USD 21.07 billion
Report ID: SQMIG25A2034 | Region: Global | Published Date: February, 2024 | Pages: 248 | Tables: 93 | Figures: 76
Global Urban Air Mobility (UAM) Market size was valued at USD 21.07 billion in 2021 and is poised to grow from USD 28.3 billion in 2022 to USD 28.3 billion by 2030, growing at a CAGR of 34.3% in the forecast period (2023-2030).
Ground transportation networks are being stressed to the breaking point by increasing urbanization and traffic. A faster, safer, more secure, and more interconnected transportation system could be created by taking urban air mobility into the third dimension. Due to ongoing projects and tests around the world, autonomous aircraft and flying cars are no longer the stuff of science fiction. With more than US$ 1 billion invested in the first few months of the pandemic, the UAM sector, which is still in its early stages, experienced significant growth. The two most notable investments were Guangzhou EHang Intelligent Technology Co. Ltd.'s US$ 650 million IPO value and Toyota's US$ 590 million in Joby Aviation. Additionally, the Federal Aviation Administration (FAA) collaborates with more than 15 manufacturers of eVTOL aircraft. Uber Air, Guangzhou EHang Intelligent Technology Co. Ltd, Volocopter GmbH, Joby Aviation, and Lilium GmbH all intend to launch commercial passenger operations within the following three to five years.
Globally, increasing intra city transportation demand is being driven by problems with traffic congestion, particularly in larger cities. Given that several start-ups and aerospace companies view it as a high-growth market, this is likely to increase focus on this technology development and R&D investment. These elements are therefore anticipated to fuel market growth during the projected period.
US Urban Air Mobility (UAM) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 21.07 billion
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Urban Air Mobility (UAM) Market is segmented based on vehicle type, range, end-user, and region. Based on vehicle type, the market is segmented into air metros, air taxis, air ambulance, last-mile delivery, and other. On the basis of range, the market can be bifurcated into Intercity, Intracity. Based on end-users, the market can be segregated into ride-sharing companies, scheduled operators, E-commerce companies, hospitals & medical agencies, private operators sub segments. The regional insights of the market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Urban Air Mobility (UAM) Market Analysis by Vehicle Type
Due to the increasing demand for emergency medical services, it was predicted that the air ambulance segment would be the largest segment. With pandemics, the demand for air ambulances to deliver medical care to people in remote areas has increased. The air taxis market will expand quickly between 2021 and 2028. Rapid technological advancements, such as those in prototype construction, are blamed for this growth. During the forecast period, the segment growth rate is expected to be fueled by a convergence of technologies including highly efficient batteries, sophisticated manufacturing techniques, and autonomous vehicles like self-driving cars. In the coming years, private transportation in urban areas will further augment the air taxi market.
Urban Air Mobility (UAM) Market Analysis by Range
The market is dominated by the intracity segment. The segment is expanding as a result of the increased population and migration from rural areas that is causing traffic congestion in the world's busiest cities, including New York, Munich, Rio de Janeiro, and Bengaluru. As a result, major airlines all over the world have started utilizing UAMs for intracity service.
Due to technological developments that have made urban air mobility a practical option, the intercity segment of the global market is anticipated to experience the highest growth. These aircraft are also outfitted with technology that enables them to fly between 50 and 250 km while carrying 2 to 4 passengers and 20 to 40 kg of hand luggage. These intercity aircraft also reduce travel times between cities in half. These aircraft are the only high-speed transportation options that don't require a lot of infrastructure. These characteristics are anticipated to increase or skyrocket demand for intercity aircraft, potentially accelerating the sub-market segment's growth over the course of the analysis period.
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With a market size of 1.19 billion, North America held the largest portion. Compared to other regions, the region is the market leader in this one. The Boeing Company's presence has also helped to foster a positive environment for the industry because the company is heavily investing in the development of prototypes for testing. In North America, the U.S. is setting the standard for adoption of this cutting-edge mode of transportation. Working together to develop and implement these technologies locally is a large number of American start-ups. Over the following five to six years, a schedule will be established for bringing the UAM into commercial use.
During the forecast period, Europe will experience the fastest growth. Although there have been advancements everywhere, the majority of these developments have been centered in Europe. In urban air mobility technology, the U.K., Germany, and France are making significant investments. Due to the fact that these companies are making significant investments in creating prototypes for testing, the presence of Airbus S.A.S. has also contributed to the favorable environment for this industry.
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Urban Air Mobility (UAM) Market Driver
Urban Air Mobility (UAM) Market Restraint
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In coming years, a number of companies will try to deploy their UAM systems through partnerships and collaborations as the market is still in its early stages. However, there is still a great deal of preparation needed for the required infrastructure and air traffic control. The participants have joined forces with a number of other businesses or institutions that can offer the necessary technologies.
Top Players in the Global Urban Air Mobility Market
Urban Air Mobility (UAM) Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global urban air mobility (UAM) market is segmented based on vehicle type, range, end-user, and region. Due to the increasing demand for emergency medical services, it was predicted that the air ambulance segment would be the largest segment. The market is dominated by the intracity segment. Due to technological developments that have made urban air mobility a practical option, the intercity segment of the global market is anticipated to experience the highest growth. With a market size of 1.19 billion, North America held the largest portion. Compared to other regions, the region is the market leader in this one.
|Market size value in 2021
|USD 21.07 billion
|Market size value in 2030
|USD 28.3 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Urban Air Mobility (UAM) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Urban Air Mobility (UAM) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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