Urban Air Mobility Market to increase by $5.28 Billion by 2027

The urban air mobility market size is expected to grow by USD 5.28 billion between 2022 and 2027.

However, the growth momentum of the market will accelerate at a CAGR of 27.5% during the forecast period. The market is segmented by Type (Autonomous and Piloted), Application (Delivery and Passenger mobility), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).

The increasing use of eVTOL aircraft in military applications, the need for efficient logistics and last-mile delivery modes, and the need for green energy and noise-free aircraft are notably driving the market growth. 

Urban air mobility is growingly seen as a future option for affordable, rapid, and sustainable travel, addressing both congestion and environmental issues faced by modern cities. 

Advances in technology encourage more than 120 startups and aerospace companies to develop urban air mobility vehicles known as eVTOLs (electric vertical take-off and landing vehicles). 

The electric vertical take-off and landing (eVTOL) aircraft have multiple benefits in the military because of their freedom to operate from anywhere, options to fly manually or autonomously, reduced noise levels, and elimination of the need for runways.