to generate an estimated revenue of USD 49.09 billion by 2032, with a CAGR of 31.1% from 2024 to 2032.
What is the Urban Air Mobility? How Big is Urban Air Mobility (UAM) Market Size & Share?
Urban air mobility is an advanced form of transportation designed to reduce travel times and optimize routes. Innovative eVTOLs, or electric vehicles with vertical takeoff and landing capabilities, can make it a reality. Because of its greater flexibility, this form of transportation can relieve traffic on major thoroughfares in high-traffic areas. The air vehicle industry has advanced significantly in the last few years, with numerous large companies already working on various electric alternatives. As a result, the urban air mobility market size is growing.
Moreover, rapid urbanization makes traffic congestion more problematic and calls for innovative solutions. With more people relocating to cities in pursuit of jobs, there is a growing demand for efficient, time-saving modes of transportation. Emerging as a tactical response to the shifting demands of urban dwellers, UAM promotes itself as a critical element in the transportation of the future amid burgeoning urbanization trends.
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Urban Air Mobility (UAM) Market Top Companies
- Aero Group Holdings
- Airbus
- Archer Aviation
- Boeing
- EHang
- Eve Air Mobility
- Ferrovial S.E.
- Joby Aviation
- Kitty Hawk
- Lilium
- Pipistrel Group
- Textron Inc.
- Vertical Aerospace Ltd
- Volocopter
- Wingcopter GmbH
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Urban Air Mobility (UAM) Market Report Scope
| Report Attributes | Details |
| Market value in 2024 | USD 5.62 billion |
| Market value in 2032 | USD 49.09 billion |
| CAGR | 31.1% from 2024 – 2032 |
| Forecast Period | 2024-2032 |
| Largest Region in the Market | North America |
| Regions Covered | North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
| Key Players | Aero Group Holdings, Archer Aviation, EHang, Ferrovial S.E., Kitty Hawk, Pipistrel Group, Vertical Aerospace Ltd, Wingcopter GmbH, and others. |
Key Findings:
- The growing urbanization of cities and traffic congestion caused by rising population density propel the urban air mobility (UAM) market.
- The urban air mobility market segmentation is mainly based on the operation, solution, platform architecture, mobility type, and region.
- North America accounted for the largest revenue share in 2023.
Growth Drivers and Opportunities
- Growth Drivers: The acute need to reduce urban traffic congestion is driving the market for urban air mobility. UAM presents a revolutionary approach to addressing the issues of dense urban populations and inadequate transportation infrastructure. Environmental sustainability further propels the urban air mobility market growth as a potent force for change. By offering a greener alternative to conventional transportation, UAM supports global efforts to combat climate change.
- Opportunities and Trends: Partnerships and financial incentives promote UAM infrastructure efforts further. Government support fosters an environment that benefits industry players, attracts investments, and accelerates technological advancement.
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Segmental Insights
- The Infrastructure Sector Experiences Significant Growth
Specialized vertiports and heliports with areas set aside for eVTOL takeoff, landing, and passenger services are required for UAM infrastructure. While maintenance stations are essential for maintaining fleet airworthiness, charging stations need to have quick interfaces for a variety of eVTOL types.
- The Rotary Wing Sector Accounts for the Significant Share
The rotary wing category accounted for a significant urban air mobility market share in 2023. Aerial vehicles capable of Vertical Takeoff and Landing (VTOL), particularly helicopters, are the focus of rotary-wing UAM. With its VTOL capability, it becomes easier to visit cities, making use of already-existing helipads and requiring less ground infrastructure. Rotating-wing UAM is a proficient point-to-point transportation and urban landscape navigation tool, providing unmatched route flexibility.
Latest Developments
- FlyBlade India and Eve Air Mobility announced a strategic partnership in September 2022 that included a non-binding order for up to 200 electric vertical takeoff and landing (eVTOL) vehicles. Services, support, and the use of Eve's software solution for urban air traffic management are all covered by the cooperation.
- The Vertiport Management System (VMS), ANRA Technologies' most recent invention, was unveiled at the Dubai Air Show in November 2023. This announcement marked a significant milestone in managing urban air mobility aircraft operations at vertiport facilities, namely in the area of vertical takeoff and landing.
Browse the Detail Report “Urban Air Mobility Market Share, Size, Trends, Industry Analysis Report, By Solution (Platform, Infrastructure); By Operation; By Mobility Type; By Platform Architecture; By Region; Segment Forecast, 2024 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/urban-air-mobility-market
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