The traffic on roads
is increasing at a rapid pace day-by-day. These days, people are able to afford
vehicles easily and the number of public transport vehicles has also risen
considerably in the past few years on account of the growing population. Road
congestion is a major problem in urban and highly populated cities, and results
in wastage of time and also impacts economic growth. Take for instance the
situation in the U.S., where people spend about 90 hours in traffic jams each
year, on an average. This increases the transportation expenditure of people by
more than $1,000. The situation is same, if not much worse, in countries such
as China and India.
As per a report by
P&S Intelligence, the global urban air mobility market is predicted to reach $895 million by 2023, and it is expected to generated a revenue of
$6,889.4 million by 2030, advancing at a 33.9% CAGR during the forecast period
(2023–2030). Among passenger and cargo aircraft type, the larger demand in 2023
is projected to be registered for passenger flights. Air taxi, air ambulance,
and airport shuttle come under UAM passenger flights. These services are
expected to be available for both intercity and intracity commuting. At the
present time, aircrafts are being developed for intracity travel due to the
strict regulations and limitations in battery technology.
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This being said, the
demand for intercity travel is also predicted to rise considerably in the near
future, since with technological advancements in battery, motors, and in the
fuselage, the range of electric vertical take-off and landing (eVTOL) aircraft
will increase as well, thereby allowing people to travel easily from one city
to another. Piloted and autonomous are two aircrafts types which are going to
be used for UAM. Between these two, the utilization of autonomous aircrafts is
projected to be higher in 2030, as they are being considered to be the better
suited option for passenger and cargo services.
In the coming years,
North America is expected to emerge as the largest urban air mobility market
in throughout the time period 2023–2030. This is due to the fact that major
cities in the U.S. are registering high traffic congestion, which, in turn,
would result in the rapid adoption of airport shuttle and taxi services. Apart
from this, the demand for UAM services is also predicted to rise considerably
in Europe in the coming years, which is ascribed to the heavy investments in
the domain by France and Germany for procuring the eVTOL technology for
commercial applications.
Read more: https://www.psmarketresearch.com/market-analysis/urban-air-mobility-market
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