Urban Air Mobility (UAM) Market to Reach $30.7 Billion, Globally, by 2031 at 30.2% CAGR: Allied Market Research

Drivers and Opportunities

Growing traffic congestion issues and the demand for urban air mobility solutions from the medical sector drive the growth of the global urban air mobility market. However, high initial investment cost of urban air mobility hamper the market growth. On the other hand, an increase in research and development of UAM and adoption of strategies such as product launches, mergers & acquisitions, collaborations, partnerships, and refurbishing of existing technology present new opportunities for the market in the coming years.

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Covid-19 Scenario

The air taxis segment to rule the roost during the forecast period

Based on platform, the air taxis segment was the largest market in 2021, contributing to nearly two-fifths of the global urban air mobility market, and is expected to maintain its leadership status during the forecast period. The growth of air taxis segment over the forecast period is attributed to favorable features of air taxis such as their well-designed aircrafts and ability to travel short distances. Furthermore, they can also extend their service to isolated areas with poor road infrastructure. On the other hand, the last-mile delivery vehicles segment is projected to witness the fastest CAGR of 31.1% from 2022 to 2031.The segmental growth can be attributed to employment of aerial delivery drones to complete the final mile delivery of goods is a result of the growing need to increase delivery efficiency and reduce delivery time. Additionally, the growth of the segment is due to the introduction of superior UAM vehicles.

The autonomous segment to maintain its dominance during the forecast period

Based on platform operations, the piloted segment held the largest market share of nearly three-fifths of the global urban air mobility market in 2021. However, the autonomous segment is expected to maintain its dominance and is projected to witness the largest CAGR of 33.1% from 2022 to 2031. This growth is majorly driven by reduced human errors and more accuracy facilitated by aircraft operations, owing to increased autonomy, novel innovations in artificial intelligence (AI), and increased cost savings in the aviation sector worldwide.

The intracity segment to maintain the fastest growth during the forecast period

Based on range, the intercity segment held the largest market share of more than two-thirds of the global urban air mobility market in 2021, and is expected to maintain its dominance during the forecast period. This is because technological developments are now making UAMs a realistic possibility. However, the intracity segment is projected to witness the highest CAGR of 35.2% from 2022 to 2031. Key factors such as the dramatically growing traffic congestion in the busiest cities of the world namely New York, Munich, Rio de Janeiro, and Bengaluru, owing to the increasing population and migration of people from rural areas is expected to fuel the growth of the segment.

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Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific was the largest market in 2021, capturing more than two-fifths of the global urban air mobility market, and is expected to lead the trail during the forecast period. This is due to the increasing road traffic congestion in urban areas and the demand for fast transportation in the region. However, the market in Europe is projected to manifest the fastest CAGR of 31.4% during the forecast period. Countries in this region, including Germany, the United Kingdom, and France are making significant investments in the creation and acquisition of cutting-edge UAM systems for use in commercial operations. Moreover, the urban air mobility market in Europe is expanding as a result of rising levels of automation and globalization in these nations. Due to the strong presence of major corporations and numerous initiatives regarding urban air transportation by the government in Europe, the market is anticipated to experience substantial expansion over the course of the forecast period.

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