Northbrook, IL 60062 -- (SBWire) -- 11/07/2023 --The urban air mobility market is estimated to grow from USD 3.8 billion in 2023 to USD 28.5 billion by 2030, at a CAGR of 33.5% from 2023 to 2030. The market is driven by factors such as growing smart city initiatives, a rise in environmental concerns, and increasing advancements in technology for UAM.
As urban populations grow and traffic congestion worsens, there is an increasing need for transportation options that can overcome these challenges and provide faster, point-to-point travel. UAM offers a promising solution by leveraging airspace and vertical takeoff and landing (VTOL) capabilities to provide on-demand aerial transportation services.
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Based on platform architecture, the fixed-wing segment of the market is projected to grow at the highest CAGR from 2023 to 2030
Based on platform architecture, urban air mobility has been segmented into rotary wing, fixed-wing hybrid, and fixed-wing. A fixed-wing aircraft generates a forward thrust as the wings generate lift due to the aircraft's speed and the shape of the wings. The wings are not always static, and a pilot does not always fly the aircraft. Fixed-wing UAM vehicles require shorter take-off and landing distances, allowing for the utilization of existing infrastructure. The integration of advanced technologies such as electric propulsion and autonomous flight systems further enhances the potential of fixed-wing UAM, contributing to the expansion of this exciting and transformative mode of transportation.
Based on mobility type, the air taxis segment of the market is projected to grow at the highest CAGR from 2023 to 2030
Based on mobility type, the urban air mobility market has been segmented into air taxis, air shuttles & air metros, personal air vehicles, cargo air vehicles, and air ambulances & medical emergency vehicles. The air taxis segment is estimated to lead during the forecast period owing to increasing developments in manned and unmanned aircraft. Air taxis have emerged as an appealing solution, capable of mitigating traffic congestion and minimizing travel durations. As a result, they have garnered interest from both commuters and travellers seeking faster and more convenient mobility options. By offering the potential to reduce travel times and alleviate urban congestion, air taxis have become increasingly attractive within the transportation landscape.
North America is expected to account for the highest CAGR in the forecasted period
North America is estimated to account for the highest CAGR in the forecasted period. The market growth in this region is expected to be fueled by an advancement in technology and investments in the UAM industry during the forecast period. The major countries considered under this region are the US and Canada. The key factor responsible for North America leading the UAM market is the high demand for new modes of transportation in the region. The growing demand for aircraft for commercial applications and their increasing utility in the civil sector to carry out transport and logistics activities are additional factors influencing the growth of the North America UAM market.
Players such as Airbus SE (Netherlands), Eve Holding, Inc. (Brazil), Joby Aviation, Inc. (US), Textron Inc. (US), Airo Group Holdings, Inc. (US), and Wingcopter GmbH (Germany). The report covers various industry trends and new technological innovations in the urban air mobility companics for the period 2020-2030.
Urban Air Mobility Market Size, Growth, Global Forecast 2030