Air taxi market may touch $1.5 trillion by 2040
- The South Korean government begins construction of Urban Air Mobility (UAM) infrastructure.
- Flying taxis or cars are being touted as the next-generation mobility mode that will help to reduce traffic on the roads.
With the beginning of the construction of the Urban Air Mobility (UAM) infrastructure by the South Korean government, the market of the air taxi is expected to grow by 1,700 trillion in 2040.
The UAM is being touted as one of the next-generation mobility technologies that will not only reduce traffic on roads but also improve the convenience of movement of vehicles. It will have the advantage of being operational on eco-friendly energy as well such as hydrogen fuel cells and electricity. The technology is also being expected to solve transportation network issues in cities with a higher population.
Morgan Stanley, a US investment company, has predicted that the global UAM market will increase by 30 per cent annually between 2021 and 2040, hence touching a massive amount of $1.5 trillion (about 1,700 trillion won) by 2040. Porsche Consulting has also given a forecast that half of the drone transportation will be passenger transportation by 2035.
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On December 28 last year, the Ministry of Land, Infrastructure and Transport approved the private-public led UAM demonstration project 'K-UAM Grand Challenge Operation Plan,' and decided to carry out the project to verify safety and prepare operating system and technology standards before it gets commercialised.
The first phase of the 'Grand Challenge' project will be conducted next year at the National Comprehensive Flight Performance Test Center in Goheung, Jeollanam-do. For the second phase of the demonstration, the test operation will be conducted in the airport-city UAM route, which is expected to be the first to get commercialised in 2025.
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The 'K-UAM Dream Team' alliance, which includes Hanwha System, SK Telecom, Korea Airports Corporation, and Korea Transport Institute. In addition, Hyundai Motor Group's UAM company 'Supernal' has signed partnerships with three companies, Britain's 'Altitude Angel,' Germany's 'Sky Road' and the US 'One Sky,' to cooperate in establishing industry standards. Korea Airports Corporation and Hanwha System have demonstrated their advanced technology. The former conducted the UAM airport demonstration for the first time in Korea and also unveiled future vertiport using the integrated UAM-aircraft control system and business aviation terminal.
(With inputs from ANI)