Air Taxi Market
Requirements for alternative modes of transportation and surge in road traffic congestion drive the growth of the global air taxi market
WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 5, 2024 /EINPresswire.com/ — is a type of aircraft which is well organized in operations and is intended for shorter distance to travel. The concept of air taxi was first introduced way back in 2001 by NASA and aerospace industry study on the potential Small Aircraft Transportation System (SATS) and rise of light-jet aircraft manufacturing in the U.S. Later with the increased number of vehicles running on the road followed by the increased traffic congestion, the demand for better and efficient transportation system has increased; thereby, increasing the demand for air taxi across the globe. 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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A good quality ride provides comfort to the passengers, minimizes the travel time, and reduces passenger fatigue on long journeys thereby increasing the air taxi outlook among customers. Air taxi is responsible for quality of rides and is efficient in travelling to a specific distance without facing any traffic on the roads. With increased demand for alternative means of transport across the globe, the demand for air taxis has increased, which in turn boost the growth of the global air taxi market.
Air taxi will be more effective and powerful than other transportation systems as it is a new technology and with wider upgradation in the aviation industry the air taxi market is expected to see a significant growth in the near future.
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The factors such as need for an alternative mode of transportation and increased road traffic congestion drive the growth of the air taxi market. However, high differential fare and stringent regulations for aviation license is expected to hamper the market growth. Further, government initiatives for the introduction of air taxi is expected to create numerous opportunities for the growth and expansion of market.
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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.
Increase in government initiatives and rise in investments by the top players in the aviation industry boost the growth of the global air taxi market. Moreover, increase in development and innovations further fuels the market growth. In addition, positive impact of developments carried out by numerous startups and top players increase the adoption and growth of the air taxies across the globe.
North America is expected to dominate the market, followed by Europe, Asia-Pacific, and LAMEA. U.S. is expected to dominate the global air taxi market share in 2021, and is projected to grow at a significant rate during the forecast period.
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Based on region, North America would hold the highest market share in 2021, accounting for nearly two-fifths of the global air taxi market size, 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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Air taxi includes various types of aircrafts such as multicopter, quadcopter, and tiltwing aircrafts, which will be based on different propulsion system such as electric or hybrid. In addition, the passenger capacity to be carried on the air taxi are of various types such as one, two, and more, which depend on the capacity of the aircraft.
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David Correa
Allied Market Research
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