Covina, Aug. 28, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global urban air mobility [UAM] market size and share value is projected to grow from USD 3.4 Billion in 2024 and is forecasted to reach USD 55.0 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 32.10% during the forecast period (2024 - 2034).
Urban Air Mobility Market Report Overview
Urban Air Mobility refers to the integration of air transportation technologies into urban environments to facilitate the movement of people and goods. This emerging field encompasses a range of innovative transportation solutions, including electric vertical takeoff and landing (eVTOL) aircraft, flying taxis, and delivery drones.
The goal of UAM is to alleviate urban congestion, reduce travel times, and provide a more efficient and flexible transportation network within cities. As cities around the world face increasing population densities and traffic congestion, UAM presents a promising solution to these challenges by leveraging advancements in aerospace technology, automation, and electric propulsion.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Urban Air Mobility Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Uber Technologies Inc.
- Airbus SE
- The Boeing Company
- Textron Inc.
- Safran SA
- Bombardier Inc.
- Embraer SA
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Analyst View:
Urban air mobility market is expanding quickly due to many game-changing variables. According to analysts, UAM represents a novel approach to urban transport that might have a substantial impact on the movement of people and products within cities.
Market Dynamics:
Drivers:
Urban Infrastructure and Integration Projects
- Cities are investing in the creation of vertiports (landing and takeoff pads for eVTOL aircraft), charging stations, and advanced air traffic management systems. These infrastructure projects are critical for enabling the smooth operation of UAM vehicles and integrating them into existing transportation networks.
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Market Trends:
Technological Advancements in eVTOL Aircraft
- Innovations in electric propulsion, battery efficiency, and autonomous flight systems are making eVTOL aircraft more viable for urban transportation.
Segmentation:
Urban Air Mobility Market is segmented based on Aircraft Type, Infrastructure, Operation, Travel Range, Application, and Region.
Aircraft Type Insights
- This industry includes the following: Rotor Wing, Fixed Wing, and Hybrid Wing. The market growth for rotor wings is anticipated to be dominant as rotor wing aircraft are designed to take off and land vertically, which makes them particularly well-suited for urban environments with limited space.
Operation Insights
- Autonomous is anticipated to boost the growth of the target market as the development of autonomous flying technologies has seen significant progress in recent years, with advancements in artificial intelligence (AI), machine learning, and sensor technologies enabling the safe and efficient operation of autonomous aerial vehicles.
Travel Range Insights
- Intracity is anticipated to boost the growth of the target market as cities around the world are experiencing increasing levels of traffic congestion due to rapid urbanization and population growth. Intracity air mobility offers a viable solution to this problem by providing an alternative mode of transport that can bypass road traffic, reducing travel times and easing congestion.
Application Insights
- Air taxi is anticipated to boost the growth of the target market as the primary driver of the air taxi segment's dominance is the growing consumer demand for faster and more efficient urban travel solutions.
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Recent Development:
- In November 2023, Eve Aviation Mobility revealed ambitions to introduce eVTOL aviation services in the United Arab Emirates and India via two new alliances unveiled at the Dubai Airshow. The aircraft maker further stated that it is providing urban air traffic management services to support any eVTOL operations globally in collaboration with the UK's NATS. This partnership with Eve Air Mobility demonstrates the dedication to alleviating India's traffic bottleneck in order to support the nation's economic success.
Regional Insights
- North America: In this region, the target market is advancing rapidly, driven by significant investments and a strong focus on technological innovation.
- Asia Pacific: In this region the target market is characterized by a strong focus on air taxis and last-mile delivery solutions. Major cities like Tokyo, Beijing, and Bangalore are exploring the deployment of UAM services to improve mobility and support economic growth.
Browse Detail Report on "Urban Air Mobility Market Size, Share, By Aircraft Type (Rotor Wing, Fixed Wing, and Hybrid Wing), By Infrastructure (Vertiports, Charging Stations, and Traffic Management Systems), By Operation (Piloted, and Autonomous), By Travel Range (Intercity, and Intracity), By Application (Air Taxi, Air Ambulance, Airport Shuttle, Last Mile Delivery, Personal Air Vehicle, and Air Metro), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Global-Urban-Air-Mobility-Market-4488
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