Advanced Air Mobility Market Size, Share, Growth Analysis, By Mode of Operation (Piloted, Autonomous), By End Use (Cargo, Passenger), By Propulsion Type (Parallel Hybrid, Electric), By Region -Industry Forecast 2024-2031

Global Advanced Air Mobility Market size was valued at USD 10.15 Billion in 2022 poised to grow from USD 12.65 Billion in 2023 to USD 15.77 Billion by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).

The vehicle concept termed "flying car," which can operate both on the land and in the air depending on the circumstances, is poised to epitomize the urban mobility of the future. Most of the options envisaged for the future flying cars are expected to incorporate vertical take-off and landing systems, thus making it easy for the vehicles to fit within the urban aerial transportation systems that do not require long runways for take-off and landing. In response to the changes in the urban commuting space, there is a need for policy makers to implement enabling legislation and policies. There are many applications for flying cars from professional use such as law enforcement or medical aid, commercial transport such as air taxis to personal travel.

Infrastructure development is anticipated to be just as important as product creation in the future period. Due to growing innovations, falling drone prices, and the advancement of automation technologies, the worldwide cargo drone services market is expected to grow. As new technologies are used and integrated into many industries and customers' daily lives, drone services become more and more economical. It is posited that timely delivery services and evolving urban transportation patterns will cause an upsurge in the demand for the global advanced air mobility market. Nevertheless, the market growth is hampered by stringent restrictions on traffic and aviation licenses and the market infiltration issued by the use of drones.