DELRAY BEACH, Fla., Sept. 12, 2024 /PRNewswire/ -- The Urban Air Mobility Market is estimated to be USD 4.6 billion in 2024 and is projected to reach USD 41.5 billion by 2035 at a CAGR of 12.1% from 2024 to 2030 according to a new report by MarketsandMarkets. The Platform Volumes are expected to grow from 61,479 units in 2024 to 519,370 in 2030 to 875,438 units in 2035. Rapidly developing cities and increased road congestion in large towns create a need for alternative transportation. UAM is one answer to the development of ways to cut congestion, with a fleet of options that take faster and more direct routes through the air. Growing populations in urban areas further develop the need for additional transportation infrastructure, making UAM an extremely attractive option for planners and developers alike. Besides, UAM vehicles, particularly eVTOL aircraft, are considered green machines, which correspond to combustion engine vehicles, to reduce emissions. Besides, the eVTOLs have been designed to keep noise lower than helicopters so as not to cause noise pollution in urban areas, which is a great concern.
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Browse in-depth TOC on "Urban Air Mobility Market"
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409 - Pages
Urban Air Mobility Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 4.6 billion |
Estimated Value by 2035 | $ 41.5 billion |
Growth Rate | Poised to grow at a CAGR of 12.1% |
Market Size Available for | 2020-2035 |
Forecast Period | 2024-2035 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By solution, mobility type, platform architecture, range, mode of operation, end user |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Cybersecurity concerns |
Key Market Opportunities | Growing demand for shorter travel time and efficient transportation |
Key Market Drivers | Rise in urban congestion |
By solution, the platform segment is projected to hold a larger market share during the forecast period.
By solution, the platform segment is expected to hold the larger market share across the forecast period. The platform segment is expected to do this because of its significance in UAM systems, including all key technologies like eVTOL aircraft and related systems. Because these technologies are improving daily and many companies are entering the market, the requirement for advanced platforms is increasing. In the initial years of the development of UAM, much emphasis will be laid on the development and deployment of these enabling core technologies, which are critical for the launch of UAM services. This focus places them larger market share during the forecast period than infrastructure.
By mode of operation, the autonomous segment is expected to grow the most during the forecast period.
The segment of the autonomous system is anticipated to surge in the forecast period, as rapid development has been noted in artificial intelligence, machine learning, and sensor technology that upsurges its capability and safety. These technological improvements thus provide higher viability and efficiency in autonomous flight. Autonomous systems also reduce operations costs because there is no requirement for retaining pilots on board, thus reducing labor costs and operational simplification. Therefore, the capability of UTM to handle multiple flights with a minimum of human intervention supports scalability and prepares this capability for high demand in Urban Air mobility.
By end users, Ride Sharing Companies are projected to lead during the forecast period.
Ride-sharing companies are expected to be the leaders in the UAM market, as it is where demand for quick, easy urban transportation will be met. UAM presents a new interface: fast, straight aerial routes smoothly embedded into companies' core services. Their pre-established platforms, great customer bases, and experience with operations- especially in the management of on-demand services- make for a good platform where integration of the UAM solution can be affected. The already-standing infrastructure will enable these ride-sharing firms to scale and deploy air taxi services quickly by tapping into existing resources and networks by using proven capabilities of adaptability and innovation that have been expressed in the transportation sector. Also, experience in the Regulatory Environments and Building Customer Trust will be a basis for the adoption and acceptance of UAM; thus, having leading positions on the front line for leading the new market.
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North America holds the highest growth rate in the region for the Urban Air Mobility market.
Among the UAM markets, North America stands apart with its vast venture capital and private investments in technology and infrastructure. Because of this, the development and deployment of UAM industry solutions are going very rapidly. The development of necessary infrastructures like vertiports and charging stations is going fast, especially in major US cities and metropolitan areas, forming a strong backbone to support and scale up UAM services in this region. This dire need for options for more efficient transportation is greatly brought about by the high levels of congestion in these urban centers. UAM tends to meet this demand through aerial routes that are faster and more direct than any ground route will ever be, and which could eventually help alleviate road congestion-which makes the prospect quite promising for urban mobility. All these factors combined, along with a strong investment environment and continuous infrastructural development, make North America one of the front runners in the UAM market, with a high growth rate and considerable market share.
Urban Air Mobility Companies Lilium Aviation Gmbh (Germany), Archer Aviation Inc. (US), Eve Holdings, Inc. (Brazil), Airbus (France), and Ehang (China) are key players offering solutions applicable to and are keen on addressing key factors to reduce the urban congestion across North America, Europe, Asia Pacific, the Middle East, and the Rest of the World.
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