The vertical mobility market size was USD 6.45 Billion in 2022 and is expected to reach USD 44.7 Billion in 2032, and register a revenue CAGR of 24% during the forecast period. Demand and market revenue growth are being driven by rising demand for vertical mobility solutions across numerous end-use industries, including commercial, residential, healthcare, and hospitality. The demand for vertical mobility solutions is increasing as a result of the rapid growth of urbanization, which has increased the number of high-rise structures and skyscrapers.
Further raising the demand for vertical mobility solutions is the emergence of Smart Cities and smart buildings. Transportation that is secure and efficient, while also using less energy and improving user experience, is made possible by the integration of vertical mobility systems with Smart Building technology.
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The demand for environmentally friendly vertical mobility solutions is likewise driving market revenue growth. Manufacturers are being pushed to provide environmentally friendly and energy-efficient vertical mobility systems as a result of governments and organizations adopting green construction standards and laws. Using cutting-edge materials and technologies, such as regenerative braking and drives, minimizes carbon footprint while consuming less energy.
Over the projected period, government initiatives and regulations are expected to drive market revenue growth. For instance, the ‘Smart Cities Mission’ program, which the Indian government announced, intends to create 100 smart cities in India. The initiative's main goal is to create effective and sustainable transportation systems, including vertical mobility options.
Some challenges limiting revenue growth of the global vertical mobility market include high installation costs, improper maintenance, and safety issues. To guarantee the proper operation of vertical mobility systems and prevent accidents, frequent maintenance, and safety inspections are essential.
Competitive Landscape:
- Boeing Company
- Airbus SE
- Volocopter GmbH
- Ehang Inc.
- Bell Textron Inc.
- Lilium GmbH
- Uber Technologies Inc.
- Kitty Hawk
- Joby Aviation
- Vertical Aerospace
- BlackFly
The global market is further segmented into type and application:
| By Type Outlook |
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| By Application Outlook |
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Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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