New York, Nov. 18, 2019 (GLOBE NEWSWIRE) -- The rising demand for faster means of transportation will be the major factor attributing to the fast growth of the market. Increasing government initiatives globally is another reason for the growth of the market. However, lack of proper regulatory framework as well as high initial R&D investments will be the factor restraining the growth of the market through the forecasted period.
According to the current analysis of Reports and Data, the global Flying Taxi market was valued at USD 1.3 Billion in 2018 and is projected to grow at a CAGR of 28.59% from 2019 to 2026. Rising need for faster means of transportation is the major factor boosting the growth of the market over the forecasted period. Increasing government initiatives globally is another factor boosting the growth of the Flying Taxi market. However, the lack of sufficient regulatory framework will act as a hindrance for the growth of the market over the forecasted period.
Rising urban population leads to an ever-increasing amount of traffic on the roads. For distances of more than 20 kilometers, a flying taxi acts as an attractive solution to a conventional taxi, as it can bypass the congested roadway on the ground. Major investments are being carried out by market players to develop better battery technologies. This will lead to an increase in the maximum distance that the flying taxi can be flown to. Flying taxi adds a third dimension to the urban transportation matrix. It also acts as an attractive solution for areas where merely increasing the two dimensional capacity would in no way solve the existing traffic situation. Autonomous flight technology is one of the factors that will lower the operating costs of the flying taxis as the cost rendered due to a pilot will become obsolete. The extra free seat in each aircraft will also boost the potential by facilitating the increase in the payload.
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Further key findings from the report suggest
- eVTOL technology will witness fast growth over the forecasted period.
- Lift and cruise and tilt-wing technologies will combine with more durable batteries thus letting vehicles fly up to 250kms as well as carry more than three passengers at the same time.
- European airspace is regulated, especially in the region near major airports. The challenge in such areas will be to adapt existing laws and regulations to accommodate the peculiarities of flying.
- With the rise in popularity of the flying taxi market, the demand for it for leisure purpose will also increase in comparison to the flights done for work purpose.
- North America dominates the market with a share of over 40% in 2018. Presence of prominent market players like Uber, Boeing, and Beechcraft Corporation among others, is a major factor responsible for the high share of the market. The region is forecasted to be the largest region until the year 2026.
- Uber, which is one of the market players has partnered with Bell to launch the Nexus VTOL aircraft, that is being developed as the preferred platform for Uber`s Elevateflying taxi program.
- Leading players in the market are focused on investing and improving their R&D capabilities in order to offer the latest technologies to gain a competitive advantage.
- Key participants include Airbus (Netherlands), Beechcraft Corporation (U.S.), Boeing (U.S.), Dassault Aviation SA (France), EHANG (China), Volocopter GmbH (Germany), Uber (U.S.), Embraer (Brazil), Gulfstream (U.S.), and Cessna (U.S.)
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the Flying Taxi Market on the basis of Component, Propulsion, Aircraft Type, Passenger capacity, Maximum distance, and Region:
Component (Revenue, USD Million; 2016–2026)
- Hardware
- Actuation Systems
- Flight Controls
- Others
- Software
- Flight Management
- Others
- Services
Propulsion (Revenue, USD Million; 2016–2026)
- Parallel Hybrid
- Electric
- Turboshaft
- Turboelectric
- Others
Aircraft type (Revenue, USD Million; 2016–2026)
- Multicopter
- Side-by-side aircraft
- Tiltwing aircraft
- Tiltrotor aircraft
- Others
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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