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Air Taxi Market Growth, Trends & Forecast 2024-2033
Air Taxi Market Growth
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According to The Business Research Company's, The air taxi market size has grown strongly in recent years. It will grow from $41.28 billion in 2023 to $45.4 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to urbanization and traffic congestion, rising demand for time-efficient travel, advancements in urban air mobility (UAM), emerging technologies and infrastructure, environmental concerns and sustainable mobility.
The air taxi market size is expected to see strong growth in the next few years. It will grow to $65.25 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to increased urbanization and megacity growth, growing population mobility needs, regulatory support and frameworks, evolving consumer preferences, collaborations and partnerships. Major trends in the forecast period include collaborations and partnerships, customer acceptance and public perception, market competition and entry of new players, environmental sustainability, market expansion and global reach.
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Market Drivers and Trends:
Increased traffic congestion is expected to boost the growth of the air taxi market going forward. Traffic congestion refers to a location that is extremely congested with traffic or people. With increasing road congestion, air taxis have created a new line of business for airports, airlines, cities, hotels, and other businesses, providing a new way for passengers and packages to arrive on time. For instance, according to the report published by INRIX, a US-based leader in transportation analytics solutions, the 2021 Global Traffic Scorecard identified and ranked congestion and mobility trends in over 1,000 cities across 50 countries as the COVID-19 pandemic continued to cause economic and social disruption. The average American driver lost 36 hours due to traffic congestion, a 10-hour increase from 2020 but 63 hours less than pre-pandemic levels. In 2021, Americans lost 3.4 billion hours due to traffic congestion. Therefore, increased traffic congestion is driving the growth of the air taxi market.
Technological advancements have emerged as the key trend gaining popularity in the air taxi market. Major companies operating in the air taxi market are developing innovative technologies to strengthen their position in the air taxi market. For instance, in October 2022, Wisk Aero, a US-based advanced air mobility company, launched its 6th generation air taxi. Some of the unique features of the 6th generation air taxi include a simplified design with fewer moving parts, human flight control, and industry-leading autopilot technology. The 6th generation air taxi is specifically designed to be the first vehicle of its kind to be certified by the Federal Aviation Administration (FAA).
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Major Key Players of the Market:
Hyundai Motor Company, The Boeing Company, Airbus SE, Uber Technologies Inc., Zhejiang Geely Holding Group Co. Ltd., Beechcraft Corporation, Textron Inc., Bombardier Transportation Ltd., Dassault Systèmes S.A., Embraer S.A., Cessna Aircraft Company, Beta Technologies Inc., Volocopter GmbH, Wisk Aero LLC, Skyports AeroSystems Ltd., Archer Aviation Inc., Neva Aerospace Ltd., Ehang Inc., Jaunt Air Mobility LLC, Zeva Aero Inc., Kitty Hawk Corporation, Lilium Air Mobility AG, FAAC AG, Nurol Holding Inc., Skyway Air Taxi, Talkeetna Air Taxi Inc., Joby Aviation Inc., SpaceRyde Inc., Okona Aero Inc., Vertical Aerospace Ltd.
Air Taxi Market 2024 Key Insights:
• The air taxi market size is expected to see strong growth in the next few years. It will grow to $65.25 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Air Taxi Market Poised For Growth Amid Rising Traffic
• Air Taxi Market Surges With Technological Advancements
• North America was the highest region in the air taxi market in 2023
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