Urban Air Mobility Market to Grow at a CAGR of 30.2% in the Forecast Period of 2024-2030

The Urban Air Mobility Market size was valued at USD 2.99 Billion in 2023 and is expected to grow at a CAGR of 30.2 % from 2024 to 2030, reaching nearly USD 18.99 Billion.

Urban Air Mobility Market Overview:

Urban Air Mobility (UAM) is transforming city transportation by introducing electric Vertical Take-Off and Landing (eVTOL) aircraft and drones to navigate urban landscapes. This innovative approach aims to alleviate traffic congestion, reduce carbon emissions, and provide efficient travel options for urban residents. With projections indicating that 60% of the global population will reside in urban areas by 2030, the demand for sustainable and effective transportation solutions has never been more critical. ​

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Urban Air Mobility Market Dynamics

The UAM market is experiencing rapid growth, driven by technological advancements in electric propulsion, autonomous flight systems, and battery efficiency. Companies such as Airbus have been at the forefront since 2014, developing comprehensive urban air mobility services that integrate cutting-edge aerial vehicles with necessary infrastructure and digital platforms. Additionally, collaborations between aerospace giants and tech firms are accelerating the development and deployment of eVTOL aircraft, signaling a significant shift in urban transportation paradigms.​

Urban Air Mobility Market Outlook and Future Trends :

The future of UAM is poised for substantial expansion, with market valuations expected to reach USD 49.09 billion by 2032, growing at a compound annual growth rate (CAGR) of 31.1% from 2024 to 2032. Key trends include the integration of AI and machine learning for autonomous navigation, advancements in battery technology to enhance flight range, and the development of vertiports to facilitate take-offs and landings within urban centers. Moreover, regulatory frameworks are evolving to ensure the safe and efficient integration of UAM into existing airspace systems.​

Key Recent Developments

Vietnam and Thailand: While specific mergers and acquisitions in Vietnam and Thailand are currently limited, these countries are observing the global UAM advancements and assessing potential collaborations to integrate similar technologies into their urban landscapes.​

Japan: In November 2024, Soracle, a joint venture between Japan Airlines and Sumitomo Corporation, announced an agreement to purchase up to $500 million worth of electric aircraft from Archer Aviation, marking a significant investment in Japan's UAM sector. ​

South Korea: In March 2023, Kakao Mobility, a leading South Korean mobility technology company, committed to a pre-order of up to 50 VX4 aircraft from Vertical Aerospace, expanding its footprint in the UAM market. ​

Singapore: Volocopter conducted a successful air taxi demonstration over Singapore's Marina Bay in October 2019, showcasing the potential of UAM in the region. However, by November 2023, the launch of Volocopter's air taxi operations in Singapore was put on hold indefinitely due to challenges in securing local funding partners. ​

United States: In April 2023, Joby Aviation secured an additional $55 million extension of its contract with the United States Air Force under the Agility Prime program, increasing the total potential value to $131 million. This contract includes the supply and operation of up to nine five-seat aircraft. ​

Europe: In March 2023, Lilium Aviation GmbH partnered with Swiss-based Air-Dynamic SA, leading to the purchase of up to five Lilium Jets, indicating Europe's commitment to advancing UAM technologies.

Urban Air Mobility Market Segmentation

by Platform

Air Taxis
Air Shuttles and & Air Metro
Personal Air Vehicles
Cargo Air Vehicles
Air Ambulance & Medical Emergency Vehicles
Last-mile Delivery Vehicles

by Platform

Operation Piloted
Autonomous

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Some of the current players in the Urban Air Mobility Market are:

1. Airbus
2. Airspacex
3. Aurora Flight Sciences
4. Carter Aviation
5. Embraer SA
6. EHang
7. Jaunt Air Mobility Corporation
8. Joby Aviation Inc.
9. Kitty Hawk
10. Lilium
11. Neva Aerospace
12. Opener
13. Pipistrel Group
14. Safran SA

Urban Air Mobility Market Conclusion

Urban Air Mobility stands at the forefront of redefining urban transportation, offering innovative solutions to contemporary mobility challenges. As technological advancements continue and strategic partnerships flourish, UAM is set to become an integral component of urban landscapes worldwide, enhancing connectivity and promoting sustainable development.​

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