Urban Air Mobility (UAM) Market to Surpass USD 7.83 Billion by 2028, growing at a High CAGR of 13.6% from 2022–2028 Thanks to Increasing Efforts to Resolve Traffic Congestion Issues
The research report on the urban air mobility sector by SkyQuest provides valuable insights and information that can help businesses understand the trends and potential growth prospects in this industry. The report offers a comprehensive market evaluation, including a detailed analysis of the technology, economics, strengths, weaknesses, opportunities, and threats. In addition, the report is designed to provide a clear picture of the market's future prospects by considering current developments, product comparisons, and expert predictions.
Westford, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- North America is projected to take a leading position in the urban air mobility (UAM) market owing to growing awareness and demand for eco-friendly and alternative modes of transportation. The aviation industry, in particular, is facing pressure to adopt green solutions to mitigate environmental concerns. In addition, the rising traffic congestion in urban cities, especially in large metropolitans, is also driving the demand for more efficient and reliable modes of intra-city transportation. It has resulted in increased investment, research, and development in the UAM sector by startups and aerospace companies. These factors are likely to drive market growth during the forecast period.
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Browse in-depth TOC on the "Urban Air Mobility (UAM) Market"
Pages - 248
Tables - 93
Figures - 66
Urban air mobility is a cutting-edge form of air transportation that offers innovative solutions, particularly in low-altitude airspace. This emerging technology aims to provide a safe and efficient mode of aviation transportation, leveraging advanced automation and technology to operate aircraft in urban and suburban areas.
Prominent Players in Urban Air Mobility (UAM) Market
Textron Inc.
Airbus SE
Joby Aviation
Bell Textron
Uber Technologies Inc.
Safran SA
Wisk Aero LLC.
Ehang
Kitty Hawk
Lilium Aviation GmbH
Volocopter
AIRSPACEX
Workhorse Group Inc.
Carter Aviation
Aurora Flight Sciences
Air Taxis Segment to Dominate the Urban Air Mobility (UAM) Market owing to Its Rising Transportation Compatibility
The air taxi segment is expected to grow significantly between 2022 and 2028 due to rapid technological advancements. The growth of this market segment is driven by the convergence of innovative technologies, including the development of highly efficient batteries, advanced manufacturing processes, and autonomous vehicles such as self-driving cars. During this time frame, the air taxi industry is poised for exponential growth, becoming an increasingly popular mode of transportation in urban areas and rural regions. It presents a unique opportunity for the air taxi market to tap into a new customer base.
North America is emerging as a dominant player in the global urban air mobility (UAM) market, holding the largest market share among other regions. In addition, the region is a leader in the adoption and development of UAM technology due partly to the presence of industry giants like The Boeing Company. The company has been heavily investing in the creation of prototypes for testing, providing a strong foundation for the industry's growth in North America. This strong commitment to the UAM sector in North America highlights the region's potential to be a key driver of growth and development in the industry.
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Intercity Segment to Register Higher Revenue Share due to Increasing Demand for Speedier Intercity Transit Options
The intercity segment is set to dominate the global urban air mobility (UAM) market, accounting for more than two-thirds of the market share. This segment is predicted to continue its dominance in the coming years due to advancements in UAM technology that make its use more feasible. In addition, due to increasing population and migration, the rapid growth of traffic congestion in major cities is expected to drive the growth of the intercity segment. This trend highlights the need for a more efficient and effective mode of transportation to address the growing transportation needs in these cities. As such, the intercity segment is poised to be a leader in shaping the future of the UAM market.
The Asia-Pacific region is quickly becoming a crucial driving force in the growth of the urban air mobility (UAM) sector. Many cities in the region are expected to embrace UAM technology early on due to the strong presence of regional companies in the industry. Governments in countries such as China, Japan, and South Korea have invested heavily in developing UAM ecosystems in the coming years. The government of Japan has aimed to launch the operation of passenger drones, flying cars, and other advanced aviation vehicles (AAV) by 2023.
The research report offers an in-depth analysis of the urban air mobility (UAM) market, considering the impact of key events and market conditions across various regions. It offers a clear understanding of the current market scenario and the strategies being implemented. The report also offers a detailed forecast of the progress of the market until 2028, drawing on the expertise of industry leaders. Additionally, the report aims to gain a deep understanding of the key customer attributes that shape the market and recognize the demands throughout the industry.
Key Developments in Urban Air Mobility (UAM) Market
SK Telecom, a Korean telecommunications company, recently discussed with Joby Aviation, an American urban air mobility firm, to enhance their partnership. The two companies reportedly discussed collaborating for the first phase of the K-UAM Grand Challenge, a UAM technology demonstration project hosted by the South Korean Ministry of Land, Infrastructure, and Transport. The project aims to bring UAM services to the commercial market in South Korea.
Brazilian startup FlyBIS has ambitious plans to launch its urban air mobility airline service in 2026 using electric vertical takeoff and landing (eVTOL) aircraft from Eve Air Mobility. Eve Air Mobility, which business jet manufacturer Embraer created, is working with major partners such as United Airlines and Blade Air Mobility and is also developing a versatile UAM traffic management software solution, which caught the attention of FlyBIS. With its cutting-edge technology and partnerships with industry leaders, FlyBIS is poised to impact the rapidly growing UAM market significantly.
KT, a South Korean telecommunications company, has successfully built and verified a 5G network specifically for urban air mobility (UAM). The Korean government has launched a "K-UAM Grand Challenge" program to showcase the safety of air taxis and assess traffic management capabilities. The program is divided into two stages. The first will involve demonstration flights at a flight test center in Goheung to test the UAM infrastructure and communication platforms. The second stage will take place in urban air corridors and focus on testing the full capabilities of UAM. With the completion of this 5G network, KT is well-positioned to develop the urban air mobility industry.
Airbus, a leading aircraft manufacturer, and Ecocopter, a provider of helicopter services, have come together to bring about a new era of urban air mobility in Latin America. The two companies have signed an MoU to collaborate on launching cutting-edge air services across the region, focusing on Ecuador, Chile, and Peru. With this collaboration, the companies aim to offer safe, efficient, and sustainable air mobility services in Latin America, providing a new level of convenience and accessibility to people and businesses alike.
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Key Questions Answered in Urban Air Mobility (UAM) Market Report
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