Why does demand for alternative transportation such as air taxis?
Global air taxi market is projected to expand at a robust growth rate due to an increasing focus on developing alternate route to highly congested road traffic, governments’ supportive incentives and initiatives, recent innovations in air taxis, and efforts by startups and major world players in the development of air taxis.
Global air taxi market is projected to expand at a robust growth rate due to an increasing focus on developing alternate route to highly congested road traffic, governments’ supportive incentives and initiatives, recent innovations in air taxis, and efforts by startups and major world players in the development of air taxis.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Air Taxi Market size at USD 763.81 million in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the global air taxi market size to grow at a high CAGR of 34.1% reaching a value of USD 5,735.1 million by 2028. Major growth factors for global air taxi market include spurring demand for an alternate method of transportation due to road traffic congestion; increasing government efforts around the world; growing investments by major aviation companies; increased activities in research, development, and innovations; and favorable impact of various startups and top players on the development of several types of air taxis.
Air Taxi – Overview
An air taxi is a type of aircraft with well-organized operations and is designed to cover short distances. In 2001, NASA and the aerospace industry first proposed the idea of an air taxi in a study on the prospective Small Aircraft Transportation System (SATS) and the expansion of light-jet aircraft manufacture in the United States. Later, as the number of automobiles on the road expanded, so did traffic congestion, and the demand for a better and more efficient transportation system grew, resulting in greater demand for air taxis around the world. Several companies in the aviation and transportation industries collaborated on the development of an air taxi that will be used all over the world.
Global Air Taxi Market – Technology Advancements
With the emergence of innovative transportation technologies, such as railway and automobile automation, demand for an alternate method of transportation has risen around the world. As a result, aviation corporations are concentrating their efforts on introducing air taxis across the globe. Various collaborations have been formed among companies to discover new concepts for the development of air taxis. For example, Airbus S.A.S. announced the CityAirbus electric air taxi, which can take off and land vertically, as well as other innovations, such as the full-scale flight test of VAHANA, the all-electric, self-piloted, and VTOL aircraft. These developments are driven by the need for alternative modes of transportation, which will result in market growth during the forecast period. Governments’ initiatives and incentives for the adoption of air taxis could provide multiple growth opportunities for the global air taxi during the period in analysis. However, hefty differential fares and strict aircraft license regulations could limit the market growth.
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Global Air Taxi Market - Regional Analysis
Due to a high focus and increasing investments by the United States and Canada in developing alternate traffic system to ease their heavily congested road traffic, North America could dominate the global air taxi market by region. Los Angeles, for example, was named one of the top cities with the most traffic congestion. Similarly, London is one of Europe's most congested cities, with drivers spending an average of 72 hours a year stuck in traffic. As a result, Uber has stated that it would start its air taxi service in some of the country's most congested areas, including Los Angeles, by 2023. As the home to major emerging economies, such as China and India, the Asia-Pacific air taxi market is forecast to record growth at a significant CAGR during the period in analysis. Rising disposable income, increased traffic congestion, and a growing preference for speedier modes of transportation, China, India, and Japan have enormous growth potential.
Competitive Landscape
Prominent players in global air taxi market include AeroMobile, Airbus S.A.S., Beechcraft Corporation, Boeing, Cessna, Dassault Aviation SA, EHANG, Embraer, Gulfstream, Hyundai, Joby Aviation, Kittyhawk, Lilium, Opener, TERRAFUGIA, Uber’s VTOL, and Volocopter GmbH. These companies are concentrating on developing technologies and software to ensure that the air taxi sector runs well. For example, Uber teamed up with NASA and revealed ambitions to develop software to manage air taxi routes and avoid traffic congestion. Meanwhile, China's Ehang 184 was tested in Dubai. It does, however, require an aviation license. Such initiatives are projected to boost the demand for air taxi services in the coming years.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Air Taxi Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Air Taxi Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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