According to a new report by Univdatos Market Insights, Global Advanced Air Mobility Market was valued at USD 7,960 million in 2023 and is expected to grow at a strong CAGR of around 23.44% during the forecast period (2024-2032). The rising demand for Advanced Air Mobility is due to the key factors that have contributed to the growth are rising urbanization as well as increasing government support and policy measures.

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Growing Demand:

Rising Urbanization across the globe has led to greater need to improve mobility and finding alternative means to traffic solutions. As the populations in the major cities is increasing the traffic load on the existing land-based infrastructure is massively increasing. Considering these changes the demand for an alternative mode of transport air mobility solutions have witnessed an increasingly high growth. As for intercity travel as well as induced requirement for air ambulance services, sending cargo transport, etc., advanced air mobility market. 

The development of aircraft with the electric take-off and landing capability has made air mobility much easier. Additionally, the integration of electric power has provided multiple advantages such as less noise for city operations, environment-friendly operations and lower-cost operations. Considering these key benefits the usage of advanced air mobility solutions is further anticipated to witness growth during 2024-2032.

According to Rolls Royce around 15,000 EVTOLs will be needed across 30 major cities by the year 2035. It would also require the addition of 2,500 vertiport where aircraft can be fully charged.

Considering the upsurge in the demand for the EVTOLs for alleviating the city traffic congestions and growing urbanization the demand for advanced air mobility solutions across the globe would noticeably surge during 2024-2032.

Applications:

Advanced air mobility solutions have emerged as a pivotal solution for various applications such as passenger transport, cargo shipment, intercity travel, surveillance operations, useful for law and enforcement applications, etc. As the new-age urban mobility solutions offer various advantages over conventional aircraft as easy availability, lesser pollutions, ease of landing and take-off due to EVTOLs, etc. More and more customers are shifting towards the advanced air mobility solutions. Additionally, for the air ambulance services where evacuation, delivery of critical organs in timely manner, disaster management applications, the advanced air mobility solutions are proving their relevance. Considering the factors the Global Advanced Air Mobility market is anticipated to rise during 2024-2032.

Rising Demand for Air Taxis to Fuel the Demand:

One of the key factors that have promoted the demand for advanced air mobility solutions is air taxis. With the explosion of urban population and a vast migration from semi-urban/rural population to urban spaces the existing land-based infrastructure has proven to be less effective to combat the traffic scenarios. Considering these, there is a rising demand for air taxis for urban commute, air ambulance services, law and enforcement needs, etc. In line with this many of the companies are launching their air taxi services.

For instance, in 2024, South Korean telecom company SK Telecom showcased its prototype air taxis named UAM which the company is anticipating initiating operations by the year 2025.

As the demand for commercial aircraft for various applications the demand for Advanced Air Mobility would further grow during 2024-2032.

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Conclusion:

In conclusion, the Global Advanced Air Mobility market is poised for continued growth and innovation driven by economic expansion, aircraft developments, technological advancements, and sustainable practices. The increasing demand for air travel and improvement of flight safety in the aviation industry underscore the pivotal role of Advanced Air Mobility across the globe. As stakeholders navigate challenges such as cost management, regulatory compliance, and market competitiveness, collaborations, investments in Advanced Air Mobility infrastructure, and rising demand for urban air mobility would also play a vital role in shaping the future of the Global Advanced Air Mobility market, ensuring its resilience and contribution to the global aviation industry.

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