Urban Air Mobility (UAM) Market to Reach $30.7 Billion, Globally, by 2031 at 30.2% CAGR: Allied Market Research
Growing traffic congestion issues, demand for urban air mobility (UAM)solutions from the medical sector, an increase in research and development of UAM, and the adoption of strategies such as product launches and acquisitions drive the global urban air mobility market.
PORTLAND, Ore., Nov. 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Urban Air Mobility (UAM) Market by Platform (Air Taxis, Air Shuttles and & Air Metro, Personal Air Vehicles, Cargo Air Vehicles, Air Ambulance & Medical Emergency Vehicles, Last-mile Delivery Vehicles), by Platform Opeations (Piloted, Autonomous), by Range(Intercity, Intracity), by Platform Architecture (Rotory Wing, Fixed Wing Hybrid): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global urban air mobility industry generated $2.3 billion in 2021, and is estimated to reach $30.7billion by 2031, witnessing a CAGR of 30.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers and Opportunities
Growing traffic congestion issues and the demand for urban air mobility solutions from the medical sector drive the growth of the global urban air mobility market. However, high initial investment cost of urban air mobility hamper the market growth. On the other hand, an increase in research and development of UAM and adoption of strategies such as product launches, mergers & acquisitions, collaborations, partnerships, and refurbishing of existing technology present new opportunities for the market in the coming years.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic affected various industries around the globe including the urban air mobility market. China is the leading producer and exporter of urban air mobility vehicles. However, as the pandemic originated there, the country's export was affected, leading to a decline in urban air mobility production.
- The demand for air mobility vehicles was greatly reduced owing to the import-export restrictions, closed borders, and supply chain disruptions due to the pandemic.
- Economic slowdown affected the setup of new urban air mobility projects across the world as the majority of government funding was diverted towards healthcare sector, owing to the rapid spread of the COVID-19 virus, thereby affecting the market growth.
- However, with the pandemic situation improving now, the UAM market has stabilized and is gaining traction.
The air taxis segment to rule the roost during the forecast period
Based on platform, the air taxis segment was the largest market in 2021, contributing to nearly two-fifths of the global urban air mobility market, and is expected to maintain its leadership status during the forecast period. The growth of air taxis segment over the forecast period is attributed to favorable features of air taxis such as their well-designed aircrafts and ability to travel short distances. Furthermore, they can also extend their service to isolated areas with poor road infrastructure. On the other hand, the last-mile delivery vehicles segment is projected to witness the fastest CAGR of 31.1% from 2022 to 2031.The segmental growth can be attributed to employment of aerial delivery drones to complete the final mile delivery of goods is a result of the growing need to increase delivery efficiency and reduce delivery time. Additionally, the growth of the segment is due to the introduction of superior UAM vehicles.
The autonomous segment to maintain its dominance during the forecast period
Based on platform operations, the piloted segment held the largest market share of nearly three-fifths of the global urban air mobility market in 2021. However, the autonomous segment is expected to maintain its dominance and is projected to witness the largest CAGR of 33.1% from 2022 to 2031. This growth is majorly driven by reduced human errors and more accuracy facilitated by aircraft operations, owing to increased autonomy, novel innovations in artificial intelligence (AI), and increased cost savings in the aviation sector worldwide.
The intracity segment to maintain the fastest growth during the forecast period
Based on range, the intercity segment held the largest market share of more than two-thirds of the global urban air mobility market in 2021, and is expected to maintain its dominance during the forecast period. This is because technological developments are now making UAMs a realistic possibility. However, the intracity segment is projected to witness the highest CAGR of 35.2% from 2022 to 2031. Key factors such as the dramatically growing traffic congestion in the busiest cities of the world namely New York, Munich, Rio de Janeiro, and Bengaluru, owing to the increasing population and migration of people from rural areas is expected to fuel the growth of the segment.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific was the largest market in 2021, capturing more than two-fifths of the global urban air mobility market, and is expected to lead the trail during the forecast period. This is due to the increasing road traffic congestion in urban areas and the demand for fast transportation in the region. However, the market in Europe is projected to manifest the fastest CAGR of 31.4% during the forecast period. Countries in this region, including Germany, the United Kingdom, and France are making significant investments in the creation and acquisition of cutting-edge UAM systems for use in commercial operations. Moreover, the urban air mobility market in Europe is expanding as a result of rising levels of automation and globalization in these nations. Due to the strong presence of major corporations and numerous initiatives regarding urban air transportation by the government in Europe, the market is anticipated to experience substantial expansion over the course of the forecast period.
Access the Statistical Data and Graphs, Key Players Strategies –https://bit.ly/3zIB2wX
Leading Market Players:
- Ehang AAV
- Lilium Gmbh
- Airbus SE
- Wisk Aero LLC
- Bell Textron Inc.
- Volocopter GmbH
- Workhorse Group Inc.
- Joby Aviation.
- Kitty Hawk Corporation
- Archer Aviation
- WH Group Limited
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SOURCE Allied Market Research
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