The advanced air mobility sector was valued at approximately US$ 547.07 million in 2022 and is anticipated to surge to around US$ 12,730.44 million by 2030, reflecting a remarkable compound annual growth rate (CAGR) of 48.2% during the period from 2022 to 2030.
Currently, the advanced air mobility market is in its developmental stages in Europe, with leading companies strategically positioning themselves to capitalize on market dynamics. For example, in 2023, Bristow Group and Volocopter entered into a partnership to establish passenger and cargo services utilizing eVTOL aircraft in both the US and the UK. Additionally, Eve and Blade Air Mobility joined forces in 2023 to facilitate the integration of flying cars into the European market, with Blade focusing on enhancing air mobility across various European nations. In another instance, ITA Airways and Airbus collaborated in 2022 to create urban air mobility services in Italy, working alongside local mobility service providers to sustainably launch operations using the CityAirbus advanced eVTOL aircraft. Such initiatives are significantly contributing to the growth of the advanced air mobility market in Europe.
Volocopter GmbH, a prominent German aircraft manufacturer and a trailblazer in urban air mobility (UAM), is set to introduce the world?s first comprehensive eVTOL service suite, which will include passenger air taxis and heavy-lift cargo drones. In March 2022, Jetex and Volocopter formed a strategic alliance aimed at establishing a safe and sustainable urban air mobility model. This partnership is focused on deploying and managing permanent, economically viable, and integrated UAM infrastructure and services for passenger transport. Furthermore, in October 2021, Volocopter successfully conducted the first public flight demonstration of its eVTOL VoloDrone. These efforts by key players in the advanced air mobility market are further enhancing the sector's growth across various regions.
In March 2021, Lilium introduced its latest 7-Seater Lilium Jet (eVTOL) aircraft, representing an advanced fourth generation of technology. The company also announced plans to merge with Qell Acquisition Corp., which would transition the eVTOL manufacturer into a publicly traded entity. Major aerospace companies such as Honeywell and Rolls-Royce have established specialized divisions focused on urban air mobility, exploring technologies that include hybrid and electric systems, as well as autonomous flight systems.
Consequently, the ongoing advancements in eVTOL aircraft and small unmanned drones, along with increasing initiatives to enhance advanced air mobility in European nations, are propelling the growth of the advanced air mobility market in Europe.
Key manufacturers in this sector are concentrating on the development of all-electric eVTOL aircraft and unmanned systems. Notable players in the advanced air mobility market, including Lilium GmbH, eHang, Volocopter, Joby Aviation, and EVE Mobility, are working on fully electric eVTOL aircraft aimed at decarbonizing aviation operations and promoting sustainable practices.
For instance,
- In 2021, Lilium GmbH unveiled the final prototype of its seven-seater electric vertical take-off and landing (eVTOL) Lilium Jet, designed for next-generation sustainable, high-speed regional transportation.
- In 2023, Airbus Helicopters and the French Armament General Directorate (DGA) conducted the first operational configuration test of the unmanned aerial system (UAS) VSR700 from a ship at sea.
- In 2023, Lilium announced it had received the Federal Aviation Administration (FAA) G-1 Certification Basis, which is essential for the type certificate validation of its Lilium Jet by the FAA. Previously, in 2020, the European Union Aviation Safety Agency (EASA) had issued its certification basis for the Lilium Jet.
Key players in the advanced air mobility market include Airbus, Bell Textron, EVE Mobility, Boeing, eHang, Lilium GmbH, Volocopter, Joby Aviation, Archer Aviation, and Heart Aerospace, all of which are active across various regions.
The overall size of the advanced air mobility market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aims to provide an overview and forecast of the advanced air mobility market size across all segments. Additionally, numerous primary interviews have been conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants in this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the advanced air mobility sector.