A recent report published by Allied Market Research, titled "Urban Air Mobility (UAM) Market," reveals that the UAM market is projected to grow significantly, reaching a value of $30.7 billion by 2031. In 2021, the market was valued at $2.3 billion.
Urban air mobility is emerging as a practical and innovative mode of transportation for both people and cargo. It aims to address the challenges posed by congested roads and traffic by offering efficient and sustainable transportation solutions. By minimizing travel distance and utilizing existing transportation infrastructure and networks for first and last-mile connections, urban air mobility has the potential to enhance the effectiveness of current transportation systems. The development of electric Vertical Take-Off and Landing (eVTOL) aircraft has garnered the attention of major players in the urban transportation market, contributing to the increasing demand for urban air mobility.
However, there are some drawbacks associated with urban air mobility. One of the challenges is the high initial investment required to establish suitable infrastructure for operating these vehicles, especially in densely populated urban areas. Additionally, there is a concern regarding increased noise pollution due to the use of rotary blades for flight. These factors may hinder the growth of the urban air mobility market in the forecasted period.
Despite these challenges, the use of urban air mobility vehicles as air taxis is expected to gain traction. These vehicles offer vertical takeoff and landing capabilities, making them well-suited for air taxi services within urban areas. Moreover, their use of electric energy makes them cost-effective and environmentally friendly.
Key players in the urban air mobility market include Ehang, Lilium GmbH, Airbus, Wisk Aero LLC, Bell Textron, Volocopter GmbH, Workhorse Group Inc., Joby Aviation, Kitty Hawk, and Archer Aviation. The report provides a comprehensive analysis of the market, covering various aspects such as market segments, statistics, dynamics, regional outlook, investment opportunities, and the contributions of these key players towards market growth.