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
- PIPISTREL d.o.o., Joby Aero, Inc., Lilium GmbH, Airbus SE, and The Boeing Company are some of the prominent players in the market. The market is still in its development phase, with many players, through collaborations and partnerships, trying to launch their UAM systems in the market in the next five years
- In 2018, the Airbus company created the Airbus Urban Mobility division to accelerate the integration of such innovative technologies into the UAM solutions that the company aspires to offer. As of April 2021, Airbus is developing new capabilities, as part of the Vertex project, to allow for a fully autonomous flight in its Flightlab demonstrator by 2023.
- In North America, the United States is at the forefront of adopting this newer means of transport. Many start-ups from the United States are working together to develop and implement these technologies locally. A roadmap is also being laid for bringing the UAM into commercial usage in the next 5-6 years.
Recent Developments in the Urban Air Mobility Market
- In May 2021, Volocopter unveiled the VoloConnect at the EBACE Connect event. This electric vertical take-off and landing aircraft (eVTOL) is designed to connect suburbs to cities and complements the company’s existing family of aircraft for the intra-city mission. VoloConnect’s distinctive hybrid lift and push design is expected to achieve certification within the next five years.
- In May 2021, ANRA Technologies announced winning the NASA’s Aeronautics Research Mission Directorate National Campaign 2 for Advanced Air Mobility (AAM) for Community Planning and Integration activities to address key safety and integration barriers together with FlyOhio, a collaboration of public, private, and academic institutions led by DriveOhio’s advanced air mobility (AAM) group.
- In April 2021, Blade Urban Air Mobility reached an agreement to add up to 20 of Beta Technologies’ Alia 250 eVTOL aircraft to its passenger transportation network, with deliveries due to start in 2024, followed by operations in 2025. Each Alia 250 eVTOL costs USD 4 million.
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List of Key Players in the Urban Air Mobility Market
- Airbus SE
- Volocopter GmbH
- Embraer SA
- Honeywell International Inc.
- Hyundai Motor Group
- Jaunt Air Mobility LLC
- Karem Aircraft Inc.
- Opener Inc.
- PIPISTREL d.o.o.
- Safran SA
- Textron Inc.
- The Boeing Company
- Joby Aero, Inc.
- EHang Holdings Limited
*List Not Exhaustive
Mordor Intelligence has segmented the global urban air mobility market on the basis of vehicle type, application, and geography:
- Vehicle Type (Market Size & Forecast based on Revenue (USD million), 2021-2035)
- Application (Market Size & Forecast based on Revenue (USD million), 2021-2035)
- Passenger Transport
- Geography (Market Size & Forecast based on Revenue (USD million), 2021-2035)
- North America
- Latin America
- Middle-East and Africa
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