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Urban Air Mobility Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Urban Air Mobility Market Trends
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According to The Business Research Company's, The urban air mobility market size has grown exponentially in recent years. It will grow from $3.62 billion in 2023 to $4.38 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to urban development and smart city initiatives, infrastructure modernization, demand for time-saving transportation, advancements in electric propulsion systems, rise of ride-sharing and mobility services.
The urban air mobility market size is expected to see rapid growth in the next few years. It will grow to $8.8 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to data-driven operations and safety measures, investment and funding opportunities, public acceptance and perception, demand for aerial ride-sharing services, infrastructure development for vertiports. Major trends in the forecast period include popularity of e-VTOLs, air traffic management solutions, focus on noise reduction, integration of AI and automation, urban infrastructure adaptations, user experience and accessibility.
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Market Drivers and Trends:
The rising investment in the urban air mobility market is expected to boost the demand of the market. There are many R and D investments in the urban air mobility industry, with many aerospace companies eyeing the urban air mobility market with high growth potential. For instance, according to American Airlines, a major airline headquartered in America, in June 2021, American Airlines Inc., announced it will invest in Vertical Aerospace. As part of the investment, American has agreed to pre-order, up to 250 aircraft, representing a potential pre-order commitment of $1 billion, and an option to order an additional 100 aircraft. American Airlines also expect to make a $25 million investment through private investment in public equity (PIPE) transaction in vertical. Therefore, the rising investment in the urban air mobility market is expected to boost its demand.
Major companies operating in the urban air mobility market are focused on developing innovative products such as vertiport management system to increase their profitability in the market. A Vertiport Management System (VMS) for Urban Air Mobility (UAM) is a comprehensive framework managing facilities dedicated to vertical takeoff and landing (VTOL) aircraft, including eVTOL vehicles and drones, incorporating infrastructure, technologies, and processes for efficient operation. For instance, in November 2023, ANRA Technologies, a US-based company offering complete solutions for drone operators and airspace management launched Vertiport Management System (VMS). The VMS, a flexible online platform, fills a crucial digital technology void in overseeing vertical takeoff and landing air mobility aircraft at vertiports. Its microservice structure accommodates diverse vertiport layouts, works with any aircraft, and links seamlessly with existing air traffic management systems. ANRA's airspace management services enable UAM operators to efficiently manage their entire flight process with a comprehensive suite of tools. The VMS, through intelligent data exchange, plays a vital role in ensuring the secure arrival and departure of UAM aircraft.
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Major Key Players of the Market:
Hyundai Motor Co, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Honeywell International Inc., Uber Technologies Inc., Safran SA, Textron Inc., Embraer SA, Bell Textron Inc., Volocopter GmbH, Wisk Aero LLC, Joby Aero Inc., Terra Drone Corp, Airspace Experience Technologies Inc., Terrafugia Inc., Jetson Electric Bikes LLC., Fortem Technologies Inc., Karem Aircraft Inc., Urban Aeronautics Ltd., SkyDrive Inc., Lilium GmbH, EHang Holdings Limited, Carter Aviation Technologies, Jaunt Air Mobility LLC, hopFlyt Inc., EHang Intelligent Technology Co Ltd., Guangzhou EHang Intelligent Technology Co Ltd., Passenger Drone Research Private Limited, Archer Aviation Inc., Opener Inc., ElectraFly LLC
Urban Air Mobility Market 2024 Key Insights:
• The urban air mobility market size is expected to see rapid growth in the next few years. It will grow to $8.8 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%.
• Exploring The Urban Air Mobility Investment Boom
• Anra's Vertiport Solutions For Urban Air Mobility
• North America was the largest region in the urban air mobility market in 2023
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