Press Releases Details
Urban air mobility is set to revolutionize the transportation industry with the introduction of cleaner and faster modes of transportation. Technological innovations in avionics and advances in battery technologies are driving the urban air mobility market growth. The urban air mobility market is segmented based on solution, aircraft type, propulsion type, and application.
The growing demand for urban air mobility operations necessitates the development of new air traffic management algorithms. Proximity to operations fuels the uptake of advancements in air traffic management facilities. Notably, ANRA Technologies launched its Vertiport Management System (VMS) at the Dubai Air Show in November 2023, and in October 2023, Skyway Technologies and Berg Holdings partnered to establish an urban air mobility vertiport network in Northern California. These developments present substantial growth opportunities in the market.
Vectored thrust aircraft is one of the preferred configurations owing to its high efficiency in both hovering and cruising. These aircraft can also support higher payloads and can travel at high speeds. Several designs implement vectored thrust eVTOL designs such as the Archer Maker, Lilium Jet, Joby S4, Vertical Aerospace VA-X4, Craft Aero, and more. The companies are continuously innovating with newer designs to come up with the most efficient and safe eVTOL flights. For instance, Klissarov Design, a French design studio developed a new eVTOL aircraft concept specifically for the marine industry. Thus, the vectored thrust segment is expected to have a significant market share in the urban air mobility market.
Key players such as Archer Aviation, Bell Textron, Beta Technologies, Boeing, Joby Aviation, and Surf Air Mobility drive market growth in North America. The increase in urban air mobility infrastructure spending is further contributing to market growth. Notably, the New York City Economic Development Corporation published an RFP in November 2023, seeking an operator to upgrade the Downtown Manhattan Heliport for eVTOL aircraft and maritime freight delivery infrastructure. Consequently, North America leads as the largest region in the eVTOL aircraft market.
The key companies in the urban air mobility market are continuously striving to strengthen their portfolio to meet the growing demand. The companies are focused on establishing partnerships with government organizations and industries. Some of the key companies in the market are Airbus, Boeing, EHang, Ferrovial, Joby Aviation, Lilium, Skyports, Volatus, Volocopter, and VPorts.
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