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.
Analyst Perspective:
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 advanced air mobility market is mainly focusing on to achieve the US Federal Aviation Administration aircraft certification and enter 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 advanced air mobility market growth in North America.
In Europe, Germany and France are investing heavily in the development and procurement of advanced air mobility vehicles for commercialization. Advancements in the manufacturing capability of emerging economies in this region will drive the advanced air mobility market. Additionally, the need to increase operational efficiency, reduce human intervention for intercity and intracity transportation using eVTOLs and air taxis and a rise in investment for air taxis, unmanned drones and eVTOL development by several vendors worldwide is another prominent factor expected to strengthen the advanced air mobility market growth. For instance, in March 2022, Volocopter, the pioneer of urban air mobility, raised US$ 170 million in the locking of its Series E financing round led by WP Investment, a South Korean investor, at a pre-money valuation of US$ 1.7 billion. In addition, Volocopter is developing new and sustainable mobility options for various cities in European countries. With its family of aircraft, such as the VoloCity, VoloConnect, and VoloDrone, the company is taking a distinctive approach by advancing urban air mobility as a complete ecosystem. In May 2022, BLADE Urban Air Mobility, Inc. planned to expand its new European division headquartered in Paris. According to the European Union Aviation Safety Agency, Europe could witness the first flying taxis enter service as early as 2024. The growing development and adoption of eVTOL aircraft and cargo drones are further fueling the advanced air mobility market size across the region.
The evolution of the advanced air mobility market in Asia Pacific is attributed to the highly urbanized nature of many major Asia Pacific cities that have made the region a natural area of concentration for eVTOL and air taxi innovation. The region has become the epicenter of the new air transport business model, with Singapore being the early adopter. Cities in countries such as China, India, Australia, South Korea, and Japan have all engaged in work with eVTOL aircraft and air taxi manufacturers and companies looking to provide advanced air mobility services and infrastructure. The manufacturers in the Asia Pacific region are poised to deliver a revolution in public transportation using eVTOL aircraft to operate air taxi services in and around cities for cargo deliveries and emergency medical missions. For instance, Skyports Ltd. operates in providing infrastructure for flying taxis and other urban aviation devices, and it is planning to expand into Japan and Australia to build terminals for eVTOL aircraft. As per the study conducted by Rolls Royce, Asia Pacific holds huge potential for the advanced air mobility industry. Thus, the developments from the key players in the eVTOL industry in the Asia Pacific region are likely to provide new opportunity for advanced air mobility market vendors across the Asia Pacific region.
The growing demand for advanced air mobility vehicles from the rest of the world is primarily attributed to the rise in demand for zero-emission aircraft, the increase in demand for last-mile delivery, and the rise in the trend of adopting eVTOL aircraft, air taxis and unmanned small cargo drones. Thus, such factors are holding potential demand for urban air mobility, which will further propel the advanced air mobility market growth.
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Advanced Air Mobility Market: Strategic Insights
Market Size Value in US$ 547.07 million in 2022 Market Size Value by US$ 12,730.44 million by 2030 Growth rate CAGR of 48.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Advanced Air Mobility Market: Strategic Insights
| Market Size Value in | US$ 547.07 million in 2022 |
| Market Size Value by | US$ 12,730.44 million by 2030 |
| Growth rate | CAGR of 48.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Embracing Air Taxis Owing to the Advancement of Urban Air Mobility Boosting the Advanced Air Mobility Market Growth
Technological advancements, UAMs usage in different civil and commercial applications, and considerable investments in emerging nations fuel the urban air mobility industry. The air taxis used for urban air mobility are mostly electric-powered. Hence, they do not cause atmospheric pollution. The urban air mobility industry is at an early stage, which is expected to drive the adoption of air taxis in the coming years. In addition, in Q1 2020, Toyota invested US$ 394 million in Joby Aviation eVTOL Aircraft. Similarly, in March 2022, Airbus and The Helicopter Company (THC) signed an agreement to introduce urban air mobility and continue expanding helicopter activities in Saudi Arabia. This comes as an additional step toward co-creating an urban air mobility ecosystem in the country. In January 2022, Boeing made an investment worth US$ 450 million in Wisk Aero to support the development of future pilotless flying taxis. Further, Joby Aviation is planning to achieve certification for its aircraft from the Federal Aviation Administration (FAA) along with its plan to launch commercial operations and passenger service by 2024. Asia-Pacific is one of the key markets for urban air mobility and premium transportation as various countries such as China, India, Singapore, and South Korea have significant investments and heavy road traffic. Such advanced air mobility market initiatives are liley to catalyze the growth of advanced air mobility market size in the coming years.
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Segmental Analysis:
By operation mode, the advanced air mobility market is segmented into piloted and autonomous. Piloted aircraft are one of the most common prototypes that are being developed and tested across the advanced air mobility industry. On the other hand, autonomous aircraft fly by utilizing the control of automatic systems and require no intervention from a human pilot. The growing technological advancement in the advanced air mobility market is anticipated to boost the application of autonomous aircraft in the near future. In 2022, piloted segment dominated the advanced air mobility market and is likely to hold its dominant position during the forecast period as well.
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Regional Analysis:
Global advanced air mobility market is segmented by region into North America, Europe, Asia Pacific, and Rest of the World. In 2022, Europe dominated the market with a largest advanced air mobility market share and is likely to capture second largest position in the market by the end of 2030. North America is likely to surpass European advanced air mobility market size in 2028 which is further shows future opportunities for advanced air mobility market players during the forecast period for the North America region.
Key Player Analysis:
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 operating in the market.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global advanced air mobility market. A few recent developments by key advanced air mobility market players are listed below:
- In 2023, Eve Air Mobility and Blade Air Mobility, Inc. announced a significant extension of their long-standing partnership through a memorandum of understanding (“MoU”). This collaboration aims to transform air transportation in Europe, starting with France, by laying the foundation to integrate Eve’s state-of-the-art electric vertical take-off and landing aircraft (“eVTOL”) or electric vertical aircraft (“EVA”) into Blade’s European route network.
- In 2023, Bristow Group Inc and Volocopter signed an agreement to explore and develop passenger and cargo services for electric vertical takeoff and landing (eVTOL) aircraft in the US and UK.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Operation Mode, Propulsion Type, and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
EVE Mobility, Ehang, Lilium GmbH, Volocopter, and Joby Aviation are the key market players operating in the global advanced air mobility market.
The rising emission from transportation is polluting the environmental ecosystem, which creates the demand for alternative transportation means. Electric aircraft and flying taxis are among the most preferred alternatives for environment protection. Also, the vehicle could be designed as per different weather conditions. Therefore, the aviation market will witness a new era of electrified and hybrid aircraft propulsion in the coming years. Urban air mobility is increasingly seen as the future for rapid, sustainable, and affordable intercity travel.
Germany, France, Italy, the UK, Russia, and the Rest of Europe are some of the major countries for the advancned air mobility market. The Rest of Europe consists of countries such as Sweden and the Netherlands. The growing demand for last-mile delivery and rising demand for urban air mobility aircraft accelerate the market growth.
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.
Technological advancements, UAMs usage in different civil and commercial applications, and considerable investments in emerging nations fuel the urban air mobility industry. Several cities are expected to adopt the new generation of transportation using eVTOL aircraft due to recent technological breakthroughs in urban air mobility.
The List of Companies - Advanced Air Mobility Market
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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