Urban Air Mobility [UAM] Market to be Worth USD 55 Billion by 2034
According to Prophecy Market Insights, the global urban air mobility [UAM] market size and share value is projected to grow from USD 3.4 Billion in 2024 and is forecasted to reach USD 55.0 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 32.10% during the forecast period (2024 - 2034).
Urban Air Mobility Market Report Overview
Urban Air Mobility refers to the integration of air transportation technologies into urban environments to facilitate the movement of people and goods. This emerging field encompasses a range of innovative transportation solutions, including electric vertical takeoff and landing (eVTOL) aircraft, flying taxis, and delivery drones.
The goal of UAM is to alleviate urban congestion, reduce travel times, and provide a more efficient and flexible transportation network within cities. As cities around the world face increasing population densities and traffic congestion, UAM presents a promising solution to these challenges by leveraging advancements in aerospace technology, automation, and electric propulsion.
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Some of the Key Market Players:
- Uber Technologies Inc.
- Airbus SE
- The Boeing Company
- Textron Inc.
- Safran SA
- Bombardier Inc.
- Embraer SA
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Analyst View:
Urban air mobility market is expanding quickly due to many game-changing variables. According to analysts, UAM represents a novel approach to urban transport that might have a substantial impact on the movement of people and products within cities.
Market Dynamics:
Drivers:
Urban Infrastructure and Integration Projects
- Cities are investing in the creation of vertiports (landing and takeoff pads for eVTOL aircraft), charging stations, and advanced air traffic management systems. These infrastructure projects are critical for enabling the smooth operation of UAM vehicles and integrating them into existing transportation networks.
Market Trends:
Technological Advancements in eVTOL Aircraft
- Innovations in electric propulsion, battery efficiency, and autonomous flight systems are making eVTOL aircraft more viable for urban transportation.
Recent Development:
- In November 2023, Eve Aviation Mobility revealed ambitions to introduce eVTOL aviation services in the United Arab Emirates and India via two new alliances unveiled at the Dubai Airshow. The aircraft maker further stated that it is providing urban air traffic management services to support any eVTOL operations globally in collaboration with the UK's NATS. This partnership with Eve Air Mobility demonstrates the dedication to alleviating India's traffic bottleneck in order to support the nation's economic success.
Regional Insights
- North America: In this region, the target market is advancing rapidly, driven by significant investments and a strong focus on technological innovation.
- Asia Pacific: In this region the target market is characterized by a strong focus on air taxis and last-mile delivery solutions. Major cities like Tokyo, Beijing, and Bangalore are exploring the deployment of UAM services to improve mobility and support economic growth.
Browse Detail Report on "Urban Air Mobility Market Size, Share, By Aircraft Type (Rotor Wing, Fixed Wing, and Hybrid Wing), By Infrastructure (Vertiports, Charging Stations, and Traffic Management Systems), By Operation (Piloted, and Autonomous), By Travel Range (Intercity, and Intracity), By Application (Air Taxi, Air Ambulance, Airport Shuttle, Last Mile Delivery, Personal Air Vehicle, and Air Metro), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Global-Urban-Air-Mobility-Market-4488
