The Air Taxi Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Air Taxi Global Market Report 2024, The air taxi market size has grown strongly in recent years. It will grow from $41.28 billion in 2023 to $45.4 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to urbanization and traffic congestion, rising demand for time-efficient travel, advancements in urban air mobility (UAM), emerging technologies and infrastructure, environmental concerns and sustainable mobility.
The air taxi market size is expected to see strong growth in the next few years. It will grow to $65.25 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to increased urbanization and megacity growth, growing population mobility needs, regulatory support and frameworks, evolving consumer preferences, collaborations and partnerships. Major trends in the forecast period include collaborations and partnerships, customer acceptance and public perception, market competition and entry of new players, environmental sustainability, market expansion and global reach.
Increased traffic congestion is expected to boost the growth of the air taxi market going forward. Traffic congestion refers to a location that is extremely congested with traffic or people. With increasing road congestion, air taxis have created a new line of business for airports, airlines, cities, hotels, and other businesses, providing a new way for passengers and packages to arrive on time. For instance, according to the report published by INRIX, a US-based leader in transportation analytics solutions, the 2021 Global Traffic Scorecard identified and ranked congestion and mobility trends in over 1,000 cities across 50 countries as the COVID-19 pandemic continued to cause economic and social disruption. The average American driver lost 36 hours due to traffic congestion, a 10-hour increase from 2020 but 63 hours less than pre-pandemic levels. In 2021, Americans lost 3.4 billion hours due to traffic congestion. Therefore, increased traffic congestion is driving the growth of the air taxi market.
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The air taxi market covered in this report is segmented –
1) By Aircraft Type: Multicopter, Quadcopter, Others Aircrafts
2) By Service: Air Taxi Platform Services, Air Taxi MRO Services, Air Taxi Pilot Training Services
3) By Propulsion Type: Parallel Hybrid, Electric, Turboshaft, Turboelectric
4) By Range: Intercity, Intracity
5) By Mode Of Operations: Optionally Piloted, Piloted
Major companies operating in the air taxi market are adopting a strategic partnership approach to improve urban mobility in major Indian cities. A strategic partnership is a collaborative agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in September 2022, InterGlobe Enterprises, an India-based aviation company, partnered with Archer Aviation, a US-based aircraft company. With this partnership, these companies aim to launch an all-electric air taxi service in India. The electric air taxis, which will be ‘cost-competitive’ with on-road services, are expected to help combat ground travel congestion and pollution. The eVTOL aircraft, named ‘Midnight,’ can carry four passengers and a pilot for up to 100 miles and is designed to provide a safe and sustainable urban transportation solution.
The air taxi market report table of contents includes:
1. Executive Summary
2.Air Taxi Market Characteristics
3.Air Taxi Market Trends And Strategies
4.Air Taxi Market analysis
5.Air Taxi Market Size And Growth
6.Air Taxi Segmentation
7.Air Taxi Regional And Country Analysis
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27.Air Taxi Competitive Landscape And Company Profiles
28.Air Taxi Key Mergers And Acquisitions
29. Air Taxi Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Hyundai Motor Company
- The Boeing Company
- Airbus SE
- Uber Technologies Inc.
- Zhejiang Geely Holding Group Co. Ltd.
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