Why is Urban Air Mobility (UAM) Market Expected to Exhibit Huge Progress in Europe in Future?

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Due to the increasing urban population and rising road traffic in many cities, the demand for urban air mobility solutions is increasing at a rapid rate across the world. In many cities around the world, there has been a massive surge in road congestion over the last few years and this has significantly affected the economic activities in the cities. For instance, in the U.S., the average time spent by people in traffic jams each year is 90 hours, which massively increases their commuting expenditure by more than $1,000.

The other major factor responsible for the increasing demand for urban air mobility solutions is the rising incidence of road accidents throughout the world, especially in the developing nations such as India, China, and Indonesia because of the soaring population levels in these countries. Powered by these factors, the global urban air mobility (UAM) market is predicted to exhibit a CAGR of 33.9% during the forecast period (2023–2030). At this, the value of the market is predicted to rise from $895.0 million in 2023 to $6,889.4 million by 2030. Such services are offered by light manned or unmanned aircraft, flying at low altitudes.

The biggest trend currently being witnessed in the urbanair mobility market is the soaring number of investments being made by the major urban air mobility service providing companies, including the organizations providing conventional cargo and passenger aircrafts and those leading the ground transportation domain, in the startups working in the niche. For instance, an investment worth $394 million was made by Toyota Motor Corp. in Joby Aviation LLC in January 2020 for expanding their operations in the aviation domain in future.

Globally, Europe is expected to observe the fastest growth in the adoption of urban air mobility services during the forecast period. This is mainly attributed to the huge investments being made by France and Germany for the acquisition of the eVTOL technology for commercial applications. The rapid technological developments in urban air mobility technology, enhancing manufacturing capabilities of the European urban air mobility companies, rising trend of automation, and globalization are the other major factors boosting the adoption of urban air mobility services in the region. 

Speak to Analyst: https://www.psmarketresearch.com/speak-analyst/urban-air-mobility-market

Therefore, it can be concluded that owing to the rising road traffic, increasing incidence of road accidents, and the soaring need for lower commuting times, the demand for urban air mobility solutions will rise rapidly across the world, in the years to come.

 


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