Advanced Aerial Mobility Market Size (2023 – 2030)

Global Advanced Aerial Mobility Market is estimated to be worth USD 8.99 Billion in 2022 and is projected to reach a value of USD 34.93 Billion by 2030, growing at a CAGR of 18.49% during the forecast period 2023-2030.

The market for advanced aerial mobility is a quickly developing industry that seeks to transform transportation by introducing cutting-edge flying cars. These vehicles, also known as electric vertical take-off and landing (eVTOL) aircraft, have the power to revolutionize emergency services, logistics, and urban mobility. Both established aerospace corporations and start-ups are paying close attention to the market for advanced aerial mobility because it holds the potential to provide quicker, more effective, and environmentally friendly transportation options. The growing demand for effective urban transportation is one of the major factors driving the market for advanced aerial mobility. There is an increasing need for alternative forms of transportation that can avoid ground-level impediments as cities get denser and traffic congestion gets worse. EVTOL planes provide a solution by leveraging airspace to swiftly and directly carry people and things thanks to their ability to take off and land vertically. The market for advanced aerial mobility has the potential to revolutionize the transportation sector and provide ground-breaking solutions for emergency services, logistics, and urban mobility. EVTOL aircraft have the potential to revolutionize the way people and commodities are moved by offering quicker, more effective, and environmentally friendly alternatives to conventional transportation methods thanks to developments in electric propulsion and autonomous technologies. To fully utilize this market and ensure its secure and effective integration into society, it will be essential to overcome infrastructure and regulatory constraints. 

Global Advanced Aerial Mobility Market Drivers:

Urban congestion drives demand for advanced aerial mobility solutions.

One of the main causes driving up demand for enhanced aerial mobility is the problem of urban and traffic congestion. As cities grow in population and scale, ground-based transportation systems are struggling to fulfill the need for efficient mobility. To avoid ground-level obstacles and lessen traffic, new transit options are urgently needed. A possible solution is provided by advanced aerial mobility, which enables vertical takeoff and landing. Urban commuters can travel more quickly and efficiently using eVTOL (electric vertical takeoff and landing) planes since they can maneuver in the airspace. By leveraging the available resources, eVTOLs have the potential to reduce travel times, ease traffic congestion, and enhance urban mobility.

Environmental Concerns and Sustainability are boosting market size.

The rising awareness of environmental issues and the demand for environmentally friendly transportation options is another important factor driving the market for advanced aerial mobility. The transition to more environmentally friendly alternatives has gained international attention because the aviation sector contributes significantly to greenhouse gas emissions. EVTOL aircraft are propelled by electric propulsion systems, which are cleaner and more environmentally friendly than conventional combustion engines. With improvements in battery technology and falling prices for renewable energy sources, eVTOLs can operate with fewer emissions, which helps to maintain the environment. Electric propulsion technologies also result in less noise pollution, which makes eVTOLs more appropriate for urban settings. The adoption of advanced aerial mobility can play a critical role in developing a more sustainable and environmentally friendly transportation ecosystem as governments and organizations work to meet ambitious emission reduction goals.

Global Advanced Aerial Mobility Market Challenges:

One of the biggest challenges the worldwide market for advanced aerial mobility is experiencing is the development and integration of the necessary infrastructure. EVTOL aircraft require specific takeoff and landing infrastructure, such as vertiports or landing pads, in contrast to conventional modes of transportation. These infrastructural elements need to be carefully thought out, placed, and integrated into the current urban context. Moreover, the creation of a comprehensive network of vertiports necessitates a sizable investment and tight coordination among parties, consisting of urban planners, authorities, and private companies. The presence of a robust infrastructure network is necessary for the operation of eVTOL aircraft and their integration into the current transportation ecosystem.

Global Advanced Aerial Mobility Market Opportunities:

The creation of new business models and services has a huge opportunity in the worldwide market for enhanced aerial mobility. There is a possibility for innovation in several industries, consisting of air taxi services, logistics, and emergency response, as eVTOL aircraft gain popularity. Businesses can profit from this industry by providing efficient cargo delivery, on-demand air transportation, and prompt emergency medical care. In a transportation environment that is rapidly changing, these innovative business models and services can change industries, generate new sources of income, and satisfy customers' shifting requirements. 

COVID-19 Impact on Global Advanced Aerial Mobility Market:

In certain ways, the COVID-19 epidemic has benefited the global market for advanced aerial mobility. EVTOL planes have the potential to provide a secure and effective means of transportation given the rising emphasis on social isolation and the demand for contactless mobility. The development of autonomous technology and remote operations, which are crucial for the effective deployment of eVTOLs, has been pushed by the epidemic. Aerial mobility initiatives are now more widely accepted and supported as a result of the crisis's push for governments and regulatory organizations to investigate creative solutions to transportation problems. On the other side, the COVID-19 epidemic has also presented difficulties and had a detrimental effect on the world market for advanced aerial mobility. Restrictions on travel, a decline in passenger demand, and financial limits have all had a significant negative influence on the aviation business as a whole. The creation and use of eVTOL aircraft have been hindered and delayed as a result of these limitations. Additionally, the economic uncertainty brought on by the epidemic has resulted in less funding and investment for projects involving sophisticated aerial mobility, which could short-circuit the market's expansion and development shortly.

Global Advanced Aerial Mobility Market Recent Developments:

In March 2022, Airbus and Spirit AeroSystems collaborated on the design and production of the wings for CityAirbus NextGen. The alliance wants to create a cutting-edge aircraft that follows strict regulations and prioritizes safety. Spirit AeroSystems, located in Belfast, Northern Ireland, will design and manufacture the wings with an emphasis on finding a lightweight solution without compromising safety. Air turbulence will be lessened by the dispersed propulsion system, and the wings' structural design will balance hover and cruise efficiency while successfully handling aerodynamic stresses.

ADVANCED AERIAL MOBILITY MARKET REPORT COVERAGE:

Global Advanced Aerial Mobility Market Segmentation: By Propulsion Type

• Parallel Hybrid

• Electric

• Turboelectric

• Turboshaft

The parallel hybrid, electric, turboelectric, and turboshaft propulsion types can be used to segment the global market for advanced aerial mobility. The electric propulsion type is currently the market's largest and fastest-growing sector among these groups. The demand for electric propulsion systems in eVTOL aircraft has been spurred by the growing emphasis on environmental sustainability and the requirement to cut carbon emissions. Reduced emissions, decreased noise levels, and increased energy efficiency are just a few benefits of electric propulsion. Electric propulsion technology has advanced quickly as a result of these factors, which have drawn substantial investments and partnerships from both established and emerging aerospace industries. The electric propulsion category is anticipated to have considerable expansion in the upcoming years due to continued developments in battery technology and the declining cost of renewable energy sources, making it the largest and fastest-growing segment in the global market for advanced aerial mobility.

Global Advanced Aerial Mobility Market Segmentation: By Mode of Operation

• Piloted

• Autonomous

The market for advanced aerial mobility can be divided into piloted and autonomous segments based on how they operate. The advanced aerial mobility market is currently dominated by the piloted mode of operation. Although autonomous technology is developing quickly, piloted eVTOL planes are still more common today because of regulatory and safety concerns. Piloted eVTOLs need qualified pilots to fly the craft and guarantee passenger security. However, as technology develops, autonomous eVTOLs are anticipated to experience tremendous development and emerge as the market's fastest-growing sector. Increased efficiency, lower operating costs, and increased safety are potential benefits of autonomous eVTOLs. To enable safe and dependable autonomous operations, businesses are investing in the development of autonomous systems, including cutting-edge sensors and artificial intelligence algorithms. The autonomous category is anticipated to increase significantly as the technological and regulatory environments develop, making it the fastest-growing market for advanced aerial mobility worldwide. 

Global Advanced Aerial Mobility Market Segmentation: By End-Use

• Cargo

• Passenger

By end-user, the market for advanced aerial mobility can be divided into cargo and passenger segments. In the market for advanced aerial mobility, the passenger segment currently commands the biggest market share. The expansion of passenger eVTOLs is being driven by the demand for convenient and effective urban transportation options. Aerial transportation on demand and air taxi services are becoming more popular, especially in crowded urban areas. These services guarantee shortened travel times, reduced traffic congestion, and increased passenger mobility. However, the market's fastest-growing category is anticipated to be the cargo segment. Faster delivery times, accessibility to isolated regions, and less reliance on ground infrastructure are just a few advantages of using eVTOLs for freight transportation. Operations in supply chains and logistics could be transformed by delivery drones and cargo eVTOLs. The cargo segment in the global market for advanced aerial mobility is anticipated to increase significantly due to the rise in e-commerce and time-sensitive deliveries.

Global Advanced Aerial Mobility Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• South America

• Middle East & Africa

North America, Europe, Asia Pacific, South America, and the Middle East & Africa are the regions into which the global market for advanced aerial mobility can be divided. The advanced aerial mobility industry now sees the most growth in North America. Key industry firms are well-represented in the area, and there have been considerable investments made in R&D and supportive regulatory frameworks. Due to the presence of significant aerospace and technology centers, growing industry player cooperation, and government initiatives to support enhanced aerial mobility, North America is experiencing significant growth. However, it is anticipated that the Asia Pacific region would experience the market's fastest growth. The demand for efficient transportation, rapid urbanization, and rising populations in nations like China and India are what are fueling the escalation of the advanced aerial mobility market in the area. A significant market for the development of enhanced aerial mobility is the Asia Pacific region, which is attracting investments and fostering the establishment of cutting-edge startups. 

Global Advanced Aerial Mobility Market Key Players:

1. AeroMobil

2. Airbus S.A.S.

3. Flytrex

4. Hyundai Motor Company

5. Lilium

6. Matternet

7. PAL-V International B.V.

8. The Boeing Company

9. Volocopter GmbH

10. Zipline