Urban Air Mobility Market Expected To Grow With USD 29.19 Billion By 2030


 San Francisco, 18 December 2024: The Report Urban Air Mobility Market Size, Share & Trends Analysis Report By Component, By Type, By Maximum Take-off Weight, By Propulsion, By Operation, By Range, By Application, By Product, By End Use, By Region, And Segment Forecasts, 2024 - 2030

The global urban air mobility market size was estimated at USD 29.19 billion by 2030 and is expected to grow at a CAGR of 34.2% from 2024 to 2030. The market growth is attributed to the rising need for faster and more efficient transportation amid rapid urbanization and a growing global population. Traffic congestion in urban areas has become a major concern, which makes urban air mobility (UAM) a potential solution that can improve commuting within cities, reduce travel times, and subsequently improve the quality of life for urban residents. Besides, as ride-hailing services have created a demand for flexible and convenient transportation, UAM vehicles can become the next generation of on-demand transportation. These factors are expected to open remunerative growth avenues for the UAM market over the coming years.

 

The continued technological advancements in mobility solutions are further fueling the growth of UAM market. For instance, the developments in electric propulsion systems and autonomous flight control are making electric vertical take-off and landing (eVTOL) vehicles a viable option for urban air mobility applications. These vehicles are more environmentally friendly, which aligns with the growing consumer preference for sustainable mobility solutions. Moreover, advancements in battery energy density and charging infrastructure are crucial for enabling longer range and shorter charging times for UAM vehicles, which will drive their adoption and commercial viability.

The growth potential of UAM market is attracting several public-private partnerships. For instance, in February 2024, Joby Aero, Inc. signed an agreement with Dubai’s Road and Transport Authority (RTA) to introduce air taxi services in the country by early 2026. The company intends to commence the initial operations as early as 2025. This deal provides exclusive rights to operate air taxis in Dubai for the next six years.

Access Research Report of Urban Air Mobility Market @ https://www.grandviewresearch.com/industry-analysis/urban-air-mobility-market-report

The market growth is being further driven by increasing government investments to enhance air mobility. For instance, in February 2024, Vertical Aerospace received USD 10 million in funding from the U.K. Government, as a part of the Aerospace Technology Institute (ATI) Program, to deliver next-generation propellers to be used in its VX4 aircraft. This initiative is aimed at strengthening the country’s position in the global market of urban air mobility, which aims to transform the way people travel around and between cities, providing a green and low noise means of transport.

Recent Developments

  • In June 2024, Lilium GmbH collaborated with Bao’an District in China with an aim to establish itself as an active and contributing industry player with the support of local infrastructure partners, customers, and regulatory authorities. The district offers extensive regional knowledge required to build the foundation for high-end eVTOL operations in the Greater Bay Area. The company intends to expand across the country and the Asia-Pacific region in the future.     
  • In June 2024, Guangzhou EHang Intelligent Technology Co. Ltd. announced the first autonomous air taxi flight of EH216-S, its pilotless electric vertical takeoff and landing (eVTOL) aircraft in Mecca, Saudi Arabia. The company has partnered with Front End Limited Company, a domestic advanced solutions provider for various industries, implying transformative potential of pilotless eVTOL aircraft for the regional transportation system.    
  • In April 2024, Joby Aero, Inc. signed a Memorandum of Understanding (MoU) with the Abu Dhabi Department of Economic Development (DED), the Department of Municipalities and Transport - Abu Dhabi (DMT), and the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) with an aim to establish air taxi services in Abu Dhabi.   

Key Urban Air Mobility Company Insights

Some of the key players operating in the market include Guangzhou EHang Intelligent Technology Co. Ltd., Airbus, Lilium GmbH, Joby Aero, Inc., and Embraer Group among others.

  • Lilium GmbH is engaged in the development of accessible and sustainable modes of high-speed regional transportation. The company works with technology, aerospace, and infrastructure companies across U.S., Brazil, China, UAE, Saudi Arabia, U.K., and other European countries, to deliver high-end aircrafts.
  • Guangzhou EHang Intelligent Technology Co. Ltd. is engaged in the development of safe, autonomous, and environmentally friendly air mobility solutions. The company delivers unmanned aerial vehicle systems, air mobility (passenger transportation and logistics), aerial media solutions, and smart city management solutions. 
  • Joby Aero, Inc. is a U.S. based transportation firm that develops all-electric, vertical take-off and landing air taxis, which the company aims to operate as a fast, convenient, and quiet service in cities across the globe. It has formed strategic partnerships with Toyota Motor Corporation, Uber Technologies, Inc., etc., to strengthen its position in aerial ridesharing domain.   

The AIRO Group, Inc., Wingcopter GmbH, and BETA Technologies, Inc. are some of the emerging market participants in the urban air mobility market.

  • The AIRO Group, Inc., is an air mobility, autonomy, and aerospace platform provider with differentiated capabilities and technologies addressing market trends across the drone ecosystem. It offers a wide range of drone technologies and services, and defense training.
  • Wingcopter GmbH manufactures unmanned, all-electric delivery drones and provides drone delivery services with expertise in medical supply chains and logistics of urgent goods. The company has several investors including REWE Group, Salvia, XAI technologies, Xplorer Capital, and Futury Capital among others.
  • Beta Technologies, Inc. produces electric vertical takeoff and landing (eVTOL) aircraft and recharging pad systems. The company aims to expand beyond the military to deliver its eVTOL to be used by passenger-carrying operators and cargo carriers. It has electrification collaborations with U.S. FBOs Atlantic Aviation and Shoreline Aviation that offer charging stations for eVTOL and eCTOL service.   

Key Urban Air Mobility Companies:

The following are the leading companies in the urban air mobility market. These companies collectively hold the largest market share and dictate industry trends.

  • Airbus
  • Lilium GmbH
  • Guangzhou EHang Intelligent Technology Co. Ltd
  • Eve Holding, Inc.
  • Vertical Aerospace
  • Textron Inc.
  • Joby Aero, Inc.
  • Embraer Group
  • Hyundai Motor Company
  • Archer Aviation Inc.
  • The AIRO Group, Inc.
  • Wingcopter GmbH
  • BETA Technologies, Inc.
  • Volocopter GmbH
  • Uber Technologies, Inc.
  • Safran Group

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

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