Urban Air Mobility (UAM) Market future prospects
The urban air mobility (UAM) market an attractive and upcoming business model that is not too far off from reality. Urban-centered air transportation is not a new concept in the mobility industry. Use of air taxis through on-demand helicopter services started in the 1970s, in some of the major cities globally, including Boston. With due course of time, the concepts have reached a level of maturity that currently has the potential to change the shape of aviation using efficient, quiet, and quick transportation services through scheduled and on-demand operations. Urban air mobility can serve a wide range of operations that include passenger transportation as well as cargo deliveries through aerial vehicles and drones, respectively.
Read Report Overview: Urban Air Mobility (UAM) Market
The increasing urban population in most megacities is going to demand an alternate mode of transportation to decrease land traffic congestion, and the best solution for daily commuters is the replacement of existing transportation with aerial transportation. Being a part of the future urban landscape, urban air mobility provides safe, highly automated passenger and cargo-carrying air transportation services in the metropolitan environments for piloted and autonomous aircraft systems. Various companies have been investing directly or indirectly in the urban air mobility industry and have taken numerous initiatives in developing air taxis and personal air vehicles, as well as the necessary infrastructure such as vertiports and unmanned aircraft system traffic management systems for these vehicles to operate safely. Some of the key companies in the urban air mobility market are Lilium GmbH, Acubed, Volocopter GmbH, EHang, and Kitty Hawk.
The urban air mobility market is expected to create an entirely new industry. The manufacturers are continuously taking initiatives to develop various innovative infrastructural concepts, such as better tracking systems and efficient connectivity. The key development focus areas in the urban air mobility industry include improvements in battery technology and other forms of propulsion systems to offer longer ranges and endurances. Based on the recent developments in the global urban air mobility market, aircraft prototypes have already been manufactured and tested in several countries. However, the regulatory framework that governs the urban air mobility industry is yet to certify the vehicles for commercial usage. It is expected that the cargo delivery drones will be commercialized by 2023, but the wide acceptance of passenger transportation is expected to be a bit slow.
The Piloted Mode of Operation Segment Dominates the Global Urban Air Mobility Market
The global urban air mobility market is expected to generate huge revenues from the piloted mode of operation during the forecast period, followed by autonomous, and optionally piloted. The piloted operation is expected to generate $XX million in 2023 and is expected to reach $XX million in 2035 with a CAGR of XX% during 2023 to 2035.
Asia-Pacific Region to Dominate Global Urban Air Mobility Market
Asia-Pacific region is anticipated to account for the highest share of XX% in the market in 2035, owing to a significant demand for urban air mobility in the region. Followed by Asia-Pacific, North America is expected to have a share of XX% in 2035 and is expected to witness the highest growth during the forecast period 2023-2035.
Competitive Landscape
The competitive landscape of the urban air mobility market consists of various organic and inorganic strategies followed by the key players to increase their market share and market presence. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.
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Some of the key players in the global urban air mobility market include Acubed, Airspace Experience Technologies, Aurora Flight Sciences, Bell Textron Inc, Delorean Aerospace, EHang, EVE Air Mobility, Honeywell International, Jaunt Air Mobility LLC, Joby Aviation, Kitty Hawk, Lilium, Neva Aerospace, Opener, and Pipistrel, Volocopter GmbH, among others. These companies are aiming for a wide range of product launches and collaborations to expand their operations and increase their market presence globally to generate revenues and attract new customers.
