New Delhi, Aug 22 (IANS): The Indian Urban Air Mobility (UAM) infrastructure market is projected to reach $6.2 million by 2033, at a CAGR (compound annual growth rate) of 22.38 per cent, a new report said on Tuesday.
According to BIS Research, the UAM infrastructure market, particularly in passenger and cargo gate-to-gate operations, is projected to experience steady growth from 2023 to 2033 in the country.
UAM envisions the integration of aerial transportation services into urban transportation systems, providing efficient and swift mobility solutions.
UAM services, including electric Vertical Take-Off and Landing (eVTOL) aircraft, have the potential to alleviate congestion, reduce travel times, and enhance transportation connectivity within cities.
The CAGR for passenger gate-to-gate operations is estimated at 26.83 per cent ($3.1 million), cargo gate-to-gate operations are expected to grow at a CAGR of 18.55 per cent ($2.5 million), and hybrid passenger and cargo
gate-to-gate operations will touch 29.81 per cent ($0.6 million) by 2033.
"The complexities of urban congestion and transportation infrastructure in India has propelled a new era of possibilities with Urban Air Mobility (UAM) services at its epicentre, powered by the country's dynamic startup ecosystem," said Faisal Ahmad, Co-Founder & CEO of BIS Research.
While the UAM market in India is currently in its developing stage, the report stated that it holds immense potential for growth.
Plans for launching air taxi operations in India are set to take flight as early as 2025, with the establishment of an eVTOL manufacturing plant. Both Tata and Uber have expressed interest in the Indian UAM infrastructure market, and the government is proactively exploring policies and regulations to support UAM developments in the country.
Other infrastructure segments, such as charging and refuelling stations, MRO facilities, and docking stations and hub spots, are currently valued at $0.2 million, $0.1 million, and $0.1 million (2023), respectively, and are expected to reach $0.4 million, $0.2 million, and $0.3 million (by 2033), registering a CAGR of around 9.37% during the forecast period, according to the report.
Cities like Mumbai, Bangalore, Chennai, and Hyderabad have been identified as potential hubs for the initial developments of UAM infrastructure in the country.