With 16.77% CAGR, Urban Air Mobility Market to Worth USD 8.91 Billion by 2028
The urban air mobility market size was USD 2.90 billion in 2020 and is projected to grow from USD 3.01 billion 2021 to USD 8.91 billion in 2028 at a CAGR of 16.77% during the 2021-2028 period.
Pune, India, April 13, 2023 (GLOBE NEWSWIRE) — The global urban air mobility market size was USD 2.90 billion in 2020 and is projected to grow from USD 3.01 billion 2021 to USD 8.91 billion in 2028 at a CAGR of 16.77% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Urban Air Mobility Market, 2021-2028.” Factors such as increasing urbanization and degrading traffic conditions will boost the market during the forecast period. Also, rising demand for creating a faster, cleaner, safer, and interconnected transportation will fuel the growth of the market.
UAM refers to the use of electric vertical takeoff and landing (eVTOL) aircraft and other forms of aerial mobility in densely populated urban environments. Several cities around the world are also exploring UAM as a solution to their transportation challenges. Despite the potential of UAM, there are also significant challenges that need to be addressed, including regulatory hurdles, public acceptance, and infrastructure development.
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List of Key Players Profiled in the Urban Air Mobility Market Report:
- Textron Inc. (U.S.)
- 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.)
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 16.77% |
| 2028 Value Projection | USD 8.91 billion |
| Market Size in 2021 | USD 3.01 billion |
| Historical Data | 2017 – 2019 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Urban Air Mobility Market Growth Drivers | Growing Demand for Alternate Mode of Transport to Boost Market Growth |
| Demand for UAM Driven by Rising Demand for Green Solutions |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/urban-air-mobility-uam-market-106344
Segments
Vehicle Type, Range, Operation, End User, and Region are studied for the Market
Based on vehicle type, the market is segmented into air taxis, air metro, air ambulance, last-mile delivery, and others.
By range, the market is divided into intercity and intracity.
In terms of operation, the market is broken down into including piloted, hybrid, and autonomous.
By end user, the market is fragmented into ride-sharing companies, scheduled operators, e-commerce companies, hospitals and medical agencies, and private operators.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
COVID-19 Impact
COVID-19 Pandemic to Usher Unparalleled Challenges for the Market Leading to Limited Growth
The ongoing COVID-19 pandemic has significantly harmed the supply chain of the urban air mobility sector. Constant lockdowns and volatility in raw material pricing have hampered the development cycle for UAMs, further delaying launching of new products. Many dominant players have lost gross business revenues due to lockdowns and restrictions on people’s movements. These measures have led to delays in development and lower revenue generation for the prominent players.
Report Coverage
The report focuses on providing a detailed insight into the inner working of the urban air mobility sector by uncovering the segments and subsegments for the market. Factors such as R&D capabilities and optimization of the manufacturing process for the dominant players are covered. Besides, ongoing market trends and upcoming industry developments are noted. The report also focuses on several growth factors that have contributed for the growth of the market over the past years.
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Drivers & Restraints
Rising Demands for Green Solutions to Bolster Market Growth
Rising demand for alternative modes of transport and rocketing road traffic is expected to boost the urban air mobility market growth during the forecast period. Also, growing urban population and increasing growing urban population will fuel the growth of the market. Additionally, utilization of autonomous UAMs is expected to bore lower pollution, short travel times, and decrease demand on current transportation infrastructure. These factors will boost the market growth.
However, factors such as rising security concern, high initial investment, and limited government supportive in terms of regulatory framework will limit the market during the forecast period.
Regional Insights
North America to Hold Largest Market Share Due to Presence of Dominant Players
North America will capture the largest urban air mobility market share during the forecast period, owing to the increasing presence of dominant players coupled with rising adoption measures. Also, rising air traffic among residents will fuel the demand for air taxis and airport shuttle services. Factors such as last-mile and freight services coupled with eVTOL aircraft will boost the market growth.
Europe will register as the fastest-growing market during the forecast period due to the region being the breeding ground for a majority of technology innovations. Rising investment opportunities as well as the presence of prominent players will foster growth in the market.
Competitive Landscape
Product Development to be at the Forefront for Developing a Sustainable Market
The market for urban air mobility is still at a budding stage with the dominant players competing for capturing a larger consumer base. The market is expected to grow at a steady rate by strategies such as collaboration, mergers & acquisitions, and developing and launching novel products to capture an attentive audience. For example, in May 2021, Volocopter revealed the Voloconnect. It is an electric vertical take-off and landing aircraft (eVTOL), which is designed for connecting suburbs and cities. This product will integrate with Volocopter’s existing intra-city aircraft series.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic Urban Air Mobility Market
- Impact of the COVID-19 Pandemic on the Urban Air Mobility Market
- Steps were taken by Industry/ Companies/ Governments to overcome the impact
- Key Developments in the Industry in Response to COVID-19 Pandemic
- Potential opportunities due to COVID-19 Outbreak
- Urban Air Mobility Market Analysis, Insights and Forecast, 2021-2028
- Key Findings/Market Definitions
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Air Taxi
- Air Metros
- Air Ambulance
- Last Mile Delivery
- Others
- Market Analysis, Insights, and Forecast – By Range
- Intercity
- Intracity
- Market Analysis, Insights, and Forecast – By Operation
- Piloted
- Autonomous
- Hybrid
- Market Analysis, Insights, and Forecast – By End User
- Ride Sharing Companies
- Scheduled Operators
- E-Commerce Companies
- Hospitals and Medical Agencies
- Private Operators
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
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Key Industry Development:
- July 2021: Klein Vision Flying Car completed its maiden intercity trip. The ride was recorded at 35 minutes and took around 3 minutes to transform from a car to an aircraft.
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