Urban Air Mobility Market Size to grow by USD 5.28 billion between 2023-2027
According to a research report “ Urban Air Mobility Market” by Type (Autonomous, Piloted) Application (Delivery, Passenger mobility) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 5.28 billion, at a CAGR of 27.5% during the forecast period. Urban air mobility, or UAM, is gaining significant attention as a potential solution to the transportation challenges faced by modern cities. With the capacity to offer affordable, swift, and sustainable travel, UAM is poised to mitigate traffic congestion and environmental concerns. Over 120 startups and aerospace companies, driven by technological advancements, are developing eVTOL (electric vertical take-off and landing) vehicles for UAM applications. These eVTOL aircraft offer numerous advantages, including the ability to operate from anywhere, fly manually or autonomously, produce lower noise levels, and eliminate the requirement for runways. Moreover, eVTOLs hold immense potential in military operations due to their versatility and reduced environmental footprint..
Browse market data tables, figures, and in-depth TOC on “Urban Air Mobility Market” by Type (Autonomous, Piloted) Application (Delivery, Passenger mobility) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample
By Type, the Autonomous segment is projected to dominate the market size in 2024
Autonomous Urban Air Mobility (UAM) represents a promising development in urban transportation, leveraging unmanned aerial vehicles (UAVs) or drones for safe, efficient, and sustainable air travel in densely populated areas. Morgan Stanley Research's BluePaper reveals an increasing investment trend in autonomous flying aircraft, with potential implications extending beyond passenger travel to military and defense applications and freight and package transportation. These aircraft are equipped with advanced technologies, such as sensors, navigation systems, and artificial intelligence algorithms, enabling autonomous operation. Despite being in its infancy, UAM's widespread adoption hinges on surmounting the technical and regulatory challenges.
By Application, Delivery segment is expected to hold the largest market size for the year 2024
The urban air mobility (UAM) market, encompassing advanced air mobility solutions such as flying taxis and cargo drones, has experienced a significant surge in investment interest. By the end of Q1 2021, disclosed investments in this sector were projected to surpass USD8 billion, with a substantial portion attributed to people transportation applications. This segment accounted for over 80% of the total funding. Last-mile delivery, which involves the swift transportation of packages from local distribution hubs to their final destinations, is another promising application within the UAM industry. Investor interest in this area is growing, with potential for increased investment in cargo-delivery drones.
North America is forecasted to hold the largest market size by region in 2024
The urban air mobility market in North America is projected to experience significant growth over the forecast period, driven by several key factors. The expansion of e-retailing and the emphasis on specialized service offerings are primary growth drivers. Furthermore, the adoption of premium delivery models utilizing urban air mobility services is gaining traction. The proliferation of last-mile connectivity options is also fueling the demand for these services, as online shopping continues to increase in popularity. The convenience and time-saving benefits associated with last-mile delivery services have made them a preferred choice for many consumers, leading to a surge in demand for urban air mobility solutions in North America.
The Urban Air Mobility Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The Urban Air Mobility (UAM) market is an emerging sector under the Ministry of Land Transportation, focusing on electric aircraft, such as eVTOLs (electric vertical takeoff and landing), air taxis, and air ambulances, for urban areas. Control systems, sensors, fly-by-wire systems, batteries, and electric motors are essential components of these vehicles. Aerospace players and start-ups are investing heavily in R&D to develop autonomous segment UAM vehicles, including flying cars and autonomous aerial vehicles. The FAA Rulemaking Committees are working on regulations for UAM operations, which include safety standards and certification processes. The UAM market encompasses various segments, including last-mile delivery, air ambulance, and air taxis. Battery-powered UAM vehicles offer significant advantages over ICE (internal combustion engine) cars, such as reduced CO2 emissions and lower operating costs. Uber Air, the Federal Aviation Administration, and other industry leaders are pioneering this new mode of transportation. The future of UAM promises to revolutionize urban mobility with electric aircraft and autonomous vehicles.
Market Research Overview
Urban Air Mobility (UAM) is an emerging market that combines aerial tourism, transportation, and logistics in urban and metropolitan areas. The UAM industry is witnessing significant R&D spending on vehicle autonomy, stability, and electric power for fixed-wing hybrid and rotary wing vehicles. The market includes autonomous and piloted air taxis, cargo air vehicles, medical emergency vehicles, personal air vehicles, air shuttles, and last-mile delivery vehicles. Key players like Volocopter, Hyundai Motor, and SA-1 are investing in platform architecture, range, and platform operations to offer sustainable solutions for intracity and intercity transportation. Collaborations, mergers & acquisitions, and strategies among industry players are shaping the UAM ecosystem. The market encompasses advanced air mobility, aircraft operators, regulatory authorities, and transportation businesses. UAM vehicles, including electric aircraft and autonomous aerial vehicles, aim to address traffic congestion, improve productivity, and reduce CO2 emissions. Drones and shared automated vehicles are also part of the UAM market, offering on-demand mobility and cargo delivery services. The industry's development is influenced by technological advancements such as control systems, sensors, fly-by-wire systems, batteries, and electric motors. The UAM market includes segments like autonomous, piloted, air ambulance, and air taxis, with electric power and vertical takeoff capabilities. Regulatory frameworks, such as the Federal Aviation Administration's FAA Rulemaking Committees, are crucial for market growth. The UAM market is poised to revolutionize urban transportation and infrastructure in metropolitan areas, addressing the needs of tourism, transport, and emergency services.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
