The global urban air mobility market is expected to report revenue of $5.32 billion in 2023 and is estimated to cross $86.83 billion by 2035, at a growth rate of 26.19% during the forecast period, 2023-2035. The increasing demand for urban air mobility is due to the increasing need for alternate transport and increasing use of UAVs in commercial and civil applications. The demand for new hybrid design concepts is increasing mainly due to the combining benefits of rotorcraft and fixed-wing aircraft. The introduction of new products in the market and ongoing research and development activities are likely to propel the demand for VTOL aircraft during the forecast period. The manufacturers are also working for the development of variety of vehicle types, with major focus on eVTOL systems. The vehicles are expected to use battery and distributed electric propulsion, and/or hybrid (battery and fuel) systems. The majority of aircrafts are expected to have rotors, while others are expected to feature a combination of fixed wing and rotors for take-off and landing.
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Air taxi is expected to make the journey of travelers efficient, effective, convenient, and economic. In the initial phase, VTOL aircrafts are expected to be used for air taxis, however once eVTOL vehicles are certified and upgraded with battery efficiency, it is expected to be majorly used for air taxi service. eVTOL aircrafts as air taxis are expected to be cost effective and more efficient than aircrafts running on kerosene.
The competitive landscape of the urban air mobility market includes different strategies undertaken by the key stakeholders to gain market presence. As urban air mobility market is under development and testing phase, all the stakeholder companies are working together to assist government and regulatory authorities for drafting rules and regulations.
Some of the strategies adopted by the companies are product launches and developments, partnerships, collaborations, and acquisitions. The aircrafts manufacturers are conducting research and development activities for the development of advanced VTOL and eVTOL aircrafts. Uber is running its “Uber elevate” program that includes the development of fully-electric aircraft for passenger transportation. The company plans to demonstrate its technology by 2020, followed by fully operation aircraft by 2023. The company has also partnered with various aircraft and technology manufacturers for the development of eVTOL flying cars. For instance, Pipistrel Aircraft, Aurora Flight Sciences, Embraer, Bell Helicopter, and Karem are the companies that are working with Uber on its UberAIR project.
Numerous investments have taken place in the recent past in the urban air mobility market, which shows the degree of interest of industry leaders in this platform. However, the challenge lies in coordinating these endeavors, keeping in mind the regulatory and infrastructure framework in order to support these services. It is anticipated that as the technology further develops, the urban air mobility infrastructure and concept will need better lucidity through necessary procedures to be undertaken by both regulatory authorities and industry players. The market is likely to grow rapidly with the innovation of more electric aircraft with longer endurance. The existing companies as well as new entrants developing next-generation VTOL solutions could benefit from this untapped market potential.
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