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Urban Air Mobility Market Statistics, Development and Growth 2030

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Puneet Shah
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For years, people have dreamt of flying cars! The DeLorean, portrayed in the popular 1980s sci-fi movie trilogy Back to the Future,perhaps gave bigger wings to this dream. With the increasing number of vehicles around the world, there is barely enough space for pedestrians to walk and new automobiles to fit in. On average, people in the U.S. are spending 90 hours every year in traffic jams, which is leading to an around $1,000 annualrise in their commuting expenses.

Additionally, as per the World Health Organization (WHO), around 1.36 million people die on the roads every year. Thus, a need is being felt to somehow take off, or at least reduce, the traffic on the roads. This is why P&S Intelligence expects the urban air mobility (UAM) market to value $6,889.4 million by 2030, growing from $895.0 million in 2023 at a massive 33.9% CAGR between 2023 and 2030 (forecast period). UAM involves the provision of short-to-mid-range transportation services via autonomous or piloted vertical take-off and landing (VTOL) aircraft powered by electricity.

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The transportation services would be provided for passengers as well as cargo, withservice providers being more profitable by offering passenger services. This would be because passenger UAM services would be in a higher demand than cargo services and they would also be more expensive than the latter. Due to the growing issue of last-mile commute, UAM services, which are low-altitude flights, will rapidly rise in popularity among passengers.

On the basis of range, the urban air mobility market is bifurcated into intercity and intracity, of which the intracity bifurcation is expected to continue dominating the market throughout the forecast period. Due to the implementation of strict air safety regulations and primitive battery technology, UAM aircraft are being majorly designed for traveling within cities. However, driven by advancements in the battery, motor, and fuselage technologies, which would augment the range of such vehicles, the intercity bifurcation will grow faster in the industry.

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The wheels of technological advancements have already been set in motion, with aerospace, automobile, and shared mobility companies and government agencies coming together for development and pilot projects. For instance, in October 2019, a memorandum of understanding (MoU) was signed between The Boeing Company and Porsche AG to develop electric VTOL (evTOL) vehicles for urban transportation. Similarly, in January 2020, Hyundai Motor Co. and ride-hailing giant Uber Technologies Inc. began working on the development of Uber air taxis.

Thus, with UAM being a new concept, R&D, to come up with better technology and safety assurance, is key for its growth and adoption.

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