 market is expected to grow at an impressive compound annual growth rate (CAGR) of 33.5% from 2024 to 2032.){kind=link}
The global urban air mobility (UAM) market size is projected to grow from US$ 3.8 billion in 2023 to US$ 28.5 billion by 2032, growing at a CAGR of 33.5% during the forecast period 2024-2032. Urban air mobility refers to the use of air taxis and eVTOL aircraft to provide efficient and sustainable transportation within cities.
The UAM infrastructure segment will experience the highest CAGR during the forecast period. This expansion is driven by various cities worldwide allocating resources to construct vertiports, which are designated areas for air taxis and electric vertical take-off and landing (eVTOL) aircraft to take off and land. These vertiports necessitate specialized amenities like charging stations, landing platforms, and passenger facilities.
Additionally, developing airspace management systems is essential to ensure both safety and efficiency during operations. The rapid expansion of UAM infrastructure, driven by the increasing demand for sustainable transportation, should also help reduce traffic congestion.
The Growth of Autonomous Aircraft
The autonomous segment is another high-growth area. Unmanned aircraft technology has emerged as a safe and reliable future transportation method, capable of alleviating urban traffic congestion and enhancing city accessibility. Recent advancements enable automated navigation, successful takeoffs, and landings, ensuring a safe, reliable, and continuous mode of transport. As regulations and infrastructure develop, the adoption of autonomous aircraft in UAM will significantly transform urban transportation.
Ridesharing Companies to Benefit from Growth of UAM
Ridesharing firms are planning to use drones or VTOL planes to ensure customers travel fast and easily across the sky. The spread of ridesharing companies within an urban air mobility system heralds a time when flying cabs will dominate our skies as on-demand aerial transportation.
North America to Hold the Largest Share of the Market
During the forecast period, North America will have the highest CAGR and leading revenue by region. Several factors have fostered the growth of urban air mobility in this region including government support, increased demand for efficient transportation as well as numerous technological developments. North America continues to attract many leading aerospace companies and innovator firms on their quest to disrupt last-mile solutions.
The UAM market in North America is further bolstered by diverse applications such as air ambulances, cargo transport, and air taxis. This expected growth is poised to significantly transform transportation in the region.
List of Key Players
Notable players in this field include but not limited to Vertical Aerospace (UK), Textron Inc. (USA), Wisk Aero LLC (USA), and Airo Group Holdings, Inc. (USA). These comprise strong distribution networks and up-to-date manufacturing facilities in North America, Europe, Asia Pacific, Latin America, and the rest of the world.
Additional players include:
- Uber Technologies Inc. (U.S.)
- Airbus SE (Netherlands)
- Ehang (China)
- Safran SA (France)
- Volocopter (Germany)
- Lilium Aviation GmbH (Germany)
- Carter Aviation (U.S.)
- AIRSPACEX (U.S.)
- Aurora Flight Sciences (U.S.)
Where to Learn More
For additional information on this market, be sure to check out the comprehensive new report Global Air Mobility Market Size, Share & Trends Analysis by Factview Research. This report provides details on the global urban air mobility market size, forecast, segmentation, regional dynamics, industry trends, and competitive intelligence.
About Factview Research
Factview Research is committed to offering thorough and cutting-edge insights to companies in a variety of industries. With hundreds of published market research reports available, Factview Research not only covers big and disruptive technologies, but also the new and niche markets that offer high growth potential.