Flying Cars Market is expected to grow at a CAGR of 45.3% from 2020 to 2028 | Increasing congestion and overcrowding to boost the Growth of flying cars market
May 20, 2021
Research report published by Proficient Market Research “Flying Cars Market, By Type (Manned Flying Cars, and Unmanned Flying Cars); By Capacity (2-Person Sitter, 3 and 4-Person Sitter, and More than 4 Person Sitter); By Application (Recreation, Military, Air Ambulance, Police Patrol, and Air Taxi Services) Market – Growth, Future Prospects, Post COVID-19 Scenario 2021 – 2028”, states that the global flying cars market is expected to grow at a CAGR of 45.3% during the forecast period from 2021 to 2028.
Rising congestion in passenger vehicles such as buses, etc., as well as overcrowding are one of the main drivers for flying cars market. Though, the development in economy has directed the surge in net worth of individuals which in turn is inspiring the implementation and adoption of individual air travel such as flying cars. Additionally, growing investment by flying cars manufacturers towards the development and innovations in flying cars to make them more driver friendly is another factor driving the growth of flying cars market.
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Due to the spread of Covid-19 pandemic globally, automotive sector has been witnessing fluctuations Declaration of Covid-19 as a global pandemic led to lockdowns and strict restrictions being applied in various nations around the world. This resulted into drastically decline in various non-essential services including global flying cars market. Apart from that, in various countries limitations on social gatherings and travel bans are anticipated to limit the growth of flying cars market but various technological innovations and promotions by companies are expected to grow the demand of flying cars during the forecast period.
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Different key players from the flying cars market include AeroMobil, The Boeing Company, Cartivator, PAL-V International B.V., Volocopter GmbH, Opener Inc, TERRAFUGIA, Joby Aero, Inc., Samson Motors, Inc., Carplane GmbH, and Uber Technologies, Inc. among others. Most of these companies from flying cars market is concentrating on product capacity, and new product launch as their business strategy.
Presently, the global flying cars market is still in the innovation phase with growing activities related with the design, advancement, and production of such vehicles. The automakers, aerospace OEMs, as well as different tech giants and start-ups have been capitalizing severely in numerous flying car projects.
Recent News and Development:
In January, 2021: Ferrovial S.A. and Lilium Gmbh signed a framework agreement to develop a network of at least ten vertiports
In December, 2020: Uber Technologies Inc. sold air taxi business elevate to Joby Aero, Inc.
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Based on type, the flying cars market is segmented into the following:
Manned Flying Cars
Unmanned Flying Cars
Based on capacity, the flying cars market is segmented into following:
3 and 4-Person Sitter
More than 4 Person Sitter
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2-person sitter segment led the overall flying cars market
In 2020, 2-person sitter segment led the overall flying cars market. Light weight of 2-person sitter flying cars helps in minimum funding and is fictional to diminish the danger of failure. Thereby, the demand for 2-person sitter is expected to remain high and drive the segment during the forecast period.
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North America held the largest share in the flying cars market
In 2020, the overall flying cars market was dominated by the North American region in terms of market value. The region is anticipated to witness considerable growth over the forecast period. Accessibility of advanced technology to offer inventive solutions, the absolute presence of The Boeing Company, Joby Aero, Inc. and other key players help North America to be a leading region in sales and adoption of flying cars.
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