PUBLISHER: The Business Research Company | PRODUCT CODE: 1599031
PUBLISHER: The Business Research Company | PRODUCT CODE: 1599031
Urban air mobility (UAM) refers to the emerging air transportation systems that operate in and around urban areas, utilizing innovative aircraft technologies designed for short-distance flights.
The urban air mobility market consists of sales, by entities (organizations, sole traders and partnerships), of urban air mobility services that provide air taxis or aerial vehicles that are intended to alleviate urban traffic congestion, provide fast and efficient transportation and serve as a new mode of mobility within cities.
The global urban air mobility market was valued at $2,106.37 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 11.30%.
Rising Investment In Infrastructure For Smart Cities
Rising investment in infrastructure for smart cities drove the growth of the urban air mobility market during the historic period. Smart cities refer to an administrative territory that uses information and communication technology (ICT) to improve their operational efficiency and provide better infrastructural facilities to its residents. Smart cities focus on advanced technologies, including improved transportation networks, digital connectivity and sustainable energy systems. These developments made it easier to integrate urban air mobility services, like air taxis and eVTOLs (electric vertical takeoff and landing aircraft), into urban areas by providing the needed infrastructure such as vertiports (for takeoff and landing), efficient air traffic management systems and smart energy grids. For instance, in January 2022, the Indian Government disbursed INR 284.13.6 billion ($3.817 billion) for 100 smart cities, with INR 236.683 billion ($3.18 billion) already utilized. The Smart Cities Mission (SCM) was launched by the Government of India on June 25, 2015, aiming to enhance urban infrastructure and services across designated cities. Additionally, in November 2021, the federal government announced the Investment and Jobs Act in its annual bill, in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Therefore, rising investment in infrastructure for smart cities contributed to the growth of the urban air mobility market.
Focus On Innovative Solutions To Transform Urban Air Mobility Operations
Major companies operating in the urban air mobility market are focusing on innovative solutions to transform urban air mobility and to increase their profitability in the market. For example, in November 2023, ANRA Technologies, a US-based company offering complete solutions for drone operators and airspace management, launched the Vertiport Management System (VMS). The VMS, a flexible online platform, fills a crucial digital technology void in overseeing vertical takeoff and landing air mobility aircraft at vertiports (areas designed for the vertical take-off and landing of aircraft). Its microservice structure accommodates diverse vertiport layouts, works with any aircraft and links seamlessly with existing air traffic management systems. ANRA's airspace management services enable UAM operators to efficiently manage their entire flight process with a comprehensive suite of tools. The VMS, through intelligent data exchange, plays a vital role in ensuring the secure arrival and departure of UAM aircraft.
The global urban air mobility market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 22.4% of the total market in 2023.
Urban Air Mobility Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global urban air mobility market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for urban air mobility? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The urban air mobility market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider urban air mobility market; and compares it with other markets.