Urban Air Mobility Market to increase by USD 5.28 billion during 2022-2027 | The need for efficient logistics and last-mile delivery modes to drive the growth – Technavio
NEW YORK, Nov. 24, 2023 /PRNewswire/ — The urban air mobility market size is expected to grow by USD 5.28 billion between 2022 and 2027. However, the growth momentum of the market will accelerate at a CAGR of 27.5% during the forecast period. The market is segmented by Type (Autonomous and Piloted), Application (Delivery and Passenger mobility), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
The increasing use of eVTOL aircraft in military applications, the need for efficient logistics and last-mile delivery modes, and the need for green energy and noise-free aircraft are notably driving the market growth. Urban air mobility is growingly seen as a future option for affordable, rapid, and sustainable travel, addressing both congestion and environmental issues faced by modern cities. Advances in technology encourage more than 120 startups and aerospace companies to develop urban air mobility vehicles known as eVTOLs (electric vertical take-off and landing vehicles). The electric vertical take-off and landing (eVTOL) aircraft have multiple benefits in the military because of their freedom to operate from anywhere, options to fly manually or autonomously, reduced noise levels, and elimination of the need for runways.
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- The report recognizes the following as some of the key players in the urban air mobility market: Airbus SE, Archer Aviation Inc., Bartini Inc., EHang Holdings Ltd., Embraer SA, Geely Auto Group, Honeywell International Inc., Joby Aviation Inc., Kitty Hawk Corp., Lilium GmbH, Lockheed Martin Corp., Moller International, Moog Inc., Raytheon Technologies Corp., The Boeing Co., Volocopter GmbH, Wingcopter GmbH, Wisk Aero LLC, Workhorse Group Inc., and Textron Inc.
- Urban Air Mobility Market is fragmented in nature.
- Market to observe 23.78% YOY growth in 2023.
- The major trend in the urban air mobility (UAM) market is the growing adoption of technological innovations.
- Delivery providers provide their customers with web and mobile-based last-mile delivery management applications to manage the delivery schedule of large or heavy cargo or packages.
- Limitations of existing battery technology are a major challenge that may impede market growth during the forecast period.
- The electrification of cars was successful, due to the focus on increasing affordability and making them more compact, whereas a flight requires a tremendous amount of energy.
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The autonomous segment will be significant for the market growth during the forecast period. Autonomous urban air mobility refers to the use of unmanned aerial vehicles or drones for transportation in urban environments, aiming to provide cities with a safe, efficient, and sustainable air transportation option by reducing traffic congestion and increasing mobility. The concept of self-driving/autonomous urban air mobility is still in its early stages of development.
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Application
Drivers, Challenges, & Trends
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