Urban Air Mobility (Uam) Market Size to grow by USD 10312 million between 2024-2028

The Urban Air Mobility (Uam) 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). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 10312 million, at a CAGR of 36.5% during the forecast period. There are several companies that are contributing to the market as per this report. Technological advancements .

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.

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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.

Why is North America forecasted to hold the largest regional market size 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.

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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

According to Technavio, the global Urban Air Mobility (UAM) market is a segment of the broader Global Air Freight and Logistics Market, which encompasses the revenue generated by companies offering air freight transportation, courier services, and logistics solutions, such as package and mail delivery and customs agents. The Air Freight and Logistics Market's size is determined by Technavio based on the revenue generated by these providers. This market covers the tracking of goods in transit up to the point of delivery. Key growth drivers for the Air Freight and Logistics Market include the surge in cross-border e-commerce activities. Cross-border e-commerce refers to the process where customers purchase products from outside their country, leading to increased demand for efficient and reliable logistics solutions. - The Urban Air Mobility (Uam) Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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