Urban Air Mobility Market Thrives on Growing Road Traffic Congestion
The global urban air mobility market is likely to observe steady growth in the next few years due to the high traffic congestion on roads. Urban air mobility, also known as UAM, is an industry term that is used to refer cargo or passenger carrying, highly automated, and on demand services of air transportation. It is an innovative mode of transportation to circumvent traffic congestion on road.
Road congestion has been troubling numerous cities and suburban areas across the globe, which is why the global urban air mobility market is expected to grow rapidly over the projection period. It is no more a scene from a sci-fi movie to see vertical take-off and landing (VTOL) flights carrying passengers and cargos over a short distance.
The global urban air quality market is driven by the following factors
- High congestion on road
- Increased focus on the sustainability of environment
- Augmented concern for safety of human lives
Powered by electricity, urban air mobility system leverages the availability of low altitude, uncluttered airspace to carry one to five passengers over a distance of five to fifty miles. These aircrafts fly at an altitude ranging from 500 to 5000 feet above the ground level. This mode of transportation do not add to the already existing traffic congestion or environmental pollution. These factors propel the global urban air mobility market toward rapid growth.
Urban Air Mobility Market: A Snapshot
The urban air mobility market consists of in-flight services which are making it easier for urban dwellers to reach their destination within the shortest possible times. The current market has not remained confined to serving just passengers either. In 2017, WiNDroVe project in Hamburg implemented the use of drones in metropolitan area. Similar projects were implemented in toher parts of the world with major companies like Airbus, Audi taking part in expanding the landscape.
In cities like Sao Paulo, the concept is at its peak. The urban air mobility in the city is far ahead of its counterparts like New York, Tokyo in providing air support with helicopters for stranded passengers. These air taxis are also available in Mexico cities. The high costs of the technology remains a challenge. Additionally, high energy consumption and noise are also expected to emerge as barriers to expansion of the urban air mobility market.
In order to solve the current challenges of high costs, electrical aircrafts are increasingly the go-to option for innovator. Many companies like Airbus, Boeing, and startups like Volocopter are investing efforts in electric energy laden future to bring the next-gen concept of air urban mobility to passengers.
Companies like Volocopter are also working on horizontal take-offs with the help of new designs. The company uses multicopters which have buoyance systems and propulsion in the second axis to support horizontal take-offs. These are ideal in cities wherein congested surrounding remain a major concern for operations. The aircraft uses regular propulsion and rotors with vertical axis. The growing urbanization, rising demand to beat traffic, and platforms like Uber, Ola are expected to drive tremendous growth for the urban air mobility market.
The increasing investment in startups and innovations are the ones to watch out for in the urabn air mobility market.
Global Urban Air Mobility Market: Overview
Urban air mobility refers to automated air transportation services used for carrying cargos or passengers. The global urban air mobility market is anticipated to display tremendous growth during the forecast period owing to rising demand for air transportation services. Moreover, advancements in the battery capacity and autonomy of aerial vehicles have highly supported the market to expand its global footprints.
Global Urban Air Mobility Market: Notable Developments
Below are a few notable developments in the global urban air mobility market:
- Sikorsky has developed new Sikorsky Autonomy Research Aircraft (SARA) using the MATRIX technology. It offers a highly safe flying experience in autonomous aircraft in an obstacle-rich environment. It functions by combining the hardware and software components, thus enabling the successful execution of the mission. In addition to this, it significantly reduces the lifecycle and operating cost of the flight and its performance agnostic design enables mission tailoring. Incorporation of this technology helped the urban air mobility market expand its global footprints.
- Currently, among several urban air mobility projects in the pipeline Cora is one. Cora is remotely piloted and is currently under testing in New Zealand and California. Whilst urban air mobility aircraft of Kitty Hawk – Flyer- operating as an ultralight aircraft in the U.S. is free of regulatory issues. Moreover, it has a fly-by-wire control system that offers simplified controls. Such UAM projects have served as a focal point for the growth of the global urban air mobility market.
Prominent players in the global urban air mobility market include Kitty Hawk, EHang, Boeing, Aurora Flight Sciences, Bell Helicopter Textron Inc., Delorean Aerospace LLC, and Neva Aerospace.
Global Urban Air Mobility Market: Key Growth Dynamics
A rising population has led to a rise in the on-road traffic, thus creating lucrative opportunities for the growth of the global urban air mobility market. Moreover, there is an increasing focus on environmental sustainability due to rapidly depleting natural resources. This has impacted the global urban air mobility market positively, thus propelling its growth.
Furthermore, rising commercial applications of autonomous eVITOls have led to a surge in the production of autonomous aircraft. It has also given a boost to multiple urban air mobility projects, thus causing an increment in the urban air mobility market. Along with this, the need for enhanced air mobility and the concerns pertaining to human safety have led to a surge in the market.
On the downside, there are a few restraints that may shrink the urban air mobility market’s growth. Concerns regarding the external environment may hamper the functioning of eVITOLs, thereby causing a downfall in the market. Additionally, high manufacturing costs and stringent regulatory procedures may curtail the market’s expansion. Nonetheless, rising technological developments for human-free operations and an increase in government funding may offset the effects of the restraints.
Global Urban Air Mobility Market: Regional Outlook
On the geographical front, Europe is anticipated to show the highest growth during the forecast period. This is owing to the rising number of urban air mobility projects in this region and rising investment on the transportation activities. France and Germany are expected to generate the maximum revenue in the urban air mobility market of this region due to high investment in the development of advanced eVITOL systems. Additionally, rising automation in European countries has stimulated the market’s expansion.
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