Advanced Air Mobility Market Forecast and Growth 2030

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.

Advanced Air Mobility Market Analysis

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.

Advanced Air Mobility Market Overview

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

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Advanced Air Mobility Market: Strategic Insights

Advanced Air Mobility Market

• 
  CAGR (2022-2030)

  48.2%
• Market Size 2022
  US$ 547.07 Million
• Market Size 2030
  US$ 12,730.44 Million

Market Dynamics

GROWTH DRIVERS

• Embracing Air Taxis Owing to the Advancement of Urban Air Mobility
• Growing Advent of Small Unmanned Systems for Cargo Deliveries
• Advancement of Electric Propulsion-Based eVTOL Aircraft

FUTURE TRENDS

• Evolving Necessity for Green Energy-Based Mode of Transportation

OPPORTUNITIES

• Rising Construction of Vertiports
• Demand for Last-Mile Delivery

Key Players

• Airbus SE
• EHang Holdings Ltd
• Bell Textron Inc
• The Boeing Company
• Embraer SA
• Elbit Systems Ltd
• Volocopter GmbH
• Joby Aviation
• Lilium GmbH
• Archer Aviation Inc

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Hardware
• Software

Operation Mode

• Piloted
• Autonomous

Propulsion Type

• Fully Electric
• Hybrid

End Use

• Passenger
• Cargo

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Advanced Air Mobility Market Drivers and Opportunities

The advent of Small Unmanned Systems for Cargo Deliveries

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.

Rising Construction of Vertiports – An Opportunity in the Advanced Air Mobility Market

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.

Advanced Air Mobility Market Report Segmentation Analysis

Key segments that contributed to the derivation of the advanced air mobility market analysis are component, operation mode, propulsion type, and end use.

• Based on component, the advanced air mobility market is divided into hardware and software. The hardware segment held a larger market share in 2022.
• Based on operation mode, the market is segmented into piloted and autonomous. The piloted segment held a larger market share in 2022.
• In terms of propulsion type, the market is segmented into fully electric and hybrid. The fully electric segment dominated the market in 2022.
• Based on end use, the market is segmented into passenger and cargo. The passenger segment held a larger market share in 2022.

Advanced Air Mobility Market Share Analysis by Geography

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.

Advanced Air Mobility Market Report Scope

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Advanced Air Mobility Market News and Recent Developments

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:

• In 2023, Thales Group partnered with Eve Mobility for eVTOL development. Thales announced to support the development of its electric vertical take-off and landing aircraft in Brazil. The strategic partnership involves a series of joint studies over a twelve-month period, which started in January 2022, on the technical, economical, and adaptable feasibility of a 100% electrically powered aircraft. (Source: Thales Group, Press Release)
• In 2023, Joby received a Special Airworthiness Certificate for the first aircraft built at its Pilot Production Line in Marina, CA, allowing flight testing to begin; The aircraft is expected to become the first ever eVTOL aircraft to be delivered to a customer; Production line and aircraft built in close collaboration with strategic partner and investor, Toyota; California Governor Gavin Newsom visited Joby to mark the occasion. (Source: Joby Aviation, Newsletter)

Advanced Air Mobility Market Report Coverage and Deliverables

The “Advanced Air Mobility Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering the following areas:

• Advanced Air Mobility Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Advanced Air Mobility Market trends
• Detailed Porter’s Five Forces
• Advanced Air Mobility Market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
• Advanced Air Mobility (AAM) Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles