What is the global market size of Urban Air Mobility (UAM) Market?

Global Urban Air Mobility (UAM) Market size was valued at USD 21.07 billion in 2021 and is poised to grow from USD 28.3 billion in 2022 to USD 28.3 billion by 2030, growing at a CAGR of 34.3% in the forecast period (2023-2030).

Urban Air Mobility (UAM) Market Size, Share, Growth Analysis, By Vehicle Type(Air Metros, Air Taxis, Air Ambulance, Last-Mile Delivery), By Range(Intercity, Intracity), By End-User(Ride-Sharing companies, Scheduled Operators, E-commerce companies, Hospitals & Medical Agencies), By Region - Industry Forecast 2025-2032

Report ID: SQMIG25A2034 | Region: Global | Published Date: October, 2024
Pages: 248 | Tables: 93 | Figures: 76

Urban Air Mobility (UAM) Market News

In June 2021, American Airlines declared it would invest in Vertical Aerospace, a renowned engineering and aviation company with its headquarters in the United Kingdom that is creating electric vertical takeoff and landing (eVTOL) aircraft, as part of its ongoing commitment to environmental sustainability. With the investment, it is showcasing its emphasis on cutting-edge technologies to lower carbon emissions and investing in cutting-edge strategies to enhance the customer experience.
In May 2021, The Aeronautics Research Mission Directorate National Campaign 2 for Advanced Air Mobility (AAM) for Community Planning and Integration was awarded to ANRA Technologies as the winner of the NASA advanced air mobility project.

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Global Urban Air Mobility (UAM) Market size was valued at USD 2.85 billion in 2022 and is poised to grow from USD 3.80 billion in 2023 to USD 38.34 billion by 2031, growing at a CAGR of 33.5% in the forecast period (2024-2031).

In coming years, a number of companies will try to deploy their UAM systems through partnerships and collaborations as the market is still in its early stages. However, there is still a great deal of preparation needed for the required infrastructure and air traffic control. The participants have joined forces with a number of other businesses or institutions that can offer the necessary technologies. 'Airbus S.A.S.', 'The Boeing Company', 'Volocopter GmbH', 'Joby Aviation, LLC', 'EHang Holdings Limited', 'Bell Textron Inc.', 'Embraer S.A.', 'Lilium GmbH', 'Hyundai Motor Group', 'SkyDrive Inc.', 'Terrafugia Inc.', 'Kitty Hawk Corporation', 'AeroMobil Limited', 'Pipistrel d.o.o.', 'Safran S.A.', 'Eve Urban Air Mobility Solutions, Inc.', 'Honeywell Aerospace', 'Uber Technologies Inc.', 'Zipline International, Inc.', 'Textron Inc.'

In order to support mass mobility in cities with growing populations, transportation infrastructure needs to be managed properly. Cities all over the world are therefore looking into alternative forms of transportation to lessen traffic congestion. The goal of using autonomous drones for urban air mobility is to reduce traffic congestion and pollution while also reducing the amount of current transportation infrastructure that must be used. An important factor fueling this market's expansion is the rise in congestion in densely populated cities. Urban areas' growing road traffic causes long traffic jams, which add unnecessary travel time.

Commuters spent significantly more time on the road due to increased traffic, especially during peak hours. Most countries' current road systems are unable to handle peak-hour traffic without creating queues. It challenges governments as well as wasting the time of citizens. Additionally, the number of on-road passenger vehicles, which burn fossil fuels, is rising and is negatively impacting the environment. Governments and technology companies have started to take urban automated vehicles (UAMs) into consideration as a potential passenger and cargo transportation option due to the significant concerns about traffic congestion and urban road mobility. This could save a lot of time because it is a reliable and secure air transportation system where passenger-carrying air taxis operate above populated areas.

With a market size of 1.19 billion, North America held the largest portion. Compared to other regions, the region is the market leader in this one. The Boeing Company's presence has also helped to foster a positive environment for the industry because the company is heavily investing in the development of prototypes for testing. In North America, the U.S. is setting the standard for adoption of this cutting-edge mode of transportation. Working together to develop and implement these technologies locally is a large number of American start-ups. Over the following five to six years, a schedule will be established for bringing the UAM into commercial use.

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Urban Air Mobility (UAM) Market News

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