Advanced Air Mobility Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

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The Advanced Air Mobility Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Advanced Air Mobility Global Market Report 2024, The advanced air mobility market size has grown exponentially in recent years. It will grow from $7.97 billion in 2023 to $9.66 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to the increased urban population, regulatory developments, growth in interest from ride-sharing companies and logistics firms in urban air mobility solutions, infrastructure development, rising environmental concerns.

The advanced air mobility market size is expected to see exponential growth in the next few years. It will grow to $20.89 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to full-scale regulatory frameworks and certification processes, significant development and deployment of vertiports, charging stations, and maintenance facilities, expansion of urban air mobility routes and services to more cities and regions, decreasing costs of air mobility vehicles and operations through mass production and technological improvements, increased public trust and acceptance of air mobility solutions as they become more common and reliable. Major trends in the forecast period include advanced propulsion systems, advancements in fast-charging technology, continued enhancement of autonomous flight systems, development of lightweight, durable materials, and innovative aerodynamic designs.

The increasing urbanization and traffic congestion in major cities are expected to propel the growth of the advanced air mobility market going forward. Urbanization and traffic congestion refer to the increase in population in urban areas, leading to overcrowded roads and increased vehicular traffic. The increasing urbanization and traffic congestion are due to several factors, such as population growth, economic development, inadequate public transportation infrastructure, and the rise in private vehicle ownership. Advanced air mobility helps alleviate urbanization and traffic congestion by providing efficient, on-demand air transportation, reducing the reliance on ground-based vehicles. For instance, in October 2022, according to the World Bank, a US-based international financial institution, more than half of the world’s population lives in metropolitan regions. By 2045, the urban population is expected to increase by 1.5 times, reaching 6 billion people. Furthermore, in June 2024, according to a report published by the Federal Highway Administration, a US-based government department, travel on all roads and streets increased by 1.3%, or 3.8 billion vehicle miles, in May 2024 compared to May 2023. Therefore, the increasing urbanization and traffic congestion in major cities will drive the advanced air mobility market.

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The advanced air mobility market covered in this report is segmented –

1) By Type: Air Taxis, Drones, Other Types
2) By Component: Hardware, Software
3) By Mode Of Operation: Piloted Mode Of Operation, Autonomous Mode Of Operation
4) By Propulsion Type: Parallel Hybrid Propulsion, Electric Propulsion, Turboshaft Propulsion, Turboelectric Propulsion
5) By Application: Cargo Transport, Passenger Transport, Mapping And Surveying, Special Mission, Surveillance And Monitoring, Other Applications

Major companies in the advanced air mobility market are developing advanced technologies such as the rotor fold-away system to enhance vehicle versatility and facilitate seamless transitions between air and ground travel. The rotor fold-away system enables the vehicle’s rotors to retract, allowing it to switch effortlessly between driving on roads and flying. For instance, in October 2022, XPENG AEROHT, a China-based industrial automation company, launched its fully electric vertical take-off and landing (eVTOL) flying car. This innovative vehicle is designed for both road driving and air flight, featuring a sleek rotor fold-away system for easy transition between the two modes. It boasts a new flight control system with fault-tolerant functions and a dual-engine backup for safety. The design has been optimized from a horizontal dual-rotor to a distributed multi-rotor configuration, reducing complexity and enhancing reliability. It can take off and land vertically, navigating over traffic and obstacles, subject to low-altitude airspace regulations.

The advanced air mobility market report table of contents includes:

1. Executive Summary
2. Advanced Air Mobility Market Characteristics
3. Advanced Air Mobility Market Trends And Strategies
4. Advanced Air Mobility Market – Macro Economic Scenario
5. Global Advanced Air Mobility Market Size and Growth
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32. Global Advanced Air Mobility Market Competitive Benchmarking
33. Global Advanced Air Mobility Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Advanced Air Mobility Market
35. Advanced Air Mobility Market Future Outlook and Potential Analysis
36. Appendix