Overview and Scope
Urban air mobility refers to the use of highly automated small aircraft to carry passengers or cargo at lower altitudes in suburban and urban areas, which have been developed in response to traffic congestion. It also refers to emerging and existing technologies such as traditional helicopters, vertical-takeoff-and-landing aircraft (VTOL), electrically propelled vertical-takeoff-and-landing aircraft (eVTOL), and unmanned aerial vehicles (UAVs).
Sizing and Forecast
The urban air mobility market size has grown exponentially in recent years. It will grow from $3.62 billion in 2023 to $4.38 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to urban development and smart city initiatives, infrastructure modernization, demand for time-saving transportation, advancements in electric propulsion systems, rise of ride-sharing and mobility services.
The urban air mobility market size is expected to see rapid growth in the next few years. It will grow to $8.8 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to data-driven operations and safety measures, investment and funding opportunities, public acceptance and perception, demand for aerial ride-sharing services, infrastructure development for vertiports. Major trends in the forecast period include popularity of e-VTOLs, air traffic management solutions, focus on noise reduction, integration of AI and automation, urban infrastructure adaptations, user experience and accessibility.
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Segmentation & Regional Insights
The urban air mobility market covered in this report is segmented –
1) By Vehicle Type: Piloted, Autonomous
2) By Range: Intercity, Intracity
3) By End User: Ride Sharing Companies, Scheduled Operators, E-commerce Companies, Hospitals And Medical Agencies, Private Operators
North America was the largest region in the urban air mobility market in 2023. Europe is expected to be the fastest growing region in the forecast period. The regions covered in the urban air mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising investment in the urban air mobility market is expected to boost the demand of the market. There are many R and D investments in the urban air mobility industry, with many aerospace companies eyeing the urban air mobility market with high growth potential. For instance, according to American Airlines, a major airline headquartered in America, in June 2021, American Airlines Inc., announced it will invest in Vertical Aerospace. As part of the investment, American has agreed to pre-order, up to 250 aircraft, representing a potential pre-order commitment of $1 billion, and an option to order an additional 100 aircraft. American Airlines also expect to make a $25 million investment through private investment in public equity (PIPE) transaction in vertical. Therefore, the rising investment in the urban air mobility market is expected to boost its demand.
Key Industry Players
Major companies operating in the urban air mobility market report are Hyundai Motor Co, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Honeywell International Inc., Uber Technologies Inc., Safran SA, Textron Inc., Embraer SA, Bell Textron Inc., Volocopter GmbH, Wisk Aero LLC, Joby Aero Inc., Terra Drone Corp, Airspace Experience Technologies Inc., Terrafugia Inc., Jetson Electric Bikes LLC., Fortem Technologies Inc., Karem Aircraft Inc., Urban Aeronautics Ltd., SkyDrive Inc., Lilium GmbH, EHang Holdings Limited, Carter Aviation Technologies, Jaunt Air Mobility LLC, hopFlyt Inc., EHang Intelligent Technology Co Ltd., Guangzhou EHang Intelligent Technology Co Ltd., Passenger Drone Research Private Limited, Archer Aviation Inc., Opener Inc., ElectraFly LLC
The urban air mobility market report table of contents includes:
1. Executive Summary
2. Urban Air Mobility Market Characteristics
3. Urban Air Mobility Market Trends And Strategies
4. Urban Air Mobility Market – Macro Economic Scenario
5. Global Urban Air Mobility Market Size and Growth
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32. Global Urban Air Mobility Market Competitive Benchmarking
33. Global Urban Air Mobility Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Urban Air Mobility Market
35. Urban Air Mobility Market Future Outlook and Potential Analysis
36. Appendix
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