Covina, June 25, 2024 (GLOBE NEWSWIRE) -- According to the recent research study, the global advanced air mobility market size was valued at USD 11.8 Billion in 2024 and is expected to reach USD 79.7 Billion by 2034, growing at a CAGR of 23.3%.
Advanced Air Mobility Market Overview
- How Big is Advanced Air Mobility Market?
Advanced Air Mobility is an air transportation system that uses aircraft, such as remotely piloted, autonomous, or vertical take-off and landing aircraft, to carry people and property between locations. This comprises aircraft driven by electric or hybrid-electric propulsion in both regulated and uncontrolled airspaces. Platform aims to integrate unmanned aerial systems (UAS) and sustainable aircraft, such as electric vertical take-off and landing (eVTOLs), into nations' sovereign airspaces around the world. This necessitates both the creation of the physical infrastructure of vertiports and the evolution of the digital architecture of a highly automated framework of operations, known as UAS Traffic Management.
The industry is expected to grow due to the use of modern equipment and technological improvements, such as IoT devices and low-latency 5G networks. The expansion of air taxis and the need for aerial passenger transport solutions is expected to grow as the AAM industry continues to advance. However, the high development costs associated with these technologies may limit market growth in the foreseeable period.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of Market
Competitive Landscape:
The Advanced Air Mobility Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players in Advanced Air Mobility Market are:
- Aurora Flight Sciences
- Bell Textron Inc.
- The Boeing Company
- Guangzhou EHang Intelligent Technology Co. Ltd.
- Embraer S.A.
- Joby Aviation, Lilium GmbH
- Neva Aerospace
- Opener, Inc.
- PIPISTREL (Textron Inc.)
- Terrafugia
- Vertical Aerospace Group Ltd.
- Volocopter GmbH
- Wisk Aero
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Analyst View:
The Advanced Air Mobility market is driven by urban congestion, environmental sustainability, technological advancements, new urban mobility ecosystems, and efficient air cargo and logistics solutions. NASA's Advanced Air Mobility research will transform our communities by bringing the movement of people and goods off the ground, on demand, and into the sky. Key players in the market include Archer Aviation, Elroy Air, Volocopter, Vertical Aerospace, and Aurora Flight Sciences. The market is expected to be dominated by drone applications, with North America leading the way.
Market Dynamics:
Drivers:
An increase in ride-sharing and air taxi services
- The development of ride-sharing and on-demand air taxis is made possible by Advanced Air Mobility, revolutionizing urban and interurban transportation. The emergence of reasonably priced and easily accessible air mobility services has the potential to completely transform urban transport by offering users expedient and time-efficient travel choices.
Rising Technological Developments
- The autonomous flight capabilities, battery technology, and electric propulsion system developments that are still underway are driving the expansion of the Advanced Air Mobility market. Due to the ability to create economical, safe, and effective aerial mobility solutions, technical advancements have raised interest in and investment in the industry.
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Market Trends:
New Urban Mobility Ecosystems
- The development of new urban transportation ecosystems, such as air taxi and ride-sharing services, is also helping to boost the Advanced Air Mobility market. The demand for ecologically friendly transportation options is a major driver of the Advanced Air Mobility industry, since these cars are intended to be more sustainable and emit less carbon dioxide.
Segmentation:
Advanced Air Mobility Market is segmented based on component, type, enterprise size, and region.
Mode of Operation Insights
- Advanced Air Mobility vehicles are operated by human pilots, providing passengers with a comfortable and confident ride. However, the trend towards autonomous operations is increasing, with the utterly autonomous segment expected to grow rapidly. These systems use onboard sensors, algorithms, and artificial intelligence to execute tasks autonomously, from takeoff to landing.
Propulsion Type Insights
- Gasoline-powered Advanced Air Mobility is restricted due to noise and pollution issues, while electric aircraft use electric motors for propulsion. This promotes an environmentally friendly aviation industry, with startups and established companies investing in development. The hybrid propulsion category has the highest predicted CAGR due to the use of multiple power sources, such as fuel cells or combustion engines, for a more affordable power and flying option.
Mobility Type Insights
- Urban Air Mobility (UAM) uses small, fully automated aircraft to transport people or goods within urban and suburban areas, aiming to alleviate traffic congestion. RAM, on the other hand, focuses on rural areas, providing effective mobility options between rural and major cities. The introduction of electric vertical takeoff and landing (eVTOL) planes aims to improve connectivity, create new economic opportunities, and enhance accessibility.
Recent Development:
- In June 2024, Consultants Offer Sober Assessment of eVTOL Viability. The much-hyped advanced air mobility industry faced a reality check as development costs for new eVTOL aircraft have increased at a time when available capital seems to be contracting.
- In May 2024, Swinburne Collaborates With Latrobe City Council To Drive Victoria’s Advanced Air Mobility Precinct. Launched by Harriet Shing MP, Member for Eastern Victoria, the Latrobe Aerospace Technology Precinct is dedicated to pioneering the future of Advanced Air Mobility, fostering economic growth and underpinning sustainable innovation opportunities for Australia.
- In September 2023, Airobotics Inc., a well-known producer of unmanned aircraft systems, received FAA airworthiness type certification for its Optimus-1EX. Being the first "Drone-in-a-Box solution" devoted to fully automated drone operations for emergency response and digital data collection, this distinction is noteworthy as it is the second unmanned aircraft ever to receive such certification. With its approval, the Optimus-1EX can now be used for various applications, such as disaster relief drone first response (DFR) and quick infrastructure surveys.
- In March 2022, Lilium N.V. and NetJets Inc. signed a Memorandum of Agreement with FlightSafety Worldwide, the pioneer of the commercial aviation industry. Through the partnership, NetJets would be able to purchase over 150 Lilium aircraft, providing its shareholders with more options to enhance their present flight schedules.
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Advanced Air Mobility Market: Report Scope
| Report Attributes | Details |
| Market value in 2024 | USD 11.8 Billion |
| Market value in 2034 | USD 79.7 Billion |
| CAGR | 23.3% from 2024 – 2034 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2034 |
Regional Insights
- North America Emerging nations are embracing eVTOL aircraft for urban air mobility, with companies like Joby Aviation and Wisk Aero making significant strides. The US government is actively partnering with over 15 eVTOL aircraft manufacturers, while companies like Uber Air, EHang, Volocopter, Joby, and Lilium plan to launch commercial passenger operations. North America holds a 35% share of the global Advanced Air Mobility market, thanks to its thriving ecosystem of companies and organizations contributing to the development and implementation of Advanced Air Mobility technology.
- Europe The market for electric aircraft is segmented based on hardware and software components, with both piloted and autonomous modes. It caters to passenger and cargo services. Key European countries like Germany, France, Italy, the UK, and Russia are driving growth. Initiatives for last-mile delivery and urban air mobility, environmental sustainability, advancements in electric propulsion-based eVTOL aircraft, and regulatory support are also driving growth.
Browse Detail Report on "Advanced Air Mobility Market Size, Share, By Mode of Operation (Piloted, Autonomous), By Propulsion Type (Gasoline, Electric, Hybrid), By Mobility Type (Urban, Regional), By End- Use (Cargo, Passenger), and By Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/advanced-air-mobility-market-5275
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