SELBYVILLE, Delaware, Nov. 14, 2023 (GLOBE NEWSWIRE) — Advanced air mobility market value could exceed $50 billion by 2032, according to report Latest report By Global Market Insights.
According to the report, the growing commitment of the Defense Forces to enhancing existing technological capabilities will play a pivotal role in promoting market growth. In October 2023, the US Air Force and the US Department of Transportation’s Federal Aviation Administration (FAA) entered into a Memorandum of Understanding (MOU) to facilitate the safe integration of Advanced Air Mobility (AAM). This Memorandum of Understanding was jointly signed by the Federal Aviation Administration (FAA) and the U.S. Air Force’s Innovation Division, AFWERX, and is dedicated to expanding advanced technology in defense and developing innovation for practical use. As part of this memorandum of understanding, the FAA and the US Air Force will exchange data, including flight test information, and collaborate on evaluating AAM technologies. The global push for smart cities and the need for efficient, on-demand transportation solutions is driving the expansion of the AAM market.
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Transport goods to control application scenario
According to the report, the freight transportation sector will register a remarkable CAGR from 2023 to 2032. The growth of e-commerce and the need for fast and efficient delivery services is driving the demand for freight-focused AAM solutions. In addition, the ability to bypass ground congestion and transport time-sensitive goods in congested urban areas provides a competitive advantage. Therefore, the increasing advancement in modes of transporting goods by air justifies its contribution to the advanced air transportation market share.
Air taxis are gaining popularity
The air taxi industry could show a decent growth rate during the period 2023-2032, according to the report. Urban congestion and traffic problems increase the need for efficient and time-saving transportation solutions. Additionally, advances in electric vertical take-off and landing (eVTOL) technology are making air taxis more feasible and environmentally friendly. As the world embraces smart cities and on-demand mobility, the growth of the advanced air mobility market is poised to revolutionize urban transportation using air taxis.
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Asia Pacific region sees high revenue share
The advanced air mobility market in Asia Pacific will register a strong CAGR from 2023 to 2032. Strong economic growth, rapidly urbanizing cities, and increasing congestion in transportation systems are driving the need for innovative urban mobility solutions in Asia Pacific. The broad market potential in the Asia-Pacific region, combined with government support and investment in electric vertical take-off and landing (eVTOL) technology, fosters an enabling environment for AAM companies to thrive and develop cutting-edge urban air transportation solutions.
Advanced players in the air mobility market
Boeing, Embraer SA, Vertical Aerospace Group Ltd., Volocopter GmbH, Wisk Aero, Airbus SAS, Aurora Flight Sciences, Bell Textron Inc., Guangzhou EHang Intelligent Technology Co., Ltd., and Workhorse Group, Inc. And others.
Companies operating in the Advanced Air Mobility (AAM) market are using various strategies aimed at strengthening their presence in the market. These strategies primarily require ongoing cooperation and the formation of strategic partnerships.
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Global Market Insights Inc., headquartered in Delaware, US, is a global market research and consulting company, providing syndicated and custom research reports as well as growth consulting services. Our business intelligence and industry research reports provide clients with insights and actionable market data specifically designed and delivered to help make strategic decisions. These comprehensive reports are designed through a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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