Advanced Air Mobility Industry size is predicted to register 20% CAGR between 2023 and 2032 driven by Rapid urbanization and increasing traffic congestion.
Selbyville, Delaware , Nov. 14, 2023 (GLOBE NEWSWIRE) -- Advanced Air Mobility Market value could surpass USD 50 billion by 2032, according to the latest report by Global Market Insights Inc.
As per the report, the increased commitment of defense forces to bolster the existing technological capabilities will play a pivotal role in promoting market growth. In October 2023, The U.S. Air Force and the Federal Aviation Administration (FAA) from the U.S. Department of Transportation entered into a memorandum of understanding (MOU) to facilitate the safe integration of Advanced Air Mobility (AAM). This MOU was jointly signed by the FAA and the U.S. Air Force's innovation division, AFWERX, which is dedicated to expanding advanced technology in defense and advancing innovation for operational use. As part of this MOU, the FAA and the U.S. Air Force will share data, including flight-test information, and collaborate on the evaluation of AAM technologies. The global push for smart cities and the need for efficient, on-demand transportation solutions are further propelling the AAM market expansion.
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Cargo transport to dominate the application scenario
The cargo transport segment will register a noteworthy CAGR from 2023-2032, claims the report. The growth of e-commerce and the need for swift, efficient delivery services are pushing the demand for cargo-focused AAM solutions. Additionally, the ability to bypass ground congestion and transport time-sensitive goods in congested urban areas offers a competitive edge. Therefore, the increasing advancements in cargo transport methods by air justify its contribution to the advanced air mobility market share.
Air taxis to gain popularity
Air taxis industry could exhibit a decent growth rate over 2023-2032, as per the report. Urban congestion and traffic woes are pushing the need for efficient and time-saving transportation solutions. Additionally, advancements in electric vertical takeoff and landing (eVTOL) technology are making air taxis more feasible and environmentally friendly. As the world embraces smart cities and on-demand mobility, Advanced air mobility market growth is poised to revolutionize urban transportation with air taxis.
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Asia Pacific to witness a high revenue share