The global market for advanced air mobility (AAM) could be worth more than $68 billion by 2032, according to a market research report published today by Custom Market Insights.
In the report, the researchers noted that the AAM industry had a valuation of approximately $8.2 billion in 2022 and that they expect it to reach $14.1 billion by the end of 2023. Between now and 2032, the AAM market is projected to expand at a compound annual growth rate of about 35.2 percent.
The authors noted several factors that have been contributing to the growth of the industry, such as technological advancements, environmental concerns, and rising frustrations over road traffic and airport congestion in busy urban areas.
For the purposes of this study, the authors defined AAM as “an emerging sector in aviation that centers on developing and integrating electric and autonomous aircraft for urban and regional transportation.” They examined market trends for various propulsion systems, such as hybrid and electric aircraft, as well as piloted versus autonomous operations, different use cases, and different regions.
The study highlighted several key market players, including Joby, Archer, Wisk, Volocopter, Ehang, Lilium, Airbus, and Vertical Aerospace. The report looks at these companies’ reported sales, revenue, and strategies, as well as partnerships and acquisitions.