Yahoo Finance 
Urban Air Mobility (UAM) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2035)
The urban air mobility market is projected to grow to USD 17,269. 71 million by 2035, registering a CAGR of 17. 28% during the forecast period (2022 - 2035). The COVID-19 pandemic has had an unprecedented impact on all industries on a global scale.
New York, June 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Urban Air Mobility (UAM) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2035)" - https://www.reportlinker.com/p06177357/?utm_source=GNW
The aviation sector has been severely affected by the pandemic, and since most of the major players of the Urban Air Mobility (UAM) sector are directly or indirectly related to the aviation sector, the pandemic has had a ripple effect on the UAM sector. Prior to the COVID-19 outbreak, the UAM sector, which is still in its formative stages, witnessed healthy growth with a healthy pace of developments and high investments. However, the COVID-19 pandemic caused delays and affected project launches scheduled in the short term in 2020. Nevertheless, the delays were witnessed only for the short term and did not jeopardize the general deployment of UAM.
The growing traffic congestion issues, especially in larger cities, globally, are propelling the need for faster modes of intracity transportation. In this regard, the urban air mobility concept is gaining importance. There are many R&D investments in the urban air mobility industry, with many start-ups and aerospace players eyeing this market as one with a high growth potential. Therefore, such factors are expected to drive the growth of the market in focus during the forecast period.
Key Market Trends
Need for Faster and Cleaner Urban Transportation is Driving Investments in the Market
The urban population across the world is growing at a rapid pace. As a result, the number of on-road passenger vehicles in urban areas is increasing every year, due to which the traffic congestion problems are also growing. Especially at certain peak hours, the increasing amount of traffic on the roads significantly increased the commuter’s time taken to travel by roads. The existing road systems in most countries cannot handle the peak-hour loads without forcing the commuters to wait in line. This is not only wasting the time of citizens but also challenging the governments. Additionally, growing on-road passenger vehicle volumes, which burn fossil fuels, are also polluting the environment considerably. With traffic congestion and urban road mobility posing a great challenge, governments and technology companies have started to look at UAM as a viable option for passenger and cargo transport. As the UAM is a safe and efficient air transportation system where the passenger-carrying air taxis are operating above populated areas, there may be significant time savings. Moreover, air taxis used for the UAM are mostly electric powered or fuel-cell powered. Hence, they help in reducing atmospheric pollution. In this regard, many companies are investing significantly in this industry, which is expected to boost the technological advancements in the market in the long run, after the UAM systems enter the commercial usage phase.
Asia-Pacific Region is Expected to Witness Highest Growth During the Forecast Period
The Asia-Pacific is fast emerging as a key source of momentum for the UAM sector as several cities in the region are expected to be early adopters of UAM technology due to the prevalence of several regional companies in the sector. Various countries like China, Japan, and South Korea, among others have been robustly investing in the development of UAM ecosystems in the region in the coming years with the governments. For instance, in June 2021, the Ministry of Land, Infrastructure, Transport, and Tourism in Japan announced the formation of the Next Generation Aviation Mobility Planning Office that will handle regulations and issues surrounding aviation mobility. The government of Japan aims to introduce the operations of passenger drones, flying cars, and other advanced aviation vehicles (AAV) by 2023. The government also plans to roll out larger-scale air mobility operations for Osaka-Kansai Japan World Expo in 2025. Such plans of the governments to introduce UAM transportation are supporting the companies investing in the technology. On this note, in September 2021, EHang signed a strategic partnership with Shenzhen East General Aviation (Heli-Eastern), a helicopter service provider to explore and implement UAM operations in the designated integrated airspace for helicopters and AAVs in Shenzhen, China. The companies partnered to build a pilot project focused on integrated airspace for UAM operations in the Greater Bay Area as a reaction to the Guidelines of the National Comprehensive Transportation Network Plan issued by the State Council of China in February 2021. Such developments are anticipated accelerate the growth UAM market in the region during the forecast period.
Competitive Landscape
The market of Urban Air Mobility is fragmented with very few companies accounting for a significant market share in 2021. Embraer SA (through Eve UAM, LLC), Volocopter GmbH, EHang Holdings Limited, Joby Aero, Inc., and Jaunt Air Mobility Corporation are some of the prominent players in the UAM market. The market is still in its development phase, with many players, through collaborations and partnerships, trying to deliver the first UAM units to their customers in the coming years and begin flight testing stages in collaboration with aircraft operators. In this regard, Eve UAM, LLC announced that the company formalized the process of obtaining a Type Certificate for its eVTOL aircraft with the Civil Aviation Agency of Brazil (ANC) in February 2022. Currently, Eve has an order for up to 700 eVTOL aircraft. As the companies are moving towards receiving the approvals from the regulatory authorities, the flight testing for expected to begin in the coming years, which will allow them to enhance their geographical presence by receiving orders for aircraft operators/aerial mobility service providers in the coming years.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06177357/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
