Barnard's F2 graduation comes after the 19-year-old finished 10th in his maiden season of Formula 3 last term with PHM partner team Jenzer Motorsport.
He finished the season strongly with a feature race win at the Spa penultimate round, then took third in the Monza finale.
Barnard joins fellow rookie Joshua Duerksen at the team which ran Roy Nissany, Brad Benavides and Josh Mason during its first season of F2 in 2023 after taking over the Charouz squad's entry.
“I am delighted to announce I will be competing in FIA Formula 2 with PHM AIX Racing,” said Barnard.
“It is another step up the ladder towards my dream and of course I wish to be more prepared, but I will do everything in my power and more to perform.”
Barnard has risen through the junior ranks with PHM and finished runner-up in the 2023 Formula Regional Middle East Championship, a position he currently holds in the 2024 mini-series as well.
Barnard will get his first taste of the all-new Dallara F2 car in the pre-season Bahrain test on 11-13 February.
“On behalf of the whole team I can say that we are more than pleased and happy to have Taylor onboard,” said sporting director Roland Rehfeld.
“Being the most successful PHM Academy Driver, it is the logical step to evaluate Taylor as best promising option to be as successful as possible.
“He deserves the chance and until now, he fulfilled our expectations through all classes with pure dedication, will, natural talent and speed and increasing technical precision.
“All these efforts brought up good results, meaning in the last three FIA F3 rounds of 2023 he was the most successful driver by points.
“Taylor is teaming up with Joshua Durksen and they know each other very well.
“We, as a still young PHM AIX Racing team, are aware that we are facing the most competitive grid below Formula 1.
“The team is highly excited to have these two extremely motivated F2 rookies in the field and I am expecting an increasing performance throughout the season and some positive surprising results.
“I can’t wait to start the Season with our promising driver line up.”
The 2024 F2 season will begin alongside Formula 1 in Bahrain on 29 February and will conclude in Abu Dhabi on 8 December.
2024 F2 grid in full
| ART Grand Prix |
 Victor Martins |
 Zak O'Sullivan |
| Prema Racing |
Oliver Bearman |
 Andrea Kimi Antonelli |
| Rodin Motorsport |
 Zane Maloney |
 Ritomo Miyata |
| DAMS |
 Jak Crawford |
Juan Manuel Correa |
| Invicta Racing |
 Kush Maini |
 Gabriel Bortoleto |
| MP Motorsport |
 Dennis Hauger |
 Franco Colapinto |
| Van Amersfoort Racing |
Enzo Fittipaldi |
 Rafael Villagomez |
| Hitech Pulse-Eight |
 Amaury Cordeel |
 Paul Aron |
| Campos Racing |
Isack Hadjar |
 Pepe Marti |
| Trident |
 Richard Verschoor |
 Roman Stanek |
| PHM AIX Racing |
 Joshua Duerksen |
Taylor Barnard |
