Advanced Air Mobility (AAM) Market Growth Trend & Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global 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.
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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.
Governments worldwide are setting ambitious targets to reduce these emissions, thereby creating a demand for more sustainable aviation technologies. The growing emphasis on sustainability is a key driver of the AAM market, as these technologies offer the potential to mitigate climate change impacts and are expected to gain importance in the coming years. AAM aims to revolutionize both passenger and cargo mobility by providing efficient, sustainable, and low-altitude flight options.
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.
· PIPISTREL (Textron Inc.)
· Terrafugia
· Vertical Aerospace Group Ltd.
· Volocopter GmbH
· Wisk Aero
· Workhorse Group, Inc. and More
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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.
This innovation could significantly reduce congestion and environmental impacts in densely populated areas while offering faster and more convenient transportation alternatives. The ability to operate more efficiently than traditional aircraft further underscores AAM's potential to minimize its environmental footprint. As urban areas continue to expand and face increasing congestion, the need for innovative transportation solutions like AAM becomes even more critical.
The market for AAM is anticipated to grow rapidly in the coming years, driven by technological advancements and increasing investment. However, it will face competition from other modes of transportation, such as helicopters, Personal Air Vehicles (PAVs), and existing eVTOL aircraft. To achieve success, AAM vehicles must outperform these alternatives in terms of affordability, efficiency, and safety. Integration into existing airspace and transportation systems is also essential, requiring robust regulatory frameworks and infrastructure development. The COVID-19 pandemic posed significant challenges to the advancement of the AAM sector.
The aerospace industry, already dealing with economic difficulties, saw reduced funding and slowed development timelines for AAM projects. Travel restrictions and decreased demand for commercial aviation hindered the testing and adoption of eVTOL vehicles. Additionally, supply chain disruptions impacted the production of critical components, further delaying progress. As governments prioritized healthcare and economic recovery, regulatory frameworks for air mobility experienced delays, impeding the industry's ability to scale. These setbacks highlighted the need for resilience and adaptability within the AAM sector.
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