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Global Air Taxi Market to Reach US$ 2,326.8 Million by 2027, Impelled by Escalating Demand for Efficient Transportation System

Published on Apr 09, 2022

The latest report by IMARC Group, titled “Air Taxi Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global air taxi market size reached US$ 817.5 Million in 2021. Air taxi refers to an energy-saving, lightweight aircraft designed to travel shorter distances. It operates on a scheduled or non-scheduled basis and covers short routes which are not usually served by other commercial airlines. The compact size of these aircraft assists in landing and taking off from shorter runways. Moreover, they can be operated through smaller local airports with less or no air traffic as they are relatively closer to passengers’ destinations. At present, various companies in the aviation and transportation industry are collaborating to introduce efficient air taxi services. 

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Air Taxi Market Trends:

The market is primarily driven by the escalating demand for efficient transportation systems across the globe. Also, there has been an escalating demand for air taxis due to the adverse environmental impact caused by numerous vehicles operating on the road. In addition, the expanding aviation and transportation industry represents another major growth-inducing factor. Besides this, governments of numerous countries are undertaking various initiatives to provide air taxi services in urban areas and support the aviation industry worldwide. This, coupled with the introduction of electric air taxis that can take off and land vertically on the ground, is positively influencing the market growth. Moreover, the leading market players are investing in research and development (R&D) activities to introduce technological advancements, such as connected multimodal transportation network that enables consumers to access on-demand goods delivery, air mobility and emergency services, which is anticipated to propel the market growth further. Looking forward, IMARC Group expects the market to reach US$ 2,326.8 Billion by 2027, exhibiting a CAGR of 19.6% during the forecast period (2022-2027).

Market Summary:

  • Based on the propulsion type, the market has been categorized into parallel hybrid, electric, turboshaft, and turboelectric. 
  • On the basis of the aircraft type, the market has been segmented into mutlicopter, quadcopter, and others. 
  • Based on the passenger capacity, the market has been classified into one, two, four, and more than six. 
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
  • The competitive landscape of the market has been analyzed in the report, with some of the key players being Ab Corporate Aviation, Airbus SE, Fly Aeolus, Honeywell International Inc., Hyundai Motor Company, Joby Aviation, Kitty Hawk Corporation, Neva Aerospace Ltd., Nurol Holding, Inc., Skyway Air Taxi, Talkeetna Air Taxi Inc., and Volocopter GmbH.

 

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