Advanced Air Mobility Market 2024: Innovations and Global Growth Trajectories

"The Business Research Company recently released a comprehensive report on the Global Advanced Air Mobility Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The advanced air mobility market size has grown exponentially in recent years. It will grow from $7.97 billion in 2023 to $9.66 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to the increased urban population, regulatory developments, growth in interest from ride-sharing companies and logistics firms in urban air mobility solutions, infrastructure development, rising environmental concerns.

The advanced air mobility market size is expected to see exponential growth in the next few years. It will grow to $20.89 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to full-scale regulatory frameworks and certification processes, significant development and deployment of vertiports, charging stations, and maintenance facilities, expansion of urban air mobility routes and services to more cities and regions, decreasing costs of air mobility vehicles and operations through mass production and technological improvements, increased public trust and acceptance of air mobility solutions as they become more common and reliable. Major trends in the forecast period include advanced propulsion systems, advancements in fast-charging technology, continued enhancement of autonomous flight systems, development of lightweight, durable materials, and innovative aerodynamic designs.

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Market Drivers and Trends:

The increasing urbanization and traffic congestion in major cities are expected to propel the growth of the advanced air mobility market going forward. Urbanization and traffic congestion refer to the increase in population in urban areas, leading to overcrowded roads and increased vehicular traffic. The increasing urbanization and traffic congestion are due to several factors, such as population growth, economic development, inadequate public transportation infrastructure, and the rise in private vehicle ownership. Advanced air mobility helps alleviate urbanization and traffic congestion by providing efficient, on-demand air transportation, reducing the reliance on ground-based vehicles. For instance, in October 2022, according to the World Bank, a US-based international financial institution, more than half of the world's population lives in metropolitan regions. By 2045, the urban population is expected to increase by 1.5 times, reaching 6 billion people. Furthermore, in June 2024, according to a report published by the Federal Highway Administration, a US-based government department, travel on all roads and streets increased by 1.3%, or 3.8 billion vehicle miles, in May 2024 compared to May 2023. Therefore, the increasing urbanization and traffic congestion in major cities will drive the advanced air mobility market.

Major companies in the advanced air mobility market are developing advanced technologies such as the rotor fold-away system to enhance vehicle versatility and facilitate seamless transitions between air and ground travel. The rotor fold-away system enables the vehicle's rotors to retract, allowing it to switch effortlessly between driving on roads and flying. For instance, in October 2022, XPENG AEROHT, a China-based industrial automation company, launched its fully electric vertical take-off and landing (eVTOL) flying car. This innovative vehicle is designed for both road driving and air flight, featuring a sleek rotor fold-away system for easy transition between the two modes. It boasts a new flight control system with fault-tolerant functions and a dual-engine backup for safety. The design has been optimized from a horizontal dual-rotor to a distributed multi-rotor configuration, reducing complexity and enhancing reliability. It can take off and land vertically, navigating over traffic and obstacles, subject to low-altitude airspace regulations.

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Major Key Players of the Market:

The Boeing Company, Airbus SE, Honeywell International Inc., Bell Textron Inc., Bristow Group Inc., Joby Aviation, Archer Aviation Inc., Lilium GmbH, Volocopter GmbH, Aurora Flight Sciences Corporation, Eve Air Mobility Inc., Wisk Aero LLC, Vertical Aerospace Ltd, Elroy Air Inc., Opener Inc., Urban Aeronautics Ltd, EHang Holdings Limited, Workhorse Group Inc., Pipistrel Co, The Helicopter Company

Advanced Air Mobility Market 2024 Key Insights:

• The advanced air mobility market size is expected to see exponential growth in the next few years. It will grow to $20.89 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%.
• Increasing Urbanization And Traffic Congestion Drive Growth In The Advanced Air Mobility Market
• Innovative Advancements In Advanced Air Mobility With The Rotor Fold-Away System
• Europe was the largest region in the advanced air mobility market in 2023

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