Tuesday, 30 April 2024
According to our new research study on "Advanced Air Mobility Market Forecast to 2030 – Global Analysis by Component, Operations Mode, Propulsion Type, End Use," the market was valued at US$ 547.07 million in 2022 and is projected to reach US$ 12,730.44 million by 2030; it is expected to record a CAGR of 48.2% from 2022 to 2030.
The presence of limited number of players in the advanced air mobility market (specifically for eVTOL aircraft) along with it offer a sustainable transportation solution for moving passengers and cargo in urban areas are the prominent factor which makes the competitive rivalry moderate to high. The eVTOL aircraft manufacturers are developing the aircraft of various design pattern such as vectored thrust, lift & cruise, wingless (multicopters), hover bikes/personal flying devices, and electric rotorcrafts. The existing giant eVTOL developers and the new start-up companies are primarily focusing on alleviating ground transportation congestion and reducing carbon emissions. The key players have been focused on developing the lightweight aircraft along with advanced battery solutions. Moreover, some of the major manufacturing companies have already taken major contracts to be delivered during the near future. Further, the only place where a company can create differentiate is in terms of the range, cruise speed, power, and seating capacity. Thus, significant developments in terms of components, differentiation in product and wide scope design pattern from the leading marker players are making the competitive rivalry moderate to high as per the current advanced air mobility market scenario.
Advanced Air Mobility Market Share — by Region, 2022
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Source: The Insight Partners Analysis
The advanced air mobility market size is segmented on the basis of component, operations mode, propulsion type, end use, and geography. In terms of component, the advanced air mobility market is categorized into hardware and software. Based on operations mode, the advanced air mobility market size is bifurcated into piloted and autonomous. In terms of propulsion type, the advanced air mobility market is divided into fully electric and hybrid. Based on geography, the advanced air mobility market is segmented into North America, Europe, Asia Pacific (APAC), Rest of the World (RoW).
Advanced air mobility market scope comprises two different divisions i.e., small unmanned aerial systems and electric vertical take-off & landing aircraft (eVTOL). Currently the advanced air mobility market is mainly driven by the small drones being used for cargo and other related operations. However, the eVTOL aircraft industry is currently under its development phase and has not been commercialized yet. However, the developments across the market are rapidly growing as most of the companies involved in manufacturing and production of eVTOL aircraft are majorly focusing on testing, certifications of their eVTOL products to cater to the growing market demand. Moreover, some of the vendors have already grabbed some major contracts from different customers in order to have an early mover advantage in the booming market. For instance, in 2021, Archer announced that it has got a contract for the sale of 200 eVTOL aircraft models; similarly, EVE (Embraer) has already grabbed a US$ 5.2 billion opportunity by having conditional pre-orders of 1,735 new eVTOL aircraft models whose production is expected to start by 2026. Additionally, the demand for urban air mobility is also on a high rise across some major countries which is also leading to the introduction of new markets for eVTOL aircrafts. Furthermore, the increasing investments in the development of eVTOL platforms for different applications such as air taxis, cargo transport, tourism, medical logistics, etc. is one of the major factors expected to aid the growth for the eVTOL aircraft market during the near future that will also bring a drastic change in the preference of transportation mode worldwide.
Airbus, Bell Textron, EVE Mobility, Boeing, Ehang, Lilium GmbH, Volocopter, Joby Aviation, Archer Aviation, and Heart Aerospace are among the key advanced air mobility market players profiled during this study. In addition to these players, several other important companies were studied and analyzed during this market research study to get a holistic overview of the global advanced air mobility market share.
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