Urban Air Mobility Market set to soar, Projected to increase by US$5.28 Billion by 2027

Naomi Pandya Posted on: 2023-11-25 07:00:00 Viewer: 1,554 Comments: 0 Country: India City: New Delhi

Urban Air Mobility Market set to soar, Projected to increase by US$5.28 Billion by 2027

New Delhi, India (Urban Transport News): The urban air mobility market is poised for significant expansion, with an anticipated growth of USD 5.28 billion between 2022 and 2027. This surge is projected to accelerate at a robust CAGR of 27.5% throughout the forecast period. The market's segmentation into Autonomous and Piloted types, Delivery and Passenger mobility applications, and its geographical distribution across North America, Europe, APAC, the Middle East and Africa, and South America, underlines the dynamic landscape of this burgeoning industry.

Driving Forces Behind Market Growth

Several factors contribute to the remarkable growth trajectory of the urban air mobility market. The increasing utilization of electric Vertical Take-Off and Landing (eVTOL) aircraft in military applications stands out as a significant driver. These aircraft offer unparalleled flexibility, operating from diverse locations, the choice of manual or autonomous flight, reduced noise levels, and the elimination of the need for traditional runways.

Moreover, the demand for efficient logistics and last-mile delivery solutions propels the market forward. The unique capabilities of eVTOLs make them an attractive option for overcoming the challenges faced in modern cities, such as congestion and environmental concerns. As more than 120 startups and aerospace companies delve into the development of eVTOLs, urban air mobility emerges as a promising solution for affordable, rapid, and sustainable travel.

The report identifies key players shaping the urban air mobility landscape, including industry giants such as Airbus SE, Archer Aviation Inc., EHang Holdings Ltd., and The Boeing Co. The market is witnessing a major trend – a widespread adoption of technological innovations. Notably, delivery providers are enhancing customer experience through web and mobile-based last-mile delivery management applications.

Challenges on the Horizon

Despite the optimistic outlook, challenges loom on the horizon. Limitations in existing battery technology emerge as a significant hurdle that could impede market growth. Unlike the successful electrification of cars, flights demand an immense amount of energy, posing a unique challenge to the industry's evolution.

Autonomous Urban Air Mobility on the Rise

Within the market segments, the autonomous category is poised to play a pivotal role in driving growth. Autonomous urban air mobility involves the use of unmanned aerial vehicles or drones for transportation in urban environments. This innovative concept aims to provide cities with a safe, efficient, and sustainable air transportation alternative, ultimately reducing traffic congestion and enhancing overall mobility.

Conclusion

In conclusion, the urban air mobility market is on a trajectory of substantial growth, fueled by technological innovation, increasing demand for efficient logistics, and the imperative for sustainable travel solutions. As challenges are addressed, and technological advancements continue, the market is positioned to revolutionize urban transportation.





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