North America Advanced Air Mobility Market
Published On: Mar 2024
Published On: Mar 2024
At 50.5% CAGR, the North America Advanced Air Mobility Market is Projected to be Worth US$ 5,065.01 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the North America advanced air mobility market was valued at US$ 192.83 million in 2022 and is expected to reach US$ 5,065.01 million by 2030, registering a CAGR of 50.5% from 2022 to 2030. Evolving necessity for green energy-based mode of transportation and advancement of electric propulsion-based eVTOL aircraft are among the critical factors attributed to the North America advanced air mobility market expansion.
The rising emission from transportation is polluting the environmental ecosystem, which creates the demand for alternative transportation means. Electric aircraft and flying taxis are among the most preferred alternatives for environment protection. Also, the vehicle could be designed as per different weather conditions. Therefore, the aviation market will witness a new era of electrified and hybrid aircraft propulsion in the coming years. Urban air mobility is increasingly seen as the future for rapid, sustainable, and affordable intercity travel. Some market players plan to launch their services by the end of 2023 and the beginning of 2024.
As battery technology improves, air taxis and other eVTOL vehicles will become sustainable options and fly for longer ranges and at higher speeds. At present, eVTOL aircraft run purely on batteries, which are clean, silent, and efficient power sources. Further, charging batteries using renewable energy sources will help the environment progress toward the goals of achieving zero emissions and keeping global temperatures within the emission standards. Several companies work on technologies that can provide higher energy and power density than the present lithium-ion batteries. A few companies work on lithium-sulfur (Li-S) battery technology. OXIS Energy has already achieved 450wh/kg at the cell level and expects to achieve 600wh/kg by 2025. Another emerging technology is the solid-state battery. In lithium-ion batteries, the liquid electrolyte is replaced with a solid electrolyte. This battery type is reported to be safer, offers a long life cycle, and has a faster recharge time. A glass solid-state battery can have three times higher energy density than lithium-ion. However, these batteries are still in the research stage at the cell level.
Low noise emissions are one of the key enablers for the entire advanced air mobility industry. Low noise is crucial to community acceptance and access spots in urban environments where take-off and land are expected. Thus, Lilium, a leading eVTOL manufacturer, uses ducted electric vectored thrust (DEVT) technology. The jets have ducted fan engines powered by electric motors. Acoustic liners around the fans capture and dissipate much of the noise. The test conducted showed that the perceived noise level of the jet had reduced to a great extent. Thus, the emerging trend for adopting green energy-based transportation and its associated advantages are anticipated to create a demand for advanced air mobility in the coming years.
The eVTOL aircraft and unmanned small drones could become the future of passenger travel, military and defense applications, and freight and package transportation. Thus, the growing preference for an alternative transportation mode for mitigating carbon emission and adoption of more sustainable ecofriendly alternatives is expected to bolster the advanced air mobility market in the coming years.
On the contrary, required certification and qualification challenges for market vendors hampers the growth North America advanced air mobility market.
Based on component, the North America advanced air mobility market is bifurcated into hardware and software. The hardware segment held 78.1% share of the North America advanced air mobility market in 2022, amassing US$ 150.66 million. It is projected to garner US$ 3,829.72 million by 2030 to expand at 49.8% CAGR during 2022-2030.
In terms of operation mode, the North America advanced air mobility market is bifurcated into piloted and autonomous. The piloted segment held 100.0% share of the North America advanced air mobility market in 2022, amassing US$ 192.83 million. It is projected to garner US$ 4,886.48 million by 2030 to expand at 49.8% CAGR during 2022-2030.
By end use, the North America advanced air mobility market is segmented into passenger and cargo. The cargo segment held 100.0% share of North America advanced air mobility market in 2022, amassing US$ 192.83 million. It is projected to garner US$ 1,732.97 million by 2030 to expand at 31.6% CAGR during 2022-2030.
By propulsion type, the North America advanced air mobility market is segmented into fully electric and hybrid. The fully electric segment held 100.0% share of North America advanced air mobility market in 2022, amassing US$ 192.83 million. It is projected to garner US$ 4,974.45 million by 2030 to expand at 50.1% CAGR during 2022-2030.
Based on country, the North America advanced air mobility market is categorized into the US, Canada, and Mexico. The US held 85.2% share of North America advanced air mobility market in 2022, amassing US$ 164.24 million. It is projected to garner US$ 4,452.15 million by 2030 to expand at 51.1% CAGR during 2022-2030.
Key players operating in the North America advanced air mobility market are Airbus SE, EHang Holdings Ltd, Bell Textron Inc, The Boeing Co, Embraer SA, Elbit Systems Ltd, Joby Aviation Inc, and Archer Aviation Inc, among others.
Office No. 1011, First floor, Farena Corporate Park, Magarpatta-Mundhwa road, Pune - 411028, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
