The Rise of Urban Air Mobility: Exploring the Market, Technology, and Regulatory Landscape

The rising road traffic congestion in several cities is rapidly becoming a major hurdle to economic progress. By causing long traffic jams and slow movement of vehicles, the road congestion is severely affecting the movement of commercial goods and services and people from one place to another. This is making several companies initiate the testing and trials of autonomous aerial vehicles for daily commuting, which is, in turn, driving the expansion of the global urban air mobility (UAM) market.





The rising road traffic, especially in the highly populated urban areas, is a major factor fueling the growth of the market. According to many reports, in the U.S., people spend 90 hours, on an average, in traffic jams every year. These long traffic queues increase the traveling expenditure of Americans by more than $1,000. Furthermore, the increasing number of automobiles, particularly in the developing nations such as India, China, and Indonesia, is massively pushing up the incidence of road accidents.



With road accidents claiming more and more lives each year, people and governments of several countries are increasingly focusing on finding safer and faster alternatives to road transportation. Urban air mobility is one such alternative that has the ability to drastically reduce the commuting time and provide faster transportation to people. The increasing popularity of these mobility solutions is making several major companies invest huge amounts of money in the urban air mobility industry.



For example, in January 2020, Toyota Motor Corp. made an investment worth $394 million in Joby Aviation LLC. Similarly, an investment of as much as $25 million was made by Hanwha Systems Co. Ltd. in Overair Inc. in December 2019. These huge investments are predicted to facilitate the development of better and faster aircrafts for urban mobility in the future. Based on passenger type, the urban air mobility market is divided into cargo and passenger categories.



Of the two categories, the passenger one will exhibit huge expansion in the market in the upcoming years, as the tariffs for passenger flights will be higher than the cargo ones in the future. Geographically, the European urban air mobility market will demonstrate rapid progress in the upcoming years, on account of the huge investments being made by France and Germany for procuring electric vertical take-off and landing (eVTOL) technology for commercial air operations.



Urban Air Mobility (UAM) Market Research Report@ https://www.psmarketresearch.com/market-analysis/urban-air-mobility-market



The other factors propelling the surge of the market in this region are the rapid improvements in the production capabilities of major European urban air mobility companies, the rapid globalization, and the rising trend of automation in the regional countries. According to P&S Intelligence, a market research company based in India, the urban air mobility market will exhibit huge growth in North America in the forthcoming years, because of the rising road traffic congestion in the major U.S. cities.



Hence, it can be safely concluded that the market will advance explosively all over the world and especially in Europe and North America in the years to come, mainly because of the growing road traffic congestion in the major cities and towns and the rising requirement for faster urban mobility alternatives in the urban areas around the world.