Press release
Air Taxi Market Set to Reach $71.33 Billion by 2029 with 9.9% Yearly Growth
Air Taxi Market Size
The surge in traffic congestion is predicted to accelerate the expansion of the air taxi market in the future. Traffic congestion alludes to a spot significantly overwhelmed with vehicles or individuals. With the rise in road blockage, air taxis have introduced a novel revenue stream for airports, airlines, cities, hotels, and other related businesses, offering a fresh method for passengers and parcels to reach their destination punctually. For example, INRIX, a leading provider of transportation analytics solutions in the US, published a report stating that the 2023 Global Traffic Scorecard noticed and ranked the development and shift trends in micromobility use, revealing an 8.3% growth from 2022 to 2023, followed by an 8.6% surge in the first quarter of 2024 relative to the first quarter of 2023. Consequently, heightened traffic congestion is fueling the advancement of the air taxi market.
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What Is the projected market size and growth rate for the air taxi market?
In recent times, the air taxi market has seen robust growth. Its size, projected to be at $44.62 billion in 2024, is expected to rise to $48.86 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.5%. Factors such as increasing urbanization and traffic congestion, a higher need for time-effective commuting, progress in urban air mobility (UAM), emerging tech and infrastructural advancements, as well as environmental concerns and sustainable mobility, have all contributed to the historical growth pattern.
It is anticipated that the air taxi market will experience significant expansion in the coming years, growing at a compound annual growth rate (CAGR) of 9.9% to reach $71.33 billion by 2029. The predictive growth in this period is likely to be driven by factors such as increasing urbanization and the expansion of mega-cities, the rising demand for mobility in populous areas, regulatory support and structure, shifts in consumer behavior, and collaborative efforts and partnerships. Key trends to watch for in this time period include the formation of collaborations and partnerships, public reception and customer assimilation, increased competition as more players enter the market, pressing environmental sustainability concerns, and the expansion and globalization of the market.
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How are the latest trends influencing the growth of the air taxi market?
The air taxi market has been dominated by technological innovations, with major players in the market focusing on the development of breakthrough technologies to solidify their market position. For instance, Wisk Aero, an American advanced air mobility company, introduced its 6th generation air taxi in October 2022. This new generation air taxi boasts a user-friendly design with minimized moving components, human flight control, and premier autopilot technology. Specifically conceived to be the inaugural vehicle of its type approved by the Federal Aviation Administration (FAA), the 6th generation air taxi exemplifies this trend perfectly.
What major market segments define the scope and growth of the air taxi market?
The air taxi market covered in this report is segmented -
1) By Aircraft Type: Multicopter, Quadcopter, Others Aircrafts
2) By Service: Air Taxi Platform Services, Air Taxi MRO Services, Air Taxi Pilot Training Services
3) By Propulsion Type: Parallel Hybrid, Electric, Turboshaft, Turboelectric
4) By Range: Intercity, Intracity
5) By Mode Of Operations: Optionally Piloted, Piloted
Subsegments:
1) By Multicopter: Electric Multicopters, Hybrid Multicopters, Passenger-Carrying Multicopters
2) By Quadcopter: Electric Quadcopters, Autonomous Quadcopters, Payload-Optimized Quadcopters
3) By Other Aircrafts: Fixed-Wing Aircraft, Hybrid VTOL (Vertical Takeoff and Landing) Aircraft, Rotorcraft
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Which region dominates the air taxi market?
North America was the highest region in the air taxi market in 2024. The regions covered in the air taxi market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the air taxi industry growth?
Major companies operating in the air taxi market include Hyundai Motor Company, The Boeing Company, Airbus SE, Zhejiang Geely Holding Group Co. Ltd., Textron Inc., Embraer S.A., 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., Lilium Air Mobility AG, Skyway Air Taxi, Talkeetna Air Taxi Inc., Joby Aviation Inc., SpaceRyde Inc., Okona Aero Inc., Vertical Aerospace Ltd.
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What Is Covered In The Air Taxi Global Market Report?
• Market Size Forecast: Examine the air taxi market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the air taxi market for a structured understanding.
• Key Players Overview: Analyze major players in the air taxi market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the air taxi market.
• Segment Contributions: Evaluate how different segments drive overall growth in the air taxi market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the air taxi market.
• Industry Challenges: Identify potential risks and obstacles affecting the air taxi market.
• Competitive Landscape: Review strategic developments in the air taxi market, including expansions, agreements, and new product launches.
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