Urban Air Mobility Market Overview
The urban air mobility market is projected to grow to USD 17,269.71 million by 2035, registering a CAGR of 17.81% during the forecast period (2021-2035). The growing traffic congestion issues, especially in larger cities, globally, are propelling the need for faster modes of intracity transportation. In this regard, the urban air mobility concept is gaining importance. There are many R&D investments in the urban air mobility industry, with many start-ups and aerospace players eyeing this market as one of the high growth potentials. With the growing emphasis on environmentally friendly and economically sustainable technologies in mobility, players are mainly focusing on developing eVTOL (electric Vertical Takeoff and Landing) aircraft, whereas other players are looking beyond electricity to alternative energy sources, like hydrogen fuel cells. Therefore, such factors are expected to drive the growth of the market in focus during the forecast period.
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Urban Air Mobility Market – Geographical Overview
North America and Europe to be at the forefront of the UAM Revolution
The presence of aerospace giants Boeing and Airbus has also helped foster a favorable environment for the UAM sector, as these companies are keenly investing toward developing prototypes for evaluation. In Europe, several cities have joined the Urban Air Mobility (UAM) Initiative, a part of the European Innovation Partnership on Smart Cities and Communities (EIP-SCC). The initiative aims to contribute to the creation of a market for urban air mobility. Under this initiative, companies with innovative urban mobility solutions are brought together, and their solutions are showcased and supported to replicate the feasible ones at a bigger scale. Even the regulations for the urban air mobility industry are being drafted. As per European Aviation Safety Agency (EASA), air taxis and ambulances can become a reality in European airspace by 2026.
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Key Highlights of the Urban Air Mobility Market
Recent Developments in the Urban Air Mobility Market
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List of Key Players in the Urban Air Mobility Market
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Mordor Intelligence has segmented the global urban air mobility market on the basis of vehicle type, application, and geography:
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