New York, US, June 02, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “ Flying Cars Market Information by Product, Capacity, and Region - Forecast till 2030", The market for flying vehicles should surge from USD 0.42 billion in 2022 to USD 5.28 billion in 2030, at a notable rate of 43.70% over the course of the forecast period (between 2022 and 2030).
Flying Cars Market Synopsis
A personal air vehicle that can be used for both road and air transport is referred to as a Flying Cars, roadable aircraft, dual-mode vehicle, or personal air vehicle. Two propellers are utilized in the front and back of the automobile to elevate it in the vertical direction from the resting position on this flying vehicle, along with protective gear. Aerial vehicles are a modernized form of automobiles that were created to address the issues that people in places with high traffic levels experience. Flying automobiles can be either manned or unmanned, sometimes known as autonomous. Additionally, these vehicles come in a variety of seating arrangements, including 2, 3, and 4.
Market Competitive Landscape:
The renowned vendors active in the market for Flying Cars market include
- Volocopter GmbH (Germany)
- A³ by Airbus (US)
- AeroMobil (Slovakia)
- Boeing (US)
- Cartivator (Japan)
- EHANG (China)
- TERRAFUGIA (US)
- Joby Aviation (US)
- Lilium (Germany)
- Uber Technologies Inc. (US)
- Among others.
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Flying Cars Market USP Covered:
Market Drivers:
Road and track restrictions have an impact on the most extensively utilized land transport system, namely road and train travel, resulting in reduced controllability and traffic congestion, particularly in urban areas. Additionally, due to its low prices, water transportation (such as sea and inland water transportation) is mostly employed for the transportation of distant commodities, although it is impractical for most urban locations. Additionally, the HAS (High Altitude Space) transportation system, or the air transportation system, is typically utilized for long-distance or international passenger and freight travel. However, because the price is so much greater, it is not practical for use in cities. Because of this, only near-ground space (NGS) and underground (NGS) transportation options are suitable for metropolitan settings. As a result, it is anticipated that the introduction of such cars in the years to come will attract considerable interest from the urban population and result in major demand on the worldwide flying cars market.
Aerial vehicles, often known as flying automobiles, may be driven both on the ground and in the air, switching between land and air modes. The advantages of deploying aerial vehicles in urban settings have drawn the attention of engineers, scientists, and well-known automobile and aircraft businesses. In the coming years, for instance, Uber intends to introduce an air taxi service. Additionally, Toyota Motors has contributed roughly $400 million to Joby Aviation in order to conduct research and provide cost-effective air transportation solutions. In parallel, other research initiatives—such as the NASA Urban Air Mobility Grand Challenge Programme or the EC request for sustainable air travel—investigate various facets of this cutting-edge mode of urban transportation.
Opportunities
AOSSCI, a Chinese drone manufacturer founded by Aerofugia Technology (Chengdu) Co., Ltd., was introduced as a new partner by Terrafugia, a Chinese-owned company with headquarters in Woburn, Massachusetts, in the United States. The new company, a unit of China's Geely Technology Group, will offer unified solutions in the general aviation industry, according to Aerofugia CEO Jing Chao. The combination was made possible by the two companies' shared technological routes, which promoted technology sharing, increased product durability and R&D performance, and decreased costs. The CEO claims that the two businesses will merge their development teams while retaining the original trademarks for possible UAV and air travel products. Geely, one of China's largest private automakers, acquired Terrafugia's business and assets in 2017.
Market Restraints:
One of the main barriers to the widespread commercialization of the aerial cars Transportation System (FCTS) is the manufacturing cost of such aerial vehicles. These vehicles use cutting-edge alloys, composite materials, and battery technologies, all of which are expensive and significantly raise the cost of production.
Flying Cars Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 5.28 Billion |
| CAGR during 2022-2030 | 43.70% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Capacity and Region |
| Key Market Opportunities | Growing investments from notable businesses to accelerate market growth |
| Key Market Dynamics | Increased demand for environment friendly transportation Increasing traffic congestion constantly to support market growth |
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Flying Cars Market COVID 19 Analysis
The worldwide economic growth rate of Flying Cars market has been significantly impacted by the COVID-19 pandemic's geographic spread and the strong risk of a second wave of the pandemic in many countries. The magnitude of the pandemic's effects on the world economy and the anticipated slowdown in economic growth in the economies of individual nations cannot be quantified using a particular methodology. This influence will undoubtedly be significant, that much is certain.
This epidemic has disrupted several industries, notably the automotive and transportation sectors. The flying vehicle industry may be impacted within the anticipated time frame by modifications in customer tastes and spending patterns brought on by changes in the world economy. Additionally, the deployment of lockdowns in numerous nations throughout the world has influenced the cessation of international trade and the stringent actions taken by regulatory bodies in numerous nations. The worldwide vehicle market, which includes aerial cars, has experienced a precipitous decrease as a result.
Additionally, the COVID-19 pandemic will have a long-term effect on global consumer choices and living conditions. The epidemic may also decrease the usage of autos and related products as people become more aware of social distancing and remote working policies are implemented. In addition, it is anticipated that the growth of the global aerial car sector will be constrained in many nations due to restrictions on public gatherings and travel bans.
Flying Cars Market Segmentation
By Product
Flying Cars and Passenger Drones are the two product categories under the Flying Cars market segmentation. In 2021, the passenger drones market segment led the data on Flying Cars, and it is anticipated that over the forecast period, 2022–2030, it will rise more quickly than any other segment. Passenger drones (UAVs) are sometimes known as unmanned passenger aircraft. The rapid advancement of aerial unmanned technology, the growing need to relieve traffic congestion, and the rise in interest in investing in the development of environmentally friendly unmanned aerial vehicles are additional factors that are predicted to contribute to the increased use of passenger drones.
By Capacity
According to seating capacity, the Flying Cars market has been divided into three categories: 2-person, 3- and 4-person, and 5-person. During the projection period, 2022–2030, the 2-person sitter segment is expected to increase at the fastest rate. It dominated market growth in 2021. Because of improved fuel efficiency and performance, this market segment's revenue is increasing.
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Flying Cars Market Regional Insights
Due to the region's early acceptance of new technology and the presence of the largest companies, the North American flying vehicles market, which had a value of USD 0.13 billion in 2021, is anticipated to grow at a rate of 45.70% throughout the study period. Due to the rising number of Flying Cars market projects and the demand for sustainable growth of electric vehicles in the commercial and public transportation sectors, the market for Flying Cars in this region is developing.
In the wake of rising technological adoption and rising investments in the creation of environmentally friendly drone vehicles, the Asia Pacific Flying Cars market is anticipated to increase at a significant CAGR between 2022 and 2030. Advancements are also seen in the region, as evidenced by the recent testing of such two-seater vehicles in Seoul, South Korea, by EHang Holdings, one of the largest listed companies in the nation. Furthermore, the region's fastest-growing market for Flying Cars was South Korea, while the market for Flying Cars in Japan had the biggest market share.
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