Advanced Air Mobility (AAM) Market
The global Advanced Air Mobility (AAM) market size was estimated at USD 8.6 billion in 2023 and is projected to reach USD 37.6 billion in 2030 at a CAGR of 23.5% during the forecast period 2024-2030.
The advanced air mobility (AAM) market represents a revolutionary shift in aviation, focused on developing electric or hybrid-electric Vertical Take-Off and Landing (eVTOL) aircraft for urban and regional transportation. AAM holds significant promise as a solution to air pollution, as electric and hybrid-electric aircraft can drastically reduce emissions compared to traditional aircraft. This environmental benefit is crucial, given that the aviation industry is responsible for approximately 2% of global greenhouse gas emissions.
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Despite these challenges, the AAM market remains poised for growth. The pandemic underscored the importance of sustainable and efficient transportation solutions, reinforcing the potential of AAM technologies. As the world recovers and adapts to new norms, the focus on reducing emissions and improving urban mobility will likely drive continued investment and innovation in the AAM market.
Key Findings:
On the basis of Component, in 2023, the hardware segment led the market with an 81.3% share, driven by demand for AAM components like motors and batteries. Innovations in battery design and lighter motors are enhancing aircraft performance. The software segment, expected to grow at a 21.4% CAGR, is boosted by advanced AI, machine learning, and the trend towards fully autonomous flights.
On the basis of Operating Mode, by 2030, the piloted category is expected to dominate the customer base, maintaining its leading share throughout the forecast period. However, the automated segment is projected to exhibit the highest CAGR in the coming years.
On the basis of Type, the advanced air mobility market is segmented into air taxis and drones. In 2023, drones accounted for over 63% of the market share. Drones' growth is driven by their versatility in industries like aerial surveys, cargo delivery, and monitoring.
Recent Developments
· In March 2022, Spirit Aero-Systems and Airbus Acubed, a division of Boeing, signed a contract to manufacture the sides for City Airbus NextGen. This collaboration allows Airbus to pursue innovative aerospace solutions while maintaining rigorous industry standards.
· In March 2022, EHang and AEROTREE, Malaysia's leading aviation corporation, entered a strategic agreement to co-develop autonomous drone technology. AEROTREE has purchased 60 units of EHang's commuter automated autonomous drones (AAVs) as part of this collaboration.
Competitive Landscape
· Airbus S.A.S.
· Aurora Flight Sciences
· Bell Textron Inc.
· The Boeing Company
· Guangzhou EHang Intelligent Technology Co. Ltd.
· Embraer S.A.
· Joby Aviation
· Lilium GmbH
· Neva Aerospace
· Opener, Inc.
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Regional Analysis:
North America to Dominate the Market
· North America is poised to dominate the global advanced aerial transportation market, buoyed by widespread adoption in urban and rural settings and the development of disruptive aviation technologies for both passenger and cargo transport.
· Asia-Pacific region is anticipated to experience rapid growth, driven by advancements in drone technology and the expanding use of aircraft for commercial purposes, presenting abundant opportunities for market expansion in the region.
The Advanced Air Mobility (AAM) Market is segmented into various segments such as Component, Application, Type, Operating Mode, Propulsion Type, End Use, and Region:
Based on Component
· Hardware
· Aerostructure
· Avionics
· Flight Control System
· Propulsion System
· Others
· Software
Based on Type
· Air Taxis
· Drones
· Others
Based on Operating Mode
· Piloted
· Autonomous
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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Frequently Asked Questions
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