The advanced air mobility 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 grow at a CAGR of 48.2% from 2022 to 2030. The evolving need for green energy-based modes of transportation is likely to remain a key advanced air mobility market trend.
The major stakeholders in the AAM market include raw material & component suppliers, battery manufacturers, and end users. As the market for eVTOL aircraft has not been commercialized yet and still in its testing and development phase, the battery & other component manufacturers for AAM aircraft companies are also focusing on the development of new and innovative battery technologies in order to have an early mover advantage in the market as many companies are trying to enter the AAM industry.
Urban air mobility is a whole new aspect of air transport that offers new opportunities to aviation stakeholders and aiding the development of eVTOL aircrafts. Many enterprises are developing eVTOL aircraft and are backed by investors and aviation authorities. For instance, in October 2021, the U.K. Civil Aviation Authority (CAA) established a new safety-focused international consortium of eVTOL aircraft developers and operators during the HeliTech Expo in London. This new consortium is tasked with considering the safety challenges that need to be resolved to allow eVTOL aircraft and drone taxis to be commercially available in the market. In 2018, the International Civil Aviation Organization (ICAO) headquartered in Montreal, Canada, founded the non-profit organization called Ambular. The goal of Ambular is to develop an open source eVTOL emergency medical services (EMS) aircraft. eVTOL aircraft technologies are currently being developed and experimented. However, challenges such as ground infrastructure, economical costs or energy density of batteries would need to be overcome by the players operating in the advanced air mobility market
The technological advancement in the field of air mobility is driving the development of small, unmanned drones for cargo deliveries. The increasing demand for speedy same-day delivery of shipments and the need for delivering essential supplies in unreachable and remote locations are boosting the demand for small, unmanned drones. The unmanned aerial drones can be used to deliver a range of cargo, which primarily includes spare parts, commercial goods, medical supplies, food items and vaccines. In addition, unmanned aerial drones can also be used to deliver postal in remote construction or offshore sites. The increasing proliferation of unmanned drones in the logistics and freight services. For instance, in 2022, Skye Air Mobility collaborated with Dunzo to test and trial drone-driven food delivery services in Karnataka. In 2022, Swiggy collaborated with Garuda Aerospace to trial drones to deliver groceries in Bengaluru and Delhi NCR. Cargo drones are also gaining momentum as it is a viable option to mitigate the carbon footprint and lower the level of environmental pollution. Growing focus on lowering the carbon footprint in the logistics and aviation sector is boosting the development of cargo drones globally. For instance, in 2021, Leonardo S.p.A. completed the first trial of its "Sumeri Moderni" drone-based delivery in Turin. In 2022, FedEx Corp. collaborated with Elroy Air to trial their autonomous eVTOL air cargo system for middle-mile logistics operations by 2023.
Vertiports are centers for vertical takeoff and landing vehicles such as eVTOL vehicles, drones, and air taxis. The increasing demand for competent urban transportation and developments in eVTOL technology and the shortage of available land to build conventional vertiports fuel the need for advanced vertiports, which, in a way, is one of the landmarks for the advanced air mobility market globally. In 2022, VPorts declared to establish a network of vertiports in Quebec and to form corridors between Quebec and the US specifically for eVTOL aircraft. The company also aimed at starting eVTOL test flights in 2023. In 2023, Siemens and Skyway collaborated to ensure the digital and electrical infrastructure required to facilitate vertiport operations. In 2023, Ferrovial Airports collaborated with Eva Air Mobility to develop vertiports for eVTOL aircraft. The growing demand for sustainable and low-carbon emission approaches in the aviation and logistics sector boost the demand for advanced air mobility services.
Key segments that contributed to the derivation of the advanced air mobility market analysis are component, operation mode, propulsion type, and end use.
The geographic scope of the advanced air mobility market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America.
In 2023, North America accounted for a major share in the global advanced air mobility market followed by Europe and Asia Pacific. Geographic diversification across different North American countries and the presence of major aircraft manufacturers, such as Bell Textron Inc, Joby Aviation, and Kitty Hawk, are the major factors driving the sales of eVTOL aircraft in North America. The US Air Force had officially introduced its Agility Prime initiative to accelerate the growth of eVTOL technology. The growing competition in the market is mainly focusing on achieving the US Federal Aviation Administration aircraft certification and entering commercial service. In April 2022, Jaunt Air Mobility attracted two new private investors to help fund its plans to bring a four-passenger eVTOL aircraft to commercialize in 2026. Thus, such developments in eVTOL aircraft are fueling the market growth of advanced air mobility in North America.
The regional trends and factors influencing the Advanced Air Mobility Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Advanced Air Mobility Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 547.07 Million |
| Market Size by 2030 | US$ 12,730.44 Million |
| Global CAGR (2022-2030) | 48.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Advanced Air Mobility Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Advanced Air Mobility Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The advanced air mobility market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “Advanced Air Mobility Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering the following areas: