The Urban Air Mobility (UAM) Market is projected to grow at a compound annual growth rate (CAGR) of 25.9% from USD 3.10 billion in 2023 to USD 15.54 billion by 2030. The rise in demand for intracity and intercity transportation with electric vertical take-off and landing vehicles (eVTOLs) to improve operational efficiency and reduce human intervention is driving market growth. The urban air mobility industry is in its early stages and is expected to become commercially viable by the end of 2023.

Urban air mobility is a new transportation model that provides accessible, affordable, and fast air transit in urban areas, reducing congestion on the ground. The industry relies on emerging technologies such as distributed electric propulsion and advanced aerospace manufacturing to reduce production costs, as well as new business models like application-based ride-sharing.

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The market growth of urban air mobility depends on the technological maturity of vertical take-off and landing vehicles and automated flight. Significant investments by stakeholders in the air mobility sector will also contribute to market revenue over the forecast period.

The report suggests that the air metro segment could generate revenue of USD 0.9 billion in the first year of market entry in 2028, with the number of vehicles reaching 23,000 by 2030. The demand for air metros is expected to increase as it provides a similar public transit experience to buses and subways with predetermined routes, set stops, and regular schedules.

Driving factors of Urban Air Mobility (UAM) Market

1. Need for enhancing operational efficiency and reducing human intervention for intracity and intercity transportation with eVTOLs.
2. Potential to reconstruct mobility systems by offering accessible, highly affordable, and fast urban air transit while reducing ground-based congestion.
3. Emergence of new technologies like distributed electric propulsion and trends in advanced aerospace manufacturing, leading to reduced production costs.
4. New business models like application-based ride-sharing.
5. Technological maturity of maneuverable, stable, vertical takeoff, and landing vehicles, along with highly automated flight.
6. Significant investments by stakeholders in the air mobility sector.

Some of the notable innovations in the Urban Air Mobility (UAM) Market

1. Distributed Electric Propulsion: This technology uses multiple rotors distributed across the airframe of eVTOLs (electric Vertical Take-Off and Landing vehicles) to provide propulsion, resulting in better safety and efficiency.
2. Autonomous Flight: Autonomous eVTOLs are better suited for cargo and passenger transportation as they are equipped with proven technology for human-free operations and high-quality sensors. These vehicles are expected to be increasingly used for intercity transportation.
3. Application-based Ride-sharing: This business model allows passengers to book a ride on eVTOLs through a mobile application, providing a convenient and accessible mode of transportation.
4. Advanced Aerospace Manufacturing: Advanced manufacturing techniques like 3D printing and composites are being used to reduce the production costs of eVTOLs and increase their performance.
5. Air Metro: Air metro is a platform-based transportation system that operates on pre-determined routes, with set stops in high traffic areas across each city and regular schedules, similar to buses and subways.
6. Hybrid-Electric Propulsion: This technology combines an electric motor with a conventional engine to reduce fuel consumption and emissions while providing extended range and faster speeds.
7. Vertical Take-Off and Landing (VTOL) Aircraft: These aircraft have the ability to take off and land vertically, eliminating the need for runways and enabling them to operate in areas with limited infrastructure.
8. Urban Airports: These are small airports located in urban areas that provide access to eVTOLs, allowing for seamless transportation to and from cities.
9. Personal Air Vehicles (PAVs): PAVs are small, single or multi-passenger vehicles designed for personal use. These vehicles are expected to become increasingly popular for personal transportation, especially for short-distance travel within cities.
10. High-Speed Air Taxis: These are fast, point-to-point air taxis that offer a quick and efficient way to travel between cities. They are expected to provide a convenient and time-saving alternative to traditional modes of transportation like cars and airplanes.

Key players in the Global Urban Air Mobility Market

AIRSPACEX, CityAirbus (Airbus Helicopters), Airbus A3, Aurora Flight Sciences (A Boeing Company), Lilium Aviation, Bartini, Carter Aviation, Passenger Drone, Vimana, Joby Aviation, Volocopter, Workhorse, Kitty Hawk / Zee Aero, Terrafugia, AviaNovations, hopFlyt, Delorean Aerospace, Hoversurf, Japan Aerospace Exploration Agency, Jetpack Aviation, XTI Aircraft, Embraer, Pipistrel, and VerdeGo Aero.

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