What are the Historical Developments and Current Growth Metrics of the Advanced Air Mobility Market?
The advanced air mobility market has seen considerable growth due to a variety of factors.
• The advanced air mobility market will grow from $9.66 billion in 2024 to $11.74 billion in 2025 at a CAGR of 21.5%.
The growth is driven by urban population increases, regulatory developments, interest from ride-sharing and logistics companies in urban air mobility solutions, infrastructure growth, and rising environmental concerns.
What Does Future Hold for The Advanced Air Mobility Market?
The advanced air mobility market is expected to maintain its strong growth trajectory in upcoming years.
• The advanced air mobility market is set to grow to $25.3 billion by 2029, at a CAGR of 21.2%.
The forecast growth is fueled by regulatory frameworks, the development of vertiports, charging stations, and maintenance facilities, the expansion of urban air mobility services, and lower vehicle costs through mass production. Major trends include advanced propulsion systems, fast-charging tech, autonomous flight systems, lightweight materials, and innovative aerodynamic designs.
What Are The Leading Drivers Of Growth In The Advanced Air Mobility Market?
The growth of urbanization and traffic congestion in major cities is likely to accelerate the expansion of the advanced air mobility market. Urbanization and congestion, driven by population growth, economic development, and limited public transportation infrastructure, create crowded roads and traffic problems. Advanced air mobility offers an alternative by providing efficient, on-demand air transport. For example, in October 2022, the World Bank reported that more than half of the world’s population lives in urban areas, with projections suggesting the urban population will increase by 1.5 times by 2045, reaching 6 billion. Additionally, the Federal Highway Administration reported in June 2024 that travel on all U.S. roads increased by 1.3%, or 3.8 billion vehicle miles, from May 2023 to May 2024. Therefore, urbanization and congestion are expected to fuel the growth of the advanced air mobility market.
What Is 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
Subsegments:
1) By Air Taxis: Electric Vertical Takeoff And Landing (eVTOL) Aircraft, Hybrid VTOL Aircraft, Autonomous Air Taxis, Piloted Air Taxis
2) By Drones: Delivery Drones, Passenger Drones, Surveillance Drones, Cargo Drones
3) By Other Types: Personal Air Vehicles (PAVs), Regional Air Mobility (RAM) Aircraft, Unmanned Aerial Vehicles (UAVs)
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What Emerging Trends Are Shaping The Advanced Air Mobility Market Landscape?
In the advanced air mobility market, companies are developing innovative systems like rotor fold-away technology to improve vehicle versatility and ease the transition between air and ground travel. For example, in October 2022, XPENG AEROHT, a China-based industrial automation firm, launched its fully electric eVTOL flying car, featuring a rotor fold-away system that allows it to switch effortlessly between driving and flying. The vehicle incorporates a new flight control system with backup engines for safety, offering a reliable solution for navigating over traffic and obstacles.
Who Are the Key Players In The Advanced Air Mobility Market?
Major companies operating in the advanced air mobility market are:
• The Boeing Company
• Airbus SE
• Honeywell International Inc.
• Bell Textron Inc.
• Bristow Group Inc.
• Joby Aviation
• Archer Aviation Inc.
• Lilium GmbH
• Volocopter GmbH
• Aurora Flight Sciences Corporation
• Eve Air Mobility Inc.
• Wisk Aero LLC
• Vertical Aerospace Ltd
• Elroy Air Inc.
• Opener Inc.
• Urban Aeronautics Ltd
• EHang Holdings Limited
• Workhorse Group Inc.
• Pipistrel Co
• The Helicopter Company
What Are The Regional Insights Into 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.
