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.
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.
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