Urban Air Mobility (UAM) Market
Embracing Urban Air Mobility (UAM) Market: Unlocking the Skyways to Smarter, Faster, and Sustainable Urban Transportation; say AMI
HOUSTON, TEXAS, UNITED STATES, July 31, 2023/EINPresswire.com/ — According to Absolute Markets Insights, the global urban air mobility (UAM) Market is witnessing substantial expansion as a result of advances in autonomous flight technology and 5G wireless communications networks, as well as the need to reduce carbon emissions and decongest roads in cities with high population density. The advancements have introduced the possibility of urban air mobility (UAM) in the most common form of commercial passenger and logistics drone services in low-altitude airspace. The predicted expansion of the worldwide urban air mobility (UAM) market is being driven by a rise in demand for an alternate mode of transport in urban mobility. The global urban air mobility (UAM) market was worth US$ 3.3 Bn in 2022, witnessing CAGR of 35.6% During 2023 – 2031.
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The global urban air mobility (UAM) market is being propelled by several key drivers. The world’s population is becoming increasingly concentrated in urban centers. As cities grow, the demand for efficient and sustainable transportation solutions rises. Urban areas around the world face significant traffic congestion issues, leading to wasted time, increased fuel consumption, and environmental pollution. UAM offers a potential solution by providing an alternative mode of transportation that can bypass congested roadways and move people and goods more efficiently through the air. UAM is assisting to accommodate the transportation needs of rapidly growing urban populations. As the world becomes more accustomed to innovative transportation solutions like ride-sharing and autonomous vehicles, there is a growing demand for urban air mobility (UAM) market.
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Global Urban Air Mobility (UAM) Market Limitations:
UAM firms are currently challenged with determining the most suitable technology for each application. This is owing to the fast progress of electrical propulsion, unmanned aerial vehicle technology, and 5G communications networks, which are quickly becoming the technological backbone of all commercial passenger drone services. A further obstacle to the widespread adoption of urban air mobility is a lack of adequate infrastructure. Landing sites, charging infrastructure, and maintenance facilities must first be established for a sustainable operational business model, which will promote the growth of the urban air mobility (UAM) market over the projection period.
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Global Urban Air Mobility (UAM) Market Opportunities
Urban Air Mobility (or UAM) is increasingly being viewed as a potential alternative for economical, quick, and sustainable transport, addressing both urban congestion and environmental challenges. Technological advancements have enabled detect-and-avoid (DAA) and other advancements in operating capability. Fleet management and client interactions for on-demand services are increasingly supported via cloud networks and mobile devices. The UAM concept introduces new techniques to aviation, allowing a new class of operations to provide an alternative intermodal transit option within urban regions and supporting the growth of the overall global urban air mobility (UAM) market.
Impact of Covid-19 on Urban Air Mobility (UAM) Market
COVID-19 provided a crucial opportunity to exhibit UAM’s capability, notably in delivering crucial commodities delivery and medical response. The COVID-19 epidemic has pushed UAS and UAM from the margins to the forefront of emergency evacuation, response, and delivery of life-saving equipment, testing, and treatments. Although there are few instances, COVID-19 might be the catalyst for raising community awareness of this emerging aviation industry. Moving forward, study on the possible implications of UAM, together with smart planning and execution, will help the global urban air mobility (UAM) market flourish.
Key Takeaways from the Urban Air Mobility (UAM) Market
Air taxis are gaining huge popularity in the urban air mobility (UAM) market. Manufacturers specialize in three different types, such as City Taxis, which have a range of 15 to 50 kilometers and will cover inner-city needs. The European Union Aviation Safety Agency (EASA) released the first complete proposal for such regulations in the world. The new guidelines will govern the use of VTOL aircraft for air taxis and emergency medical services. According to a surveys, 83% are positive about Urban Air Mobility (UAM) in general, and 49% are willing to test out air taxis. As a result of the widespread acceptance of air taxis and other modes of transportation, the worldwide urban air mobility (UAM) market will expand.
During the projection period, the Asia Pacific region is expected to be the fastest expanding region in the global urban air mobility (UAM) market. Japan is proving to be a potential region for the growth of the urban air mobility (UAM) market. The Japanese Ministry of Land, Infrastructure, Transport, and Tourism has declared that it will legalese flying beyond visual line of sight (BVLOS) before 2023, the anticipated year for the introduction of passenger drones and urban air transportation in Japan. Aside from the aerospace sector, market participants are investing in urban air mobility (UAM) development through partnerships and collaborations. For example, Volocopter announced in 2023 that Sumitomo Corporation had participated in the company’s Series E funding round. They will also be a significant strategic partner for the Japanese market’s introduction into service beginning in 2025. Wisk Aero has also teamed with Japan Airlines (JAL) to deliver Wisk’s self-driving all-electric air taxi services to Japan. For future fleet operations, the company’s sixth generation electric vertical take-off and landing (eVTOL) aircraft will need type certification clearance in Japan as well as an Air Operators Certificate. As a result, the urban air mobility (UAM) sector will witness promising growth in the future years.
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What are Key Players Doing to Thrive in the Global Urban Air Mobility (UAM) Market?
The global urban air mobility (UAM) market is dynamic and marked by intense competition among key players striving to capture market share.
• AIRBUS: The CityAirbus NextGen is a brand-new flying taxi launched by the European aerospace manufacturer AIRBUS. The totally electric, four-seat CityAirbus NextGen UAM aircraft has two goals: to travel softly and rapidly over short distances. The aircraft, which ushers in the next generation of CityAirbus, is outfitted with fixed wings, a V-shaped tail, and eight electrically driven propellers as part of its innovative distributed propulsion system. It can carry up to four passengers in a zero-emission trip.
• Joby Aviation: Uber and Joby Aviation, a producer of electric vertical takeoff and landing (eVTOL) aircraft, have announced a cooperation to deliver urban air-taxi services in chosen regions beginning in 2023. Joby Aviation, located in California, is the first of seven partner firms in Uber’s Elevate urban air transportation effort to commit to a start date.
• Lilium: This Munich-based firm is preparing to open regional air mobility vertiports in Bavaria and Orlando, Florida, utilising its seven-seat eVTOL Lilium Jet and its five-seat eVOTL Lilium Jet. Lilium’s Florida air mobility network is a collaboration with the global infrastructure operator Ferrovial, which plans to establish an intercity transport hub in Orlando.
• Volocopter: Saudi Arabia’s NEOM and Germany’s Volocopter declared a major milestone for the kingdom’s urban air transportation efforts. They just completed Saudi Arabia’s first set of e-air taxi flights. Furthermore, the e-air taxi utilized in the test flights was the first electric Vertical Take-Off and Landing (eVTOL) aircraft in Saudi Arabia to get a specific flying permission to conduct such experiments.
Key Companies in the Global Urban Air Mobility (UAM) Market:
o AIRBUS
o Dassault Systèmes
o Ehang
o FEV Consulting GmbH
o Honeywell International Inc.
o Jaunt Air Mobility LLC
o Joby Aviation
o Lilium GmbH
o SKYWORKS AERONAUTICS CORP.
o TE Connectivity.
o Urban Aeronautics
o Vertical Aerospace Group Ltd.
o Volocopter GmbH
o Wisk Aero LLC.
o XTI Aircraft Company
o Zhejiang Geely Holding Group (Terrafugia)
o Other market participants
Key Segments Profiled in the Global Urban Air Mobility (UAM) Market:
By Offerings
o Infrastructure
o Solutions
o Services
By Range
o Intercity
o Intracity
By Operation
o Piloted
o Autonomous
o Hybrid
By Platform Architecture
o Rotary Wing
o Fixed Wing Hybrid
By Mobility Type
o Air taxis
o Air shuttles and metro
o Personal air vehicles
o Cargo air vehicles
o Air ambulance and medical emergency vehicles
By End Users
o Ridesharing Companies
o E-commerce Companies
o Hospitals and Medical Organizations
o Scheduled Operators
o Private Operators
o Others
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By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
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