Urban Air Mobility Market size worth $ 8.4 Billion, Globally, by 2028 at 15.9% CAGR: Verified Market Research®

Door-to-door ride-sharing, last-mile delivery service for the logistics and transportation industry, rising number of smart cities, technological developments in urban air mobility are some of the factors to boost the Urban Air Mobility Market.

JERSEY CITY, N.J., April 4, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Urban Air Mobility Market" By Vehicle Type (Piloted, Autonomous), By Application (Passenger Transport, Cargo Transport, Air Ambulance), and By Geography. According to Verified Market Research, the Global Urban Air Mobility Market size was valued at USD 2.7 Billion in 2020 and is projected to reach USD 8.4 Billion by 2028, growing at a CAGR of 15.9% from 2021 to 2028.

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Browse in-depth TOC on "Urban Air Mobility Market"

202 - Pages
126 – Tables
37 – Figures

Global Urban Air Mobility Market Overview

With the number of on-road passenger vehicles increasing every year, traffic congestion problems are growing, especially at certain peak hours, the increasing amount of traffic on the roads significantly increased the commuter's time to travel by roads. The existing road systems in most countries are unable to handle the peak-hour loads, that too without forcing the commuters to wait in line. This is not only wasting the time of citizens and challenging the governments. In addition, growing on-road passenger vehicle volumes, which help in burning fossil fuels, are polluting the environment considerably. With traffic congestion and urban road mobility posing a great challenge, government and technology companies, are starting to look at UAM as a viable option for passenger and other cargo transport.

As the UAM is a safe and efficient air transportation system where the passenger-carrying air taxis are operating above populated areas, there is a significant time-saving. Political, economic, social, technological, and legal factors are the main challenges that all countries adopting urban air mobility need to be resolved. UAM operations are economically scaled to meet high-demand operations with minimal fixed costs. There are significant investments from research institutes, industries, academia, and governments. The main work of urban air mobility is to facilitate intracity transportation to reduce the strain on existing urban mobility solutions.

Currently, with the limited availability of high-powered, lightweight lithium-ion batteries and the infrastructure required for the setting up of charging points for these batteries, many autonomous aircraft manufacturers are still in the research & development phase, leaving only a handful of players to deploy their autonomous aircraft for intracity transportation. Lilium (Germany) company has developed the Lilium Jet, an electric vertical take-off and landing jet with a cruising speed of 300 km per hour and a range of 300 km. The company plans to deploy this jet for intracity transportation initially, and intercity transportation shortly. Other aircraft players like Pipistrel, Bell, Hyundai Motors, Volocopter, and EHang are planning to further develop autonomous aircraft for intracity transportation.

Key Developments

• December 2021: As a part of the SESAR JUUspace4UAM large-scale demonstration, the first set of flight tests began in Rzeszów, Poland. The project was being funded by SESAR Joint Undertaking under the EU Horizon 2020 research and innovation program and is part of the SESAR JU's growing portfolio of projects and demonstrations on U-space and urban air mobility.
• December 2021: Volocopter established a new joint venture with Saudi Arabia's NEOM region to design, implement, and operate a public vertical mobility system in NEOM. The joint venture will be a sole operator to enable an open eVTOL ecosystem for vertical mobility services including logistics, emergency response, and tourism. NEOM earlier placed an order for 15 Volocopter aircraft to commence initial flight operations during 2023-2024.
• May 2021: Volocopter unveiled the VoloConnect at the EBACE Connect event. This eVTOL aircraft is designed to connect suburbs to cities and complements the company's existing family of aircraft for the intra-city mission. VoloConnect's distinctive hybrid lift and push design is expected to achieve certification within the next five years.

Key Players

The major players in the market are Volocopter, Airbus, Bell Helicopter, Kitty Hawk, Joby Aviation, Terrafugia, Pipistrel, Boeing, Neva Aerospace.

Verified Market Research has segmented the Global Urban Air Mobility Market On the basis of Vehicle Type, Application, and Geography.

• Urban Air Mobility Market, By Vehicle Type
• Piloted
• Autonomous
• Others
• Urban Air Mobility Market, By Application
• Passenger Transport
• Cargo Transport
• Air Ambulance
• Others
• Urban Air Mobility Market by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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