Considering such benefits, the demand for UAM in urban mobility applications is expected to increase in the coming years. Uber Elevate estimated that fully electric air taxis would have near-term operating costs of around USD 700 per hour, at least 35% less than a comparably utilized single-engine helicopter. The cost of an eVTOL ride is lesser when compared to helicopters. These aircraft are being introduced into the market as ride-sharing aircraft. eVTOL aircraft also help with middle-mile and last-mile cargo delivery and medical services. Some eVTOL aircraft are most suitable for shorter trips over congested cities to avoid traffic. UAM aircraft such as eVTOLs, VTOLs, and STOLs have emerged as effective alternatives in this regard. The growing number of vehicles in urban areas has resulted in several traffic and mobility issues, which in turn is driving the demand for alternative modes of transportation. According to the UN, 68% of the population is expected to live in urban areas by 2050. The International Air Transport Association (IATA) has estimated that the number of passengers traveling by aircraft could double to 8.2 billion by 2037. Urban Air Mobility Market Dynamics: Driver: Growing demand for alternative mode of transportation in urban mobility In comparison to pre-COVID-19 conditions, the commercialization of UAM appears to have been delayed by a year. Due to delays in development and lack of money, many firms have failed to continue working in the sector. Many startups in the UAM industry have lost business as a result of the Asian Pacific lockdown. For example, in December 2020, Uber sold its elevate business to Joby aviation, a firm that was on the verge of delivering on-demand aviation in a few locations by 2023. Because of lockdowns at UAM vehicle research and development centres, the propagation of COVID-19 in the US and Europe is predicted to have a detrimental impact. The UAM supply chain has been impacted by the COVID-19 outbreak.
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Various players such as Leonardo S.P.A (Italy), Workhorse Group (US), Eve air mobility (US), Opener (US), and Kittyhawk (US) among others, are prominent players operating in the urban air mobility market.
Several cities are expected to adopt the new generation of transportation using unmanned technologies as a result of recent technology breakthroughs in urban air mobility. The urban air mobility industry is driven by recent technology advances, the usage of UAMs in different civil and commercial applications, and considerable investments in emerging nations. The urban air mobility market is projected to grow from USD 2.6 billion in 2022 to USD 28.3 billion by 2030, at a CAGR of 34.3% from 2022 to 2030.
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