The urban air mobility market is experiencing exponential growth, anticipated to increase from $3.62 billion in 2023 to $4.38 billion in 2024 at a remarkable CAGR of 20.8%. Historical growth has been fueled by urban development, infrastructure modernization, and advancements in electric propulsion systems. Future projections indicate rapid growth, with the market expected to reach $8.8 billion by 2028, reflecting a CAGR of 19.1%. This growth will be supported by data-driven operations, investment opportunities, public acceptance, and infrastructure developments for vertiports. Emerging trends include the popularity of e-VTOLs, advancements in air traffic management, focus on noise reduction, AI integration, and enhanced user experience.
Major Driver In The Urban Air Mobility Market
The urban air mobility market is expected to experience increased demand due to rising investments and research and development activities. Numerous aerospace companies are eyeing the urban air mobility market for its high growth potential. American Airlines, in June 2021, announced a significant investment in Vertical Aerospace, with a pre-order commitment of up to 250 aircraft, representing a potential commitment of $1 billion. Additionally, a $25 million investment is expected through a private investment in public equity (PIPE) transaction in Vertical. This surge in investment is anticipated to significantly boost the demand for the urban air mobility market, influencing its growth trajectory in 2023, 2024, and 2028.
Request A Free Sample Of The Global Urban Air Mobility Market Report
Urban Air Mobility Market Competitive Landscape
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
Key Urban Air Mobility Market Trend
Major companies operating in the urban air mobility market are focused on developing innovative products such as vertiport management system to increase their profitability in the market. A Vertiport Management System (VMS) for Urban Air Mobility (UAM) is a comprehensive framework managing facilities dedicated to vertical takeoff and landing (VTOL) aircraft, including eVTOL vehicles and drones, incorporating infrastructure, technologies, and processes for efficient operation. For instance, in November 2023, ANRA Technologies, a US-based company offering complete solutions for drone operators and airspace management launched Vertiport Management System (VMS). The VMS, a flexible online platform, fills a crucial digital technology void in overseeing vertical takeoff and landing air mobility aircraft at vertiports. Its microservice structure accommodates diverse vertiport layouts, works with any aircraft, and links seamlessly with existing air traffic management systems. ANRA's airspace management services enable UAM operators to efficiently manage their entire flight process with a comprehensive suite of tools. The VMS, through intelligent data exchange, plays a vital role in ensuring the secure arrival and departure of UAM aircraft.
Get The Full Global Urban Air Mobility Market Report
Urban Air Mobility Market Segmentation
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
By Geography:The regions covered in the urban air mobility market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the urban air mobility market in 2023.
The Urban Air Mobility Global Market Report 2024 furnishes information about the global urban air mobility market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
