The aviation industry is constantly working on developing new systems and demonstrating new definitions for comfort, efficiency, & cost-effectiveness. It is where the urban air mobility systems come into the picture. These systems are a convenient solution to address road congestion and transport people & cargo from one place to another quickly, safely, and comfortably. As a result, several prominent aircraft manufacturers worldwide are rigorously conducting research & development activities to procure such systems and strengthen the aviation & transportation industry.
The Global Urban Air Mobility Market is projected to grow at a CAGR of around 12% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the exponentially rising population and an increasing vehicle fleet leading to massive road congestions, i.e., augmenting the need for alternative transportation like urban air mobility solutions.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada|
|Europe: Germany, France, Italy, UK, Russia|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil|
|Middle East & Africa: Saudi Arabia, Israel, Turkey|
|Key Companies Profiled||Aurora Flight Sciences, Siemens, Embraer, Volocopter, A3 by Airbus, Workhorse Group, Pipistrel, Bell Textron, Neva Aerospace, Kitty Hawk|
|Unit Denominations||USD Million/Billion|
In this regard, governments of different countries worldwide are investing substantially in the market and generating growth opportunities for the leading players to research & develop technologically advanced urban air mobility networks. Besides, with numerous emerging start-ups & aerospace companies indulged in expanding the air mobility space, the market is witnessing an increasing number of new prototypes to address traffic issues.
Moreover, improving economic conditions, changing living standards, and growing inclination toward air travel are other prominent aspects instigating the leading players to develop & increase air fleet or efficient air travel across locations. Furthermore, the alarming concerns over the fluctuating & degrading environmental conditions are also playing a crucial role in propelling the development of eco-friendly solutions like Electric Vertical Take-Off & Landing (eVTOL) aircraft to utilize electricity to fly. For instance:
Impact of Covid-19 on the Global Urban Air Mobility Market
The advent of Covid-19 in 2020 had a decelerating impact on most industries worldwide, and the Urban Air Mobility Market was no exception. With the imposition of stringent movement restrictions & frequent lockdowns by governments to curb the spread of this dreadful disease, the leading players in the market witnessed several unprecedented challenges associated with the development of urban air mobility systems.
Since public gatherings were banned and companies adopted work-from-home policies, R&D activities were put on a temporary hold, which, in turn, presented a significant financial loss to the market players. Besides, since the entire aviation industry was under a catastrophe owing to travel bans and border closures, no new activities associated with aircraft could take place.