Advanced Air Mobility Market Report 2024

The advanced air mobility market size has grown exponentially in recent years. It will grow from $7.97 billion in 2023 to $9.66 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The historic growth can be attributed to several factors, including the rise in urban population, regulatory advancements, heightened interest from ride-sharing and logistics companies in urban air mobility solutions, infrastructure expansion, and growing environmental concerns.

The advanced air mobility market size is expected to see exponential growth in the next few years. It will grow to $20.89 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The forecast period's growth can be attributed to the establishment of comprehensive regulatory frameworks and certification processes, substantial development and deployment of vertiports, charging stations, and maintenance facilities, the expansion of urban air mobility routes and services into additional cities and regions, reduced costs of air mobility vehicles and operations due to mass production and technological advancements, and increased public trust and acceptance of air mobility solutions as they become more prevalent and reliable. Major trends during this period include the advancement of propulsion systems, improvements in fast-charging technology, ongoing development of autonomous flight systems, creation of lightweight and durable materials, and innovative aerodynamic designs.

The advanced air mobility market is anticipated to grow due to increasing urbanization and traffic congestion in major cities. Urbanization and traffic congestion refer to the rising population in urban areas, resulting in overcrowded roads and heightened vehicular traffic. These trends are driven by factors such as population growth, economic development, insufficient public transportation infrastructure, and the growing number of private vehicles. Advanced air mobility can help mitigate urbanization and traffic congestion by offering efficient, on-demand air transportation, thereby reducing dependence on ground-based vehicles. For example, in October 2022, the World Bank reported that over half of the global population resides in metropolitan regions, with the urban population projected to grow 1.5 times to 6 billion people by 2045. Additionally, a June 2024 report from the Federal Highway Administration revealed a 1.3% increase in travel on all roads and streets, translating to 3.8 billion more vehicle miles in May 2024 compared to May 2023. Hence, the growing urbanization and traffic congestion in major cities are expected to drive the advanced air mobility market forward.

Leading companies in the advanced air mobility market are innovating with technologies such as the rotor fold-away system to improve vehicle versatility and ensure smooth transitions between air and ground travel. This system allows the vehicle's rotors to retract, enabling seamless switching between driving on roads and flying. For instance, in October 2022, XPENG AEROHT, a China-based industrial automation firm, introduced its fully electric vertical take-off and landing (eVTOL) flying car. This cutting-edge vehicle features a rotor fold-away system for effortless mode transitions and is equipped with a new flight control system, fault-tolerant functions, and a dual-engine backup for enhanced safety. The design has evolved from a horizontal dual-rotor to a distributed multi-rotor configuration, simplifying operations and increasing reliability. It is capable of vertical take-off and landing, navigating above traffic and obstacles, in accordance with low-altitude airspace regulations.

In July 2023, Ampaire, a US-based aviation and aerospace equipment manufacturer, acquired Talyn Air for an undisclosed sum. This acquisition is part of Ampaire’s strategy to strengthen its position in aviation electrification, foster profitable growth, and expand into related sectors such as defense, drones, and electric vertical take-off and landing (eVTOL) technology. Talyn Air, a US-based company, develops advanced air mobility solutions, including eVTOL aircraft systems.

Major companies operating in the advanced air mobility market are The Boeing Company, Airbus SE, Honeywell International Inc., Bell Textron Inc., Bristow Group Inc., Joby Aviation, Archer Aviation Inc., Lilium GmbH, Volocopter GmbH, Aurora Flight Sciences Corporation, Eve Air Mobility Inc., Wisk Aero LLC, Vertical Aerospace Ltd, Elroy Air Inc., Opener Inc., Urban Aeronautics Ltd, EHang Holdings Limited, Workhorse Group Inc., Pipistrel Co, The Helicopter Company.

Europe was the largest region in the advanced air mobility market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced air mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the advanced air mobility market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Advanced air mobility (AAM) refers to the use of innovative aircraft technologies to transform air transportation. Its goal is to enhance transportation efficiency across diverse environments, from urban areas to remote locations, by enabling passenger travel, cargo transport, emergency response, and other services through advanced technologies and air traffic management systems.

AAM encompasses several key types, including air taxis, drones, and others. Air taxis are compact aircraft intended for short urban or suburban journeys, offering on-demand services similar to traditional taxis but in the air. The main components of AAM include both hardware and software. The different operational modes include piloted and autonomous systems. Various propulsion types, such as parallel hybrid, electric, turboshaft, and turboelectric propulsion, are utilized for different applications, including cargo and passenger transport, mapping and surveying, special missions, and surveillance and monitoring.

The advanced air mobility market research report is one of a series of new reports that provides advanced air mobility market statistics, including advanced air mobility industry global market size, regional shares, competitors with a advanced air mobility market share, detailed advanced air mobility market segments, market trends and opportunities, and any further data you may need to thrive in the advanced air mobility industry. This advanced air mobility market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The advanced air mobility market consists of sales of electric vertical takeoff and landing (eVTOL) aircraft, autonomous aerial vehicles, air traffic management systems, batteries, and electric propulsion systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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