Pune, India, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The global Flying Cars Market was USD 55.00 million in 2021. The global market size is expected to be USD 255.37 million in 2022 and is projected to reach USD 1533.471 billion by 2040, exhibiting a CAGR of 58.1 % during the forecast period from 2022-2040. This information is provided by Fortune Business Insights, in its report, titled, “Flying Cars Market, 2021-2040.”
According to our analysts, the factors such as rising popularity of small drones to intensify market and Ferrovial’s Framework sgreement for Ten Vertical Port Networks to encourage growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2040 |
| Forecast Period 2022 to 2040 CAGR | 58.1% |
| 2040 Value Projection | USD 1533 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 55.00 million |
| Historical Data for | 2020-2021 |
| No. of Pages | 200 |
| Segments covered | By Product Type, By Application, and By Region |
| Growth Drivers | Rising Major Corporations' Investments to Fuel Market Growth |
| Partnerships and Collaborations of Eminent Companies to Strengthen Business |
COVID-19 Impacts:
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 the flying car 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 flying car industry's growth is likely to be limited within the estimated time span.
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Drivers and Restraints:
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.
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.
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 the flying car 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 flying car industry's growth is likely to be limited within the estimated time span.
Industry Developments:
January 2021: Ferrovial, the world's leading infrastructure provider and developer of all-electric vertical take-off and landing (e-VTOL) jets and services, signed a framework agreement to develop at least ten vertical port networks.
List of Key Players Mentioned in the Report:
- 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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Segments:
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.
Key Benefits for Flying Cars Market:
- The Flying Cars market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Flying Cars market during the forecast period (2022–2040).
- The report outlines the current market trends and future scenario of the global Flying Cars market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
The market size in North America stood at USD 27.63 million in 2021. The growth is attributed to the high demand for flying cars.
The presence of major corporations will influence the healthy growth of the market in the US and Canada. Samson Motors, Inc. and Uber Technologies Inc’s constant development will push positive growth in the region.
Competitive Landscape:
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 flying cars.
Global Flying Cars Market Size Segmentation:
By Product Type
- Flying Cars
- Passenger Drones
By Application Type:
- Military
- Commercial
- Civil
Table of Contents
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
Continued…
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