Authored By: Sarah
19 Nov 2023

Urban Air Mobility Market to expand by USD 5.28 Bn through 2023-2027 |Market advancements will be fueled by rising military deployment of eVTOL aircraft 

According to projections, the size of the urban air mobility market will grow at a compound annual growth rate (CAGR) of 27.5%, followed by a market revenue growth of USD 5.28 billion, between 2022 and 2027 across Europe, APAC,Middle East and Africa,South America,North America - US, China,Germany,UK,France. As a way to solve traffic and environmental problems in contemporary cities, urban air mobility is becoming more and more recognised as a viable, quick, and inexpensive transport choice.

Navigating through the growth drivers of the market it has been observed the hope of realising the promise of urban air mobility in the future, over 120 startups and aerospace businesses have developed eVTOLs (electric vertical take-off and landing vehicles), or vehicles for urban air mobility. This development is influenced by technological advancements.

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Snapshot of the Urban Air Mobility Market Analysis

Moreover, the military can profit greatly from electric vertical take-off and landing (eVTOL) aircraft because they can operate remotely, can fly manually or autonomously, produce less noise, and do not require runways. Thus, during the projected period, the aforementioned reasons will support the expansion of the global urban air mobility (UAM) market.

Leading market players such as Airbus SE, Archer Aviation Inc., Bartini Inc., EHang Holdings Ltd., Embraer SA, Geely Auto Group, Honeywell International Inc., Joby Aviation Inc., Kitty Hawk Corp., Lilium GmbH, Lockheed Martin Corp., Moller International, Moog Inc., Raytheon Technologies Corp., The Boeing Co., Volocopter GmbH, Wingcopter GmbH, Wisk Aero LLC, Workhorse Group Inc., and Textron Inc.are contributing significantly to its market development across world.

Technavio's study includes comprehensive insights into the many development factors and barriers that may impede market advancement. Learn more about the  Market dynamics and the aspects that our report's in-depth analysis predicts will have the biggest impact on the market under review.

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerate at a CAGR of 27.5%.

  2. What is the incremental growth of the market?
    The market is expected to grow by USD 5.28 Bn through 2023-2027.

  3. What is a key factor driving this market?
    Increasing use of eVTOL aircraft in military applications will drive market growth over the forecast period.

  4. What are the key regions covered in this market research report?
    North America, Europe, APAC, Middle East and Africa, and South America are the key regions featured in this research report.

  5. Which is the leading geographic region for this market:
    48% growth will originate from North America.

  6. What are the market segments covered in this report?
    The market is segmented by Type (Autonomous and Piloted), Application (Delivery and Passenger mobility), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)
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