Pune, India, March 07, 2022 (GLOBE NEWSWIRE) -- Flying Cars market size is projected to reach USD 1533471.44 million in 2040. The global flying cars market size was USD 55.00 million in 2021. The global impact of COVID-19 has been unprecedented and staggering, with flying cars witnessing a positive demand shock across all regions amid the pandemic.
This pandemic has disrupted many industries, including the manufacturing and aviation industries. Changes in consumer tastes and buying habits induced by global economic volatility could have an effect on this market during the forecast period. The pandemic could also contribute to a decline in vehicles and associated products due to the implementation of remote working policies. Furthermore, due to limitations on public meetings and travel bans in many countries, the global industry's growth is likely to be limited within the estimated time span.
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| Report Coverage | Details |
| Forecast Period | 2022-2040 |
| Forecast Period 2022 to 2040 CAGR | 58.1% |
| 2040 Value Projection | USD 1533471.44 million |
| Base Year | 2021 |
| Market Size in 2021 | USD 255.37 million |
| Historical Data for | 2020 |
| No. of Pages | 200 |
| Segments covered | Product Type, Application Type, and Region |
| Growth Drivers | Growing Investments from Prominent Companies to Boost the Market Growth |
| Growing Investments from Prominent Companies to Boost the Market Growth |
Partnership of Terrafugia and AOSSCI to Bolster Market
Terrafugia, a Chinese-owned corporation, based in Woburn, Massachusetts, United States, announced that it had signed a partnership agreement with AOSSCI, a Chinese drone producer created by Aerofugia Technology (Chengdu) Co., Ltd. According to Aerofugia CEO Jing Chao, the new firm, a subsidiary of China's Geely Technology Group, will have unified solutions in the general aviation market. The two companies' similar technical paths laid the groundwork for the amalgamation, thus encouraging technology sharing, improved product durability and R&D performance, and lower costs. According to the CEO, the two firms will combine their development teams while keeping the original trademarks for potential air-travel and UAV devices. Terrafugia's operations and properties were purchased by Geely, one of China's biggest private automakers, in 2017.
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Rising Major Corporations' Investments to Fuel Market Growth
Flying cars, also known as aerial vehicles, can be powered on the ground and in the air, allowing them to transition between the two types. The theoretical benefits of using flying cars in urban areas have piqued the interest of architects, scientists, and major vehicle and aircraft manufacturers. For instance, in the near future, Uber will operate an air taxi service. Joby Aviation, a subsidiary of Toyota Motor Corporation, received a $400 million investment from Toyota to improve fast, quiet, and accessible air transportation services. Simultaneously, a growing array of research programs, such as the European Commission's call for sustainable air travel or NASA's Urban Air Mobility Grand Challenge Program, are looking at various facets of this innovative mode of urban transportation.
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Passenger Drones to Dominate the Market
Based on the product type, the market is segmented into flying cars and passenger drones. The passenger drones segment holds a major flying cars market share. The passenger drones are expected to experience a surged demand in the forthcoming years.
Based on the application type, the market is classified into military, commercial, and civil. The military segment is expected to dominate the market during the forecast period due to the test series. The AFWERX Innovation Program of the Air Force Research Laboratory reports that the "Agile Prime" service has cleared many regulations to advance its "Organic Supply Bus" (ORB) program.
Geographically, the market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Partnerships and Collaborations of Eminent Companies to Strengthen Business
The companies operating in the market participate in partnerships and mergers to reinforce their position in the industry. For instance, Archer, an electric flying car startup, collaborated with Fiat Chrysler to reduce purchasing costs and enhance electric flying cars or vertical take-off and landing (eVTOL) aircraft, which are intended to carry passengers with minimal noise. The top speed can reach 150 mph (60 mph). Other prominent players such as Joby Aviation, Boeing, Airbus, and PAL-V International B.V. in the market are focusing on the development and engineering of this type of cars.
The Report Lists the Key Companies in the Global Market
- AeroMobil (Slovakia)
- Boeing (Illinois, United States)
- Joby Aviation (California, United States)
- Airbus (Leiden, Netherlands)
- PAL-V International B.V. (Netherlands)
- Samson Motorworks (Oregon, United States)
- Cartivator (Tokyo, Japan)
- Uber Technologies (California, United States)
- Urban Aeronautics (Yavne, Israel)
- Volcopter GmbH (Bruchsal, Germany)
- Moller International (California, United States)
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Global Flying Cars Market Segmentation:
By Product Type:
- Flying Cars
- Passenger Drones
By Application Type:
- Military
- Commercial
- Civil
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Merger, Acquisitions, and Partnerships
4.2 Distributor Analysis – For Major Players
4.3 Growth and Penetration Analysis
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
4.6 Vendor Landscape
4.7 COVID-19 Impact on the Market
5. Global Flying Cars Market Analysis, Insights and Forecast, 2022-2040
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Product Type
5.2.1 Flying Cars
5.2.2 Passenger Drones
5.2.3 Others
5.3. Market Analysis, Insights and Forecast – By Application Type
5.3.1 Military
5.3.2 Commercial
5.3.3 Civil
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia Pacific
5.4.4 Rest of the World
6. North America Flying Cars Market Analysis, Insights and Forecast, 2022-2040
6.1. Key Findings / Summary
6.2. Market Analysis – By Product Type
6.2.1 Flying Cars
6.2.2 Passenger Drones
6.2.3 Others
6.3. Market Analysis – By Application Type
6.3.1 Military
6.3.2 Commercial
6.3.3 Civil
7. Europe Flying Cars Market Analysis, Insights and Forecast, 2022-2040
7.1. Key Findings / Summary
7.2. Market Analysis – By Product Type
7.2.1 Flying Cars
7.2.2 Passenger Drones
7.2.3 Others
7.3. Market Analysis – By Application Type
7.3.1 Military
7.3.2 Commercial
7.3.3 Civil
8. Asia Pacific Flying Cars Market Analysis, Insights and Forecast, 2022-2040
8.1. Key Findings / Summary
8.2. Market Analysis – By Product Type
8.2.1 Flying Cars
8.2.2 Passenger Drones
8.2.3 Others
8.3. Market Analysis – By Application Type
8.3.1 Military
8.3.2 Commercial
8.3.3 Civil
9. Rest of the World Flying Cars Market Analysis, Insights and Forecast, 2022-2040
Continued…
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