New York, United States , May 16, 2024 (GLOBE NEWSWIRE) -- The Global Flying Taxi Market Size is to Grow from USD 3.76 Billion in 2023 to USD 17.08 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.34% during the projected period.
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A flying taxi is a small commercial aircraft that operates on-demand flights. Commonly referred to as "air taxis," these aircraft provide a brief flight within or between urban areas for a small number of people. Flying taxis can take off and land vertically, and they often travel hundreds of meters above earth. These taxis are frequently powered by a jet engine in the back and are utilized to fly over traffic congestion and obstacles, as well as between high-rise buildings. With a rising population and number of vehicles on the road, traffic jams and congestion have become a major issue around the world. This has resulted in major issues such as air pollution and environmental degradation. As a result, there is an increasing demand for flying taxis, which help to reduce traffic congestion in cities by transporting passengers by air. Thus, increased traffic congestion around the world is driving the growth of the flying taxi industry. However, to operate as passenger transportation, flying taxis must obtain a variety of certificates, including Part 135 certification from the Federal Aviation Administration (FAA). As a result, passing these stringent laws and guidelines takes a long time and is expected to limit business growth.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Flying Taxi Market Size, Share, and COVID-19 Impact Analysis, By Type (Single Seat, Double Seats), By Technology (Autonomous, Semi-Autonomous, Manual), By Application (Intercity, Intracity), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The double seats segment is expected to hold the largest share of the global flying taxi market during the anticipation timeframe.
Based on the type, the global flying taxi market is categorized into single seat, and double seats. Among these, the double seats segment is expected to hold the largest share of the global flying taxi market during the anticipation timeframe. Compare to single seat taxi the double seats taxi is good for travelling with the presence of the driver anyone reach out to the destination. And traveller can also travel without hesitation. So, such factors are boosting the market growth in the forecast period.
The autonomous segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the technology, the global flying taxi market is categorized into autonomous, semi-autonomous, and manual. Among these, the autonomous segment is expected to grow at the fastest CAGR during the anticipation timeframe. Autonomous vehicles are safer to drive because they can calculate safe distances, adequate stopping time, and the locations of various objects around them all at once. The use of autonomous technology relaxes passengers in flying taxis, allowing them to perform other things while being transported.
The intracity segment is expected to hold a significant share of the global flying taxi market during the anticipation timeframe.
Based on the application, the global flying taxi market is categorized into intercity, and intracity. Among these, the intracity segment is expected to hold a significant share of the global flying taxi market during the anticipation timeframe. The flaying taxis are either electric or run on renewable energy, which is a huge benefit for the new technology because it is carbon-negative and can alleviate the environmental issues caused by vehicles. So, in the expanding population era, air taxi is highly important for intracity transport; in an emergency, anyone can travel anyplace in less time.
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North America is projected to hold the largest share of the global flying taxi market over the anticipation timeframe.
North America is projected to hold the largest share of the global flying taxi market over the anticipation timeframe. Increased government financing for R&D projects, such as those in the United States and Canada, will also drive market expansion. Furthermore, significant technological advancements are projected to fuel the growth of the flying taxi market. Furthermore, the governments in the region promote the use of flying taxis and other modern modes of transportation, which serves as a catalyst for market expansion in the region.
Europe is expected to grow at the fastest CAGR growth of the global flying taxi market during the anticipation timeframe. As a result of technological advances in telecoms, such as 5G, and more startup funding for flying taxis. Many aviation businesses in Europe are attempting to develop and sell flying taxis in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global flying taxi market are Uber, Embraer, Gulfstream, Airbus, Beechcraft Corporation, Boeing, Dassault Aviation SA, EHANG, Volocopter GmbH, Cessna, Joby Aviation, TERRAFUGIA, and others.
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Recent Developments
- In October 2023, The Abu Dhabi Investment Office has announced that Joby Aviation, a California-based firm developing electric vertical take-off and landing (eVTOL) aircraft for commercial passenger service, will join the Emirate's new Smart and Autonomous Vehicles Industry Cluster.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global flying taxi market based on the below-mentioned segments:
Global Flying Taxi Market, By Type
- Single Seat
- Double Seats
Global Flying Taxi Market, By Technology
- Autonomous
- Semi-Autonomous
- Manual
Global Flying Taxi Market, By Application
- Intercity
- Intracity
Global Flying Taxi Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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