Requirements for alternative modes of transportation and surge in road traffic congestion drive the growth of the global air taxi market
PORTLAND, Oregon, Jan. 15, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Air Taxi Market by Propulsion Type (Parallel Hybrid, Electric, Turboshaft, and Turboelectric), Aircraft Type (Multicopter, Quadcopter, and Others), and Passenger Capacity (One, Two, Four, and More than six): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global air taxi market is estimated to reach $817.50 million by 2021, and is expected to grow $6.63 billion by 2030, growing at a CAGR of 26.2% from 2021 to 2030.
Prime determinants of growth
Requirements for alternative modes of transportation and surge in road traffic congestion drive the growth of the global air taxi market. However, high differential fare and stringent regulations related to aviation license hinder the market growth. On the other hand, supportive government initiatives create new opportunities in the market.
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The electric segment to maintain its leadership position throughout the forecast period
Based on propulsion, the electric segment is expected to account for the highest share in the global air taxi market, contributing to more than two-fifths of the total share in 2021, and is estimated to maintain its leadership position throughout the forecast period. Moreover, this segment would grow at the largest CAGR of 30.4% from 2021 to 2030. This is attributed to the increased performance of the vehicle and reduced weight of the vehicle with electric propulsion. The report also analyzes segments including parallel hybrid, turboshaft, and turboelectric.
The multicopter segment to dominate in terms of revenue during the forecast period
Based on aircraft type, the multicopter segment is estimated to contribute to more than two-fifths of the total market share of the global air taxi market in 2021, and is estimated to dominate in terms of revenue during the forecast period. However, the quadcopters segment is expected to witness the highest CAGR of 30.8% from 2021 to 2030. This is due to due to its push and pull propulsion along with the speed and passenger carrying capacity.
North America to offer lucrative opportunities
Based on region, North America would hold the highest market share in 2021, accounting for nearly two-fifths of the global air taxi market, and is expected to continue to dominate by 2030. Moreover, this region is estimated to witness the fastest CAGR of 29.6% from 2021 to 2030. This is due to the increased adoption of latest technology within the region. The report also analyzes Europe, Asia-Pacific, and LAMEA.
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Leading market players
- Airbus S.A.S.
- Beechcraft Corporation (subsidiary of Textron Aviation)
- Dassault Systèmes
- Volocopter GmbH
- Uber Technologies
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