Surge in road traffic in major cities promotes the Global Urban Air Mobility Market
The global Urban Air Mobility Market was worth USD 5.3 billion in 2020, and it is predicted that it will reach a valuation of USD 15.2 billion by 2025 at a CAGR of 11.33% during the outlook period.
Urban Air Mobility (UAM) is known to provide safe and efficient transportation facilities for people using autonomous and maneuvered aircraft for intercity travel. The UAM market is growing several times as it can be used for weather monitoring, multitasking, package delivery, rescue, ground traffic assessment, news gathering, medical evacuation, and passenger transport.
In January 2020, Uber Technologies Inc. partnered with Hyundai Motor Company to provide a shared ride service through Air Taxi. This partnership makes Hyundai the first automaker to participate in Uber's Elevate initiative.
In December 2019, Kitty Hawk launched a Wisk joint venture with the Boeing Company to develop and manufacture Cora, a two-person fully electric flying eVTOL air taxi. Kitty Hawk initially plans to begin serving in New Zealand.
Market Drivers and Restrains:
The growing demand for alternative transportation is one of the key factors driving the growth of the Urban Air Mobility (UAM) market. Also, road traffic has increased due to population growth, creating favorable opportunities for the growth of the global urban air mobility market. Range-based inter-city divergence is supposed to witness faster growth in the urban air mobility market as the fury of electric vertical take-off and landing aircraft rises alongside technological advancements in batteries, airframe and engines. One of the main factors driving the urban air mobility market is the increase in road traffic in densely populated cities, which is a waste of time and affects economic growth. Besides, the number of road traffic fatalities has risen dramatically in recent years as the number of vehicles on the roads has increased, especially in developing countries such as Indonesia, India and China.
This will eventually increase the demand for autonomous aviation mobility, which is expected to help the market thrive. Population growth has led to increased road traffic, creating favorable opportunities for the growth of the global urban air mobility market. Furthermore, due to the rapid depletion of natural resources, there is a growing interest in environmental sustainability. However, the increasing development of technology for people less operations and increased government funding may offset the impact of constraints. This has had a positive impact on the global urban air mobility market, driving growth. The downside is that there are several constraints that can hamper the growth of the urban air mobility market. Additionally, high manufacturing costs and strict regulatory procedures can limit market expansion.
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Report is segmented as:
On the basis of the components, the urban air mobility market has been segmented into infrastructure and platforms. The platform segment is expected to grow at a higher CAGR during the outlook period due to increased investments from various eVTOL manufacturers.
On the basis of operations, the urban aviation mobility market has been segmented into pilot and autonomous. The autonomous sector is expected to lead the market during the forecast period, as autonomous eVTOLs are better suited for passenger and cargo transport and are expected to be increasingly used for intercity transport.
Europe is expected to show the highest growth during the outlook period. This is due to an increase in the number of urban air mobility projects in the region and greater investment in transport activities. France and Germany are supposed to generate the highest revenues in the region's urban air mobility market due to their high investment in the development of advanced eVITOL systems. Furthermore, increasing automation in European countries has stimulated market expansion.
Key market players:
Key players in the global urban air mobility industry are Airbus SE, The Boeing Company, Textron Inc., Uber Technologies Inc., Kitty Hawk Corp., Zipline Inc., Lilium GmbH, Volocopter GmbH, EHang Holdings Ltd. And Technologies of experience in the airspace. Inc.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
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