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What's Driving the Advanced Air Mobility Market 2025-2034: Increasing Urbanization And Traffic Congestion Drive Growth In The Advanced Air Mobility Market
Advanced Air MobilityMarket Size
Over the past few years, the advanced air mobility market has experienced significant expansion. It is projected to escalate from a size of $9.66 billion in 2024 to $11.74 billion in 2025, marking a compound annual growth rate (CAGR) of 21.5%. The impressive growth during the historic period can be traced back to factors such as the surge in urban population, evolution of regulatory frameworks, increased participation of ride-sharing companies and logistics firms in urban air mobility solutions, infrastructural advancements, and growing environmental apprehensions.
The market for advanced air mobility is predicted to undergo incredibly rapid expansion in the forthcoming years, surging to a valuation of $25.3 billion by 2029. This growth showcases a compound annual growth rate (CAGR) of 21.2%. Several factors could contribute to this rapid growth in the forecast period. These might include the establishment of comprehensive regulatory frameworks, the development and activation of vertiports, charging posts, and maintenance facilities, the growth of urban air mobility services and pathways, the lowering of costs through mass production and technological upgradation, and a rise in public confidence in air mobility solutions as these become more mainstream and dependable. The forecast period is also likely to see several key trends such as the evolution of propulsion systems, fast-charging technology advancements, continuous improvements to autonomous flight systems, the creation of lightweight but sturdy materials, and original, innovative aerodynamic design.
What Is Stimulating Growth in the Advanced Air Mobility Market?
The rise in urban populations and an increase in traffic congestion in major hubs are anticipated to stimulate the advanced air mobility market's expansion. Such urbanization and congested traffic are a result of varied factors, including population growth, footsteps towards economic progress, insufficient public transportation structures, and increased rates of private vehicle ownership. Advanced air mobility comes into play as a solution to these problems by offering effective and instant air transportation, reducing dependence on terrestrial vehicles. To illustrate, the World Bank stated in October 2022 that over half the global population dwelled in urban settings. Predictions for 2045 include increasing this urban populace by one and a half times to encompass 6 billion. Additionally, a report by the Federal Highway Administration in June 2024 suggested an increase of 1.3%, or 3.8 billion vehicle miles traversed on all roads and streets in May 2024 versus the corresponding month the previous year. As such, the upward trend in urbanization and city traffic congestion will undoubtedly boost the advanced air mobility market.
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Which Businesses Are at the Forefront of Advanced Air Mobility Market Development?
Major companies operating in the advanced air mobility market are 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
What Are the Latest Innovations in the Advanced Air Mobility Market?
Leading players in the advanced air mobility market are focusing on the development of innovative technologies like the rotor fold-away system, aimed at expanding vehicle adaptability and enabling smooth shifts between air and terrestrial travel. This system allows for the retraction of the vehicle's rotors, making it easy to transition from road driving to flying. For instance, XPENG AEROHT, an industrial automation firm based in China, unveiled its fully electric vertical take-off and landing (eVTOL) flying car in October 2022. This ground-breaking vehicle is equipped for both flying and road travel, outfitted with a functional rotor fold-away system for effortless switching between both modes. The vehicle also stands out for its new flight control system featuring fault-tolerant functions and a safety-enhancing dual-engine backup system. Its design has been upgraded from a dual-rotor layout to a distributed multi-rotor setup, which has significantly reduced complexity while boosting reliability. Given the ability to navigate above traffic and bypass hurdles, it can vertically take off and land adhering to low-altitude airspace rules.
How Is the Advanced Air Mobility Market Segmented?
The advanced air mobility market covered in this report is segmented -
1) By Type: Air Taxis, Drones, Other Types
2) By Component: Hardware, Software
3) By Mode Of Operation: Piloted Mode Of Operation, Autonomous Mode Of Operation
4) By Propulsion Type: Parallel Hybrid Propulsion, Electric Propulsion, Turboshaft Propulsion, Turboelectric Propulsion
5) By Application: Cargo Transport, Passenger Transport, Mapping And Surveying, Special Mission, Surveillance And Monitoring, Other Applications
Subsegments:
1) By Air Taxis: Electric Vertical Takeoff And Landing (eVTOL) Aircraft, Hybrid VTOL Aircraft, Autonomous Air Taxis, Piloted Air Taxis
2) By Drones: Delivery Drones, Passenger Drones, Surveillance Drones, Cargo Drones
3) By Other Types: Personal Air Vehicles (PAVs), Regional Air Mobility (RAM) Aircraft, Unmanned Aerial Vehicles (UAVs)
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Where Is the Advanced Air Mobility Market Growth Most Prominent?
Europe was the largest region in the advanced air mobility market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced air mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Advanced Air Mobility Global Market Report?
- Market Size Analysis: Analyze the Advanced Air Mobility Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Advanced Air Mobility Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Advanced Air Mobility Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Advanced Air Mobility Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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