How is Road Congestion in Major Cities Driving Urban Air Mobility Market? Top Key Players are Kitty Hawk, Volocopter GmbH, Airbus SE, Textron, Airspace Experience Technologies (ASX), Boeing

The traffic on roads is increasing at a rapid pace day-by-day. These days, people are able to afford vehicles easily and the number of public transport vehicles has also risen considerably in the past few years on account of the growing population. Road congestion is a major problem in urban and highly populated cities, and results in wastage of time and also impacts economic growth. Take for instance the situation in the U.S., where people spend about 90 hours in traffic jams each year, on an average. This increases the transportation expenditure of people by more than $1,000. The situation is same, if not much worse, in countries such as China and India.

Urban Air Mobility (UAM) Market Key Players are:
1- Kitty Hawk
2- Volocopter GmbH
3- Airbus SE
4- Textron
5- Airspace Experience Technologies (ASX)
6- Boeing

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As per a report by P&S Intelligence, the global urban air mobility market is predicted to reach $895.0 million by 2023, and it is expected to generated a revenue of $6,889.4 million by 2030, advancing at a 33.9% CAGR during the forecast period (2023-2030). Among passenger and cargo aircraft type, the larger demand in 2023 is projected to be registered for passenger flights. Air taxi, air ambulance, and airport shuttle come under UAM passenger flights. These services are expected to be available for both intercity and intracity commuting. At the present time, aircrafts are being developed for intracity travel due to the strict regulations and limitations in battery technology.

In the coming years, North America is expected to emerge as the largest urban air mobility market in throughout the time period 2023-2030. This is due to the fact that major cities in the U.S. are registering high traffic congestion, which, in turn, would result in the rapid adoption of airport shuttle and taxi services. Apart from this, the demand for UAM services is also predicted to rise considerably in Europe in the coming years, which is ascribed to the heavy investments in the domain by France and Germany for procuring the eVTOL technology for commercial applications.

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Market Segmentation by Aircraft Type
o Passenger
o Air taxi
o Airport shuttle
o Air ambulance
o Cargo
Market Segmentation by Range
o Intracity
o Intercity
Market Segmentation by Operation Type
o Piloted
o Autonomous

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