The South Korean government this week established a 'task force' to develop and commercialise urban air mobility (UAM) services for its domestic market by 2025, according to local reports. 

Forty companies and organisations came together to establish UAM Team Korea which aims to develop and offer air mobility services covering short distances in the main urban areas.

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According to a statement by the ministry of land, infrastructure and transport, the first few routes are expected to be established in Seoul by 2025, linking Incheon airport terminals with the main business district.

The number of routes is expected to rise to 10 by 2030. 

By 2040, the ministry expects UAM services in the country to generate annual revenue of KRW13 trillion (US$840m), driven by strong demand for rapid airport transfers connecting with other modes of public transport inside the city. 

Hyundai Motor is one of the main companies driving this project forward.

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Earlier this year the automaker unveiled the S-A1 personal air vehicle (PAV) concept at the Consumer Electronics Show (CES) in Las Vegas, which it said was part of a strategy to develop "multi-faceted" smart mobility offers including purpose built vehicles (PBVs) and the hub – a skyport for mobility transfers and other activities and services. 

The S-A1 'flying taxi' concept was developed in partnership with Uber Technologies.

It has a range of 60 miles (100km) and a cruising speed of up to 180mph (290km/h) at an altitude of up to 600m.

Its multiple electrically driven rotors allow for vertical take off before transitioning to wing based flight when in cruise mode.

Its batteries can be recharged in seven minutes.

Hyundai said the 'flying taxi' would be operated initially by a pilot but would eventually be driven autonomously once the relevant technology is developed, tested and approved.

Globally, companies such as Boeing, Airbus and Toyota are looking to develop PBV and UAM business as they look for new growth drivers.

US investment bank Morgan Stanley forecast the global UAM market would reach US$1.5 trillion by 2040.