New York, United States, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Increasing traffic congestion, especially in the world's largest cities, increases the demand for faster modes of intracity transportation. The idea of urban air mobility is becoming more popular in this setting. “The Passenger Transport section is projected to advance at a CAGR of 20.98% and hold the largest market share over the forecast period,” stated by Seema, Research Manager at Straits Research P. Ltd.
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Rising Trends
The advancement of aviation technologies allows metropolitan areas to provide convenient and cost-effective on-demand transportation for people and goods. UAM depends on developments in advanced aerospace manufacturing that will reduce production costs, new business models like application-based ride-sharing, and technological advancements like distributed electric propulsion.
Additionally, 8.2 billion people may use aircraft globally by 2037, according to data from the International Air Transport Association (IATA). According to the UN, “68% of people will reside in cities by 2050. In this sense, UAM aircraft like eVTOLs, VTOLs, and STOLs have developed into valuable alternatives”. Such factors will drive the global market for urban air mobility in the coming years.
Growing Opportunities
The transportation sector, the second most polluting industry, is responsible for significant energy consumption. Urban air mobility, which uses electric vertical takeoff and landing (eVTOL) aircraft, may offer a practical solution to these problems. One of the International Air Transport Association (IATA) objectives is to achieve net-zero carbon emissions for the aviation industry by 2050. This would be done using cutting-edge new propulsion technologies and sustainable aviation fuels (SAF).
The IATA Study on Net-Zero Carbon Emissions by 2050 predicts that SAF output will reach 91 billion liters by 2035. Electric and/or hydrogen aircraft will be available for the regional market by 2040, and SAF production will reach 229 billion liters. Short-range hydrogen aircraft will be economically feasible by 2030. These trends suggest that as environmental concerns grow, there will be a rise in the demand for sustainable fuel aircraft, such as UAM aircraft, in the years to come.
Regional Insights
North America will command the highest market share, expanding at a CAGR of 16.88% over the forecast period. The National Aeronautics and Space Administration (NASA) and the FAA collaborate on their Advanced Air Mobility National Campaign. The Federal Aviation Administration (FAA) published a draft interim guidance in March 2022 to make it simpler to construct and manage facilities (like Vertiport) that will be used by eVOTL aircraft for their initial operations.
In 2021, United Airlines made a financial commitment to the UAM manufacturing firm Archer. Through a SPAC partnership with Atlas Crest Investment Corporation, Archer aims to raise USD 1.1 billion. The company plans to develop the battery pack that will power the piloted eVTOL UAM, which will have a maximum speed range of 60 to 150 mph and a capacity for four people. Therefore, these elements may promote the growth of the UAM market in North America.
Europe will likely advance at a CAGR of 16.85% by 2030. Congestion in Europe's transportation system results in a potential annual loss of productivity of EUR 100 billion. The European Union has established a multi-stage roadmap for adopting the UAM concept in the region.
Key Highlights
- The global urban air mobility market size is expected to reach USD 6,232 million by 2030, growing at a CAGR of 17.29% during the forecast period (2022–2030).
- By vehicle type, the global urban air mobility market includes Piloted and Autonomous. The Autonomous section is projected to advance at a CAGR of 20.14% and hold the largest market share over the forecast period.
- By application, the global urban air mobility market includes Passenger Transport and Freighter.
- By region, the global urban air mobility market includes North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America owns the maximum shares.
Competitive Players in the Market
- Airbus SE
- Volocopter GmbH
- Embraer SA
- Honeywell International Inc.
- Hyundai Motor Group
- Jaunt Air Mobility Corporation
- Karem Aircraft Inc.
- Opener Inc.
- PIPISTREL d.o.o.
- Safran SA
- Textron Inc.
Market News
- In 2022, Airbus SE and VRM Switzerland are working to create a VR training tool for the twin-engine H145 helicopter. This ground-breaking new training tool will provide H145 pilots with a cost-effective, portable training option with realistic flight behavior, full-body immersion, and VR's 3D vision and high-resolution environment.
Global Urban Air Mobility (UAM) Market: Segmentation
By Vehicle Type
- Piloted
- Autonomous
By Application
- Passenger Transport
- Freighter
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
About Straits Research Pvt Ltd.
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