Press release
Air Taxi Market Expansion Outlook: $70.64 Billion in 2029
Air Taxi
What Is the Projected CAGR for the Air Taxi Market from 2024 to 2025?
The market for air taxis has seen significant expansion in the past few years. The size of this market is projected to increase from $44.62 billion in 2024 to $48.62 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.0%. This growth trajectory in the historical period can be linked to factors including urban growth and traffic gridlocks, increased interest in time-effective travel, urban air mobility (UAM) enhancements, evolving technologies and infrastructure, concerns about the environment, and sustainable mobility approaches.
What are the Expected Market Size and CAGR for Air Taxi by 2029?
The air taxi sector is projected to witness significant expansion in the following few years, with an expected value of $70.64 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 9.8%. This projected growth within the forecast timeframe can be linked to factors such as the surge in urbanization and growth of megacities, rising demands for mobility due to population growth, evolving regulatory support and policies, changing consumer tastes, and various collaborations and partnerships. The forecast period will likely be marked by collaboration and partnership trends, public perception and customer adoption, the advent of new players and increased market competition, emphasis on environmental sustainability, and the market's worldwide reach and expansion.
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Which Factors Are Driving the Global Air Taxi Market Expansion?
The rise in traffic congestion is projected to fuel the expansion of the air taxi market. Traffic congestion pertains to an area heavily burdened with traffic or crowds. As road congestion continues to worsen, air taxis have unveiled a new business avenue for airports, airlines, cities, hotels, and other industries, providing a novel method to ensure punctual arrivals of passengers and deliveries. For instance, a report from INRIX, an American leader in transportation analytical solutions, revealed in their 2023 Global Traffic Scorecard that there's a growing trend in micromobility use, showing an 8.3% rise from 2022 to 2023 and a growth of 8.6% in Q1 2024 compared to Q1 2023. Hence, the escalating traffic congestion is propelling the air taxi market's expansion.
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Which Segment Currently Holds the Largest Share 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
Which Major Trends Are Shaping the Future of the Air Taxi Industry?
The surge in technological advancements is noticeable as a major trend in the air taxi sector. Big firms in the air taxi industry are focusing on creating advanced technologies to solidify their standing within the market. Consider the case of Wisk Aero, a leading air mobility company in the US, that unveiled its 6th-gen air taxi in October 2022. The newly launched air taxi boasts unique features like a streamlined design with a reduced number of functioning parts, human flight control, and top-tier autopilot technology. The 6th-gen air taxi is also distinctively designed to be the inaugural vehicle of this type to receive certification from the Federal Aviation Administration (FAA).
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Which Key Players Dominate the Air Taxi Industry Globally?
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.
What Are the Fastest-Growing Regions in 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.
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