According to the new research report published by The Insight Partners, titled “Urban Air Mobility Market – Global Analysis and Forecast to 2034”, the global industrial battery market is expected to reach US$ 1,019.5 million by 2034, registering a CAGR of 5% during the forecast period 2026-2034.
North America urban air mobility market is anticipated to account highest CAGR during the forecast period
Urban Air Mobility relies on the gain in technologies such as distributed electric propulsion, new business models such as application-based ride-sharing, and trends in advanced aerospace manufacturing that will reduce production costs. Increasing the credit of vehicle automation and autonomous vehicle operations will be critical in achieving the autonomous Urban Air Mobility vision. Autonomy will be needed for an economically viable transportation system capable of supporting the high anticipated demand. Significant increases in the technological maturity of stable, maneuverable, vertical takeoff and landing (VTOL) vehicle, and highly automated flight are primarily going to propel the Urban Air Mobility industry. To overcome the sanities, as mentioned earlier, it is foreseen that UAM will provide the ultimate solution to these urban traffic safety problems. Subsequently, a battery-powered UAM vehicle will supersede the existing internal combustion engine (ICE) cars, which will undoubtedly reduce carbon emission and enhance the quality of air in urban areas. AS per the U.S. EPA, a sedan passenger car with a 1.6L engine would devour 1,000 liters of gasoline per year, ending in the emission of 2.7 metric tons of carbon dioxide. Battery-powered UAMs are expected to reduce the emission of carbon dioxide considerably in the future.
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The North America region constitutes developed economies including, US and Canada. Across North America, technological advancements have led to a highly competitive market. North America region attracts several technological developments, which consist of economically robust countries. The companies are continuously enhancing the overall business processes to meet the customers’ demand for high-quality products and services in the best possible way. The comparatively strong economic performance in North America is accredited to the consolidation of commercial airlines, which in turn has supported maintain high passenger and cargo loads, and better ancillary revenues that have reduced the impact of higher fuel costs. The FAA, NASA, the National Air Traffic Controllers Association and industry have been developing technologies and concepts to advance the handling of arrival, airport surface traffic, and departure. North Texas is at the epicenter of revolution in both the automotive and aerospace industries with UAM front and center. Being ranked second for aerospace, North Texas is home for main operations for approximately 17 largest aerospace companies. In July 2019, NASA expanded operational testing for its IADS to reduce congestion on taxiways, save fuel and emissions, and enhance compliance with controlled takeoff times to manage overhead stream insertion.
Further, various initiatives taken by leading companies in North America include, in November 2019, NASA and Uber started collaborative work to tackle the future of its UAM requirements. The both teams are connecting their systems to operate through different situations to support UAM operators. In June 2019, Honeywell International and Denso Corporation signed a strategic collaborative agreement in the automotive and aerospace sector for developing fully electric and hybrid-electric powertrains which in turn are expected to be used in UAM technology. The collaboration between the aerospace and automotive industries is vital to achieve mass-scale and high-quality Urban Air Mobility. Further, in the same year, AiRXOS, part of GE Aviation, launched a new portfolio of autonomous solutions and further partners to address the requirements of autonomous transportation and the fast growing air mobility economy. Thus, all these initiations across the region are future expected to propel the growth of the market significantly.
The List of Companies –
- Airbus SAS
- Aurora Flight Sciences
- Airspace Experience Technologies, Inc.
- Bell Textron Inc
- EHang Intelligent Technology Co. Ltd
- Jaunt Air Mobility LLC
- Kitty Hawk
- Moog Inc.
- Volocopter GmbH
European continent comprises several developing economies such as Germany, France, UK, and Russia, among others. The western part of Europe is known for its better standards of living, with people displaying a higher income level. It is one of the wealthiest regions on the European continent, with per capita GDP more than the other parts. The European consumer displays variations in preferences and reflects economic status, culinary practices, and consumption habits of different countries. Europe is a well-established and mature market for UAM technologies. The European Commission supports the UAM Initiative as it is highly emphasizing on scaling up investment in the future formation of a European U-Space Demonstrator Network. In specific, the development of U-space service and drone solutions comprising both stakeholders and public organizations are expected to address unmet mobility user requirements, for instance in shared transport, public, and in mobility-as-a-service. Thus, drones and U-space services are anticipated to have the potential to create fast developing investment opportunities for the European companies. Thus, through all the above-mentioned factors the region is focusing to gain significant growth in Urban Air Mobility market during the forecast period
Key findings of the study:
Advances in aviation technologies are creating the potential to provide convenient and efficient on-demand transportation for people and cargo in metropolitan areas. Urban Air Mobility (UAM) is a transportation concept that has the potential to reconstruct societal mobility. It proposes highly affordable, accessible, and fast urban air transit, which would reduce ground-based congestion by off-loading the existing roadways transportation infrastructure. Urban Air Mobility relies on the gain in technologies such as distributed electric propulsion, new business models such as application-based ride-sharing, and trends in advanced aerospace manufacturing that will reduce production costs. Increasing the credit of vehicle automation and autonomous vehicle operations will be critical in achieving the autonomous Urban Air Mobility vision. Autonomy will be needed for an economically viable transportation system capable of supporting the high anticipated demand. Significant increases in the technological maturity of stable, maneuverable, vertical takeoff and landing (VTOL) vehicle, and highly automated flight are primarily going to propel the UAM industry. Electric propulsion is a significant pillar of the future UAM, not just in terms of carbon dioxide emission, but also noise. A lithium-ion battery is still considered to be the pioneer when it comes to electric propulsion. With new advancements in lithium battery technology in the future, the battery price will drop significantly. Additionally, with technological advancements, the lifecycle, charge capacity, and power output of a lithium-ion battery is also going to enhance. This would, in turn, support the growing demand for lithium batteries by the UAM manufacturers. Thus, in the future, advanced lithium-ion battery technology is expected to support the growth of UAMs by providing better flying range and low noise of operation inside the city.
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