What Is The Overview Of The Global Advanced Air Mobility Market?
Advanced air mobility (AAM) refers to the deployment of cutting-edge aircraft technologies to revolutionize air transportation. It aims to improve transportation efficiency in various settings, from cities to remote areas, by facilitating passenger travel, cargo transport, emergency response, and other services using advanced technology and air traffic systems.
Advanced Air Mobility Global Market Report 2024 provides data on the global advanced air mobility market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The advanced air mobility market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Advanced Air Mobility Sector?
The advanced air mobility market has grown exponentially, rising from $7.97 billion in 2023 to $9.66 billion in 2024 at a CAGR of 21.1%. Growth in the historic period was driven by urban population increases, regulatory advancements, interest from ride-sharing and logistics firms, infrastructure development, and environmental concerns. The market is expected to reach $20.89 billion in 2028 at a CAGR of 21.3%. Factors driving this growth include regulatory frameworks, deployment of vertiports, expansion of urban mobility routes, cost reductions through mass production, and increased public trust. Emerging trends include advanced propulsion systems, fast-charging technology, autonomous flight advancements, lightweight materials, and innovative aerodynamic designs.
Which Factors Are Boosting Growth In The Advanced Air Mobility Market?
The advanced air mobility market is expected to grow as urbanization and traffic congestion increase in major cities. Urbanization, driven by population growth and inadequate public transportation infrastructure, is leading to overcrowded roads and rising vehicular traffic. Advanced air mobility solutions offer on-demand air transportation that helps ease congestion, reducing reliance on ground vehicles. The World Bank reported that over half of the world’s population lives in urban areas, and this number is expected to rise to 6 billion by 2045. This trend is driving the advanced air mobility market.
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What Key Areas Define The Segmentation Of The Global Advanced Air Mobility Market?
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
How Are Emerging Trends Reshaping The Dynamics Of The Advanced Air Mobility Market?
Leading companies in the advanced air mobility market are adopting technologies like rotor fold-away systems to improve vehicle versatility and enable smooth transitions between air and ground travel. Rotor fold-away systems allow rotors to retract, facilitating seamless mode switching. For instance, in October 2022, XPENG AEROHT, a China-based industrial automation firm, unveiled its fully electric vertical take-off and landing (eVTOL) flying car. Featuring a rotor fold-away system and an advanced flight control system, this vehicle transitions easily between road and air travel. It offers safety features like dual-engine backup and fault-tolerant controls while navigating low-altitude airspace efficiently.
Which Region Has The Fastest Expansion In The Advanced Air Mobility Market?
Europe was the largest region in the advanced air mobility market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced air mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
