Frost & Sullivan has released a new report which analyses the global air taxi market through to 2040.
The air taxi market is expected to record a 45.9% annual growth to reach 430,000 units in operation by 2040, according to the study.
Factors driving the market include the influx of established aerospace, automotive and technology companies into the market, technological advancements and an increase in government initiatives.
UAM (urban air mobility) companies can optimally tap into the market by:
- Incorporating multiple fail-safe mechanisms in their vehicles to instill confidence in potential passengers.
- Collaborating with companies developing innovative next-generation rotors and propellers that can muzzle sound.
- Establishing the support infrastructure, including landing and take-off stations, passenger waiting lounges, and landing pads, in residential buildings.
- Developing internal cybersecurity capabilities or acquiring cybersecurity start-ups to safeguard their vehicles.
In the Middle East, air taxi operations are expected to commence in 2022.
"The United Arab Emirates (UAE), New Zealand, and Singapore are expected to be the first adopters of air taxis, while Brazil and Mexico, too, will be early adopters by leveraging their helicopter taxi expertise," said Joe Praveen Vijayakumar, Mobility Senior Industry Analyst at Frost & Sullivan.
"Globally, almost 50 cities are considering the feasibility of UAM, and most of the applications are focused on cargo drones, which will eventually open up the market for passenger UAM vehicles."
"Safety, noise levels from propulsion, infrastructure for landing and take-off in urban areas, and favourable regulations will be key focus areas for the commercialization of air taxis," noted Vijayakumar. "Original equipment manufacturers will be looking to especially invest in hybrid fuel systems, lightweight high-strength composite materials, and alternative energy sources such as solar and lightweight high-capacity batteries to achieve fuel efficiency and longer range."
For more information about the report, click here.