Global Urban Air Mobility Market: Overview
Urban air mobility refers to automated air transportation services used for carrying cargos or passengers. The global urban air mobility market is anticipated to display tremendous growth during the forecast period owing to rising demand for air transportation services. Moreover, advancements in the battery capacity and autonomy of aerial vehicles have highly supported the market to expand its global footprints.
Global Urban Air Mobility Market: Key Growth Dynamics
A rising population has led to a rise in the on-road traffic, thus creating lucrative opportunities for the growth of the global urban air mobility market. Moreover, there is an increasing focus on environmental sustainability due to rapidly depleting natural resources. This has impacted the global urban air mobility market positively, thus propelling its growth.
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Furthermore, rising commercial applications of autonomous eVITOls have led to a surge in the production of autonomous aircraft. It has also given a boost to multiple urban air mobility projects, thus causing an increment in the urban air mobility market. Along with this, the need for enhanced air mobility and the concerns pertaining to human safety have led to a surge in the market.
On the downside, there are a few restraints that may shrink the urban air mobility market’s growth. Concerns regarding the external environment may hamper the functioning of eVITOLs, thereby causing a downfall in the market. Additionally, high manufacturing costs and stringent regulatory procedures may curtail the market’s expansion. Nonetheless, rising technological developments for human-free operations and an increase in government funding may offset the effects of the restraints.
On the geographical front, Europe is anticipated to show the highest growth during the forecast period. This is owing to the rising number of urban air mobility projects in this region and rising investment on the transportation activities. France and Germany are expected to generate the maximum revenue in the urban air mobility market of this region due to high investment in the development of advanced eVITOL systems. Additionally, rising automation in European countries has stimulated the market’s expansion.
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