Urban Air Mobility Market To Reach USD 6,889.4 Million by 2030
The total revenue generated by the urban air mobility market is USD 895.0 million in 2023, and it will reach USD 6,889.4 million by 2030. Also, it will power at a rate of 33.9% by the end of this decade, as stated by a market research firm, P&S Intelligence.
The increasing traffic on the roads in major cities and increasing volume of product launches will be the sturdiest drivers for the growth of the industry.
In 2023, the passenger aircraft type category will hold the larger share. This is accredited to the fact that the requirement for passenger flights will be above that of cargo delivery services globally.
Moreover, passenger flight on low-altitudes will be a lot costlier than last-mile and cargo delivery services. Intercity flights will demonstrate the faster growth in the urban air mobility services by the end of this decade.
This will be for the reason that of the longer flight range of eVTOL aircraft because of the rapid tech progressions in the battery, motor, and fuselage.
North America will have the largest share in urban air mobility market. This is because people living in major cities of the continent will increasingly choose for air taxi and airport shuttle services because of the increasing traffic congestion.
Also, in the U.S., last-mile and cargo services will be broadly provided with eVTOL aircraft, positively impacting the expansion of the market.
The deteriorating road traffic conditions in extremely inhabited cities are a main factor fueling the expansion of industry. The increasing road traffic in cities is triggering long traffic jams, leading to the wastage of precious time.
This is then slowing down the financial development of several countries. For instance, Americans, averagely, spend 90 hours in traffic jams on a yearly basis.
Also, traffic jams increase the annual cost of transportation of Americans by over USD 1,000.
Moreover, the growing road traffic congestion is bringing about a sharp increase in the road accidents cases, particularly in China, India, and Indonesia. Due to these reasons, the acceptance of autonomous aerial mobility solutions is increasing rapidly, fueling the market progress from 2023.
Urban Air Mobility (UAM) Market Research Report@ https://www.psmarketresearch.com/market-analysis/urban-air-mobility-market
The increasing traffic on the roads in major cities and increasing volume of product launches will be the sturdiest drivers for the growth of the industry.
In 2023, the passenger aircraft type category will hold the larger share. This is accredited to the fact that the requirement for passenger flights will be above that of cargo delivery services globally.
Moreover, passenger flight on low-altitudes will be a lot costlier than last-mile and cargo delivery services. Intercity flights will demonstrate the faster growth in the urban air mobility services by the end of this decade.
This will be for the reason that of the longer flight range of eVTOL aircraft because of the rapid tech progressions in the battery, motor, and fuselage.
North America will have the largest share in urban air mobility market. This is because people living in major cities of the continent will increasingly choose for air taxi and airport shuttle services because of the increasing traffic congestion.
Also, in the U.S., last-mile and cargo services will be broadly provided with eVTOL aircraft, positively impacting the expansion of the market.
The deteriorating road traffic conditions in extremely inhabited cities are a main factor fueling the expansion of industry. The increasing road traffic in cities is triggering long traffic jams, leading to the wastage of precious time.
This is then slowing down the financial development of several countries. For instance, Americans, averagely, spend 90 hours in traffic jams on a yearly basis.
Also, traffic jams increase the annual cost of transportation of Americans by over USD 1,000.
Moreover, the growing road traffic congestion is bringing about a sharp increase in the road accidents cases, particularly in China, India, and Indonesia. Due to these reasons, the acceptance of autonomous aerial mobility solutions is increasing rapidly, fueling the market progress from 2023.
Urban Air Mobility (UAM) Market Research Report@ https://www.psmarketresearch.com/market-analysis/urban-air-mobility-market