Market Research Report
The U.S. Urban Air Mobility (UAM) Market: Focus on Range, Application, Ecosystem, Operation, End-Use Industry, and Platform Architecture - Analysis and Forecast, 2023-2035
|The U.S. Urban Air Mobility (UAM) Market: Focus on Range, Application, Ecosystem, Operation, End-Use Industry, and Platform Architecture - Analysis and Forecast, 2023-2035|
Published: September 30, 2021
BIS Research Inc.
Content info: 87 Pages
Delivery time: 1-2 business days
“U.S. Urban Air Mobility (UAM) Market is Projected to Reach $18.81 Billion by 2035.”
Acubed-Airbus, Airspace Experience Technologies, Inc., Aurora Flight Sciences, Bell Textron Inc., DELOREAN AEROSPACE, LLC, EVE Air Mobility, Jaunt Air Mobility LLC, Joby Aviation, Kitty Hawk, Opener.
The increase in traffic congestion and rapid growth of urbanization are the significant challenges faced by some of the mobility industry in the world today, and innovative solutions in urban mobility are important for a sustainable future. There are several new mobility initiatives such as automotive transportation-as-a-service, high-speed train concepts such as hyperloop, autonomous cars, and aerial transportation. Depending on the destination, travel distance, location of transportation, and duration of the journey, a passenger can select various modes of transportation. The concept of urban air mobility (UAM) was first realized in Sao Paulo, Brazil, where air mobility was provided by helicopters, The UAM adoption level in Brazil was higher than in Tokyo and New York City together.
The urban air mobility market is expected to create an entirely new industry. The manufacturers are continuously taking initiatives to develop various innovative infrastructural concepts, such as better tracking systems and efficient connectivity. The key development focus areas in the urban air mobility industry include improvements in battery technology and other forms of propulsion systems to offer longer ranges and endurances. Based on the recent developments in the U.S. urban air mobility market, aircraft prototypes have already been manufactured and tested in several countries. However, the regulatory framework that governs the urban air mobility industry is yet to certify the vehicles for commercial usage. It is expected that the cargo delivery drones will be commercialized by 2023, but the wide acceptance of passenger transportation is expected to be a bit slow.
The U.S. urban air mobility market is estimated to reach $18.81 billion in 2035, at a compound annual growth rate (CAGR) of 23.12% during the forecast period 2023-2035. The major driving factors for the huge revenues generated by the companies are the growing need for an alternate mode of transportation in urban mobility and demand for an efficient mode of logistics and transportation services.
The COVID-19 affected the global industries, and the U.S. urban air mobility market has been affected in some regions as well. The lockdown had completely stopped the production until July 2020 in some regions, but the research and development activities were not affected significantly. The companies are slowly opening up their plants amidst the pandemic following all the safety measures. The U.S. had imposed complete lockdown to prevent the widespread of the virus. Since most of the companies are well established, they had their reserves for raw materials and other components to continue with their manufacturing processes. Due to the vaccinations, the industries are expected to function at 100%.
The 20 km - 100 km Range Segment to Lead U.S. Urban Air Mobility Market during forecast period due to the increase in demand for faster mobility transport for short distances and increasing traffic congestions for daily commuters, the 20 km - 100 km segment is expected to witness huge growth over the next few years. The technological limitations such as a lack of better battery technology and higher noise pollution are currently restricting the other range segments in the industry, but the range of 20 km to 100 km is balancing the factors perfectly and is delivering the most suitable product for the market.
The passenger transportation aerial vehicles are highly regulated under the guidance of government agencies such as Federal Aviation Administration in the U.S. The drones and aerial vehicles used for passenger transportation must follow a stringent set of rules to get certified. According to some industry experts, the passenger transporting vehicles will be requiring a piloted mode of operation in the early stages of commercialization to ensure passenger safety. Thus, the market is expected to be dominated by the piloted mode of operation during the forecast period of 2023-2035.
Acubed-Airbus, Airspace Experience Technologies, Inc., Aurora Flight Sciences, Bell Textron Inc., DELOREAN AEROSPACE, LLC, EVE Air Mobility, Jaunt Air Mobility LLC, Joby Aviation, Kitty Hawk, Opener
The companies that are profiled in the report have been selected post undergoing in-depth interviews with experts and understanding of the details around companies such as product portfolio, demonstrations, annual revenues, market penetration, research and development initiatives, and key developments in the U.S. urban air mobility market.