New York, USA, Sept. 20, 2022 (GLOBE NEWSWIRE) — According to the report published by Research Dive, the global urban air mobility market should record a revenues of $30,740 million and grow to a 30.2% CAGR during the forecast period from 2022-2031. The detailed report provides a concise presentation of the current market framework including key market aspects such as growth drivers, challenges, restraints, and various opportunities over the forecast period of 2022-2031. The report also provides all market figures to help new participants to easily analyze the market.
Urban Air Mobility Market Dynamics
Drivers: Growing urban population across the globe and resultant growing number of on-road passenger vehicles along with increasing road traffic congestion are the major driving factors driving the global urban air mobility market over the forecast years. Additionally, UAM is considered a reliable and efficient air transport system that operates air taxis carrying passengers and saves time. These factors are expected to drive the market growth by 2031.
Request Full Sample PDF of Urban Air Mobility Market (including Tables, TOC and Figures)
Opportunities: Rising investments by market players to increase the usage of UAM solutions along with growing demand for air mobility in the healthcare sector are the two major factors providing ample growth opportunities for the global air mobility market urban during the period of analysis. Growing need for immediate medical aid during any accident using urban air mobility vehicles is also estimated to drive the development of the market by 2031.
Constraints: Infrastructure and technological issues are the major factors hampering the growth of the market.
Impact of Covid-19 on the Urban Air Mobility Market
The outbreak of the covid-19 disaster has negatively impacted the global urban air mobility market primarily due to supply chain disruptions, shutdown of manufacturing facilities and global economic downturn. Major suppliers of important raw materials like Vietnam, China and Japan have retreated due to strict import and export restrictions imposed by governments to curb the spread of the virus. Additionally, the global automotive industry has been heavily devastated during the pandemic chaos, which has drastically reduced the demand for urban air mobility vehicles. These factors have contributed to the decline in market growth amid the catastrophic stress.
Ask an Analyst or Schedule a Call for more insights on the Urban Air Mobility Market
Urban Air Mobility Market Segments
According to the report, the global urban air mobility market is fragmented into several segments based on platform, platform operations, range, platform architecture, and regional analysis.
Platform: the air taxi sub-segment will be the most dominant
The air taxi sub-segment is expected to hold a dominant market share and grow tremendously over the years of analysis, primarily driven by the growing demand for commuting to work and transportation of goods using electric vehicle take-off and landing aircraft. Additionally, urban air mobility may open up a new option like air taxis for daily urban commuting, which is expected to further enhance the growth of the sub-segment by 2031.
Platform operations: a standalone sub-segment will be very lucrative
The autonomous sub-segment of the global urban air mobility market is expected to witness a notable growth rate during the analysis period 2022-2031. This is primarily because autonomous platform operations can support multiple aspects of a developed urban air mobility system. These operations will also take into account multiple flights occurring simultaneously over a city as well as response times, degrees of decision-making, etc. These factors will propel the growth of the sub-segment by 2031.
Range: the intercity sub-segment will be the most advantageous
The intercity sub-segment is expected to hold the largest market share over the forecast years, primarily due to technological advancements in the global urban air mobility market and innovative design ideas and technological suggestions from key market players to improve the load capacity of UAM Vehicles.
Platform architecture: the rotary-wing sub-segment will be very beneficial
The rotary-wing sub-segment of the global urban air mobility market is estimated to hold a remarkable market share over the analysis period, as it represents a class of newly designed VTOL aircraft for operations with and without pilots and also uses distributed electric propulsion. Additionally, rotary wings are generally designed to fly like fixed-wing aircraft and only use their VTOL lift rotors during takeoff and landing.
Region: Asia-Pacific Urban Air Mobility Market to Be Highly Progressive
The urban air mobility market in Asia-Pacific is expected to witness an immense growth rate of 30.0% CAGR during the analysis period 2022-2031, primarily driven by increasing population, the rapid urbanization in the region and the resulting conjunction of traffic in various cities. Furthermore, increasing investment in R&D and growing government focus on improving air mobility are other factors to drive the market growth in Asia-Pacific region by 2031.
Asia-Pacific has Immense Growth in Urban Air Mobility Market (Customized Report as per your requirement)
Key Players in the Urban Air Mobility Market
Some significant players in the urban air mobility market are
- Volocopter GmbH
- Textron bell
- Lilium Gmbh
- Wisk Aero LLC.
- Archer Aviation
- Workhorse Group Inc.
- Joby Aviation.
- Falcon kitten
- Airbus, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire here to access the Strategic Key Business Development Report
For example, in February 2020, Ehang Holdings Ltd., the world’s leading urban air mobility manufacturer, announced its implementation of new urban air mobility vehicles for emergency transportation during the COVID-19 pandemic in China.
The report also summarizes many significant facets including financial performance of key market players, SWOT analysis, product portfolio, and latest strategic developments.
More about Urban air mobility market: