Urban air mobility basically refers to the urban transportation systems that provide air commuting options to the people. In many major cities and towns, these solutions are rapidly becoming popular, because of the rising road traffic congestion. For example, it has been observed with the help of surveys and studies that “the people in the U.S. spend, on an average, 90 hours in traffic jams every year”. Furthermore, due to these long traffic jams, “their expenditure on travelling increases by more than $1,000 each year”.
Besides the surging road traffic, “the increasing population levels and number of vehicles have also increased the incidence of road accidents, particularly in the developing nations such as India, China, and Indonesia”. Additionally, many travel and transportation companies are increasingly testing autonomous aerial systems for everyday commuting in many countries around the world. Due to these factors, the value of the global urban air mobility (UAM) market is predicted to rise from $895.0 million to $6,889.4 million from 2023 to 2030. The market is also predicted to exhibit a CAGR of 33.9% from 2023 to 2030.
Passenger and cargo aircrafts are the two main types of UAM systems available in the market. Between the two, the adoption of passenger aircrafts will be higher in the coming years. Additionally, “these aircrafts will generate huge revenue in the urban air mobility market in future, on account of the fact that the tariffs for these services would be kept much higher” than that of the cargo planes, owing to their higher demand, especially in the major cities.
In the future years, “Europe will observe the fastest growth in the adoption of UAM solutions” as compared to the other regions in the world, as per the calculations of P&S Intelligence, a market research company. This is ascribed to the soaring investments being made in France and Germany for increasing the procurement rate of the electric vertical takeoff and landing (eVTOL) aircrafts for commercial services. Additionally, the enhancing manufacturing capacities of the UAM firms based in Europe and the rising adoption of automated systems will further boost the adoption of UAM solutions in the region in future.
Therefore, it can be said without any hesitation that the demand for UAM solutions will rise considerably throughout the world over the next several years, primarily because of the increasing prevalence of road accidents and increasing traffic congestion in major urban areas around the world.