Impact of COVID-19 on the Global Flying Cars Market
The automotive sector has been interrupted due to the spread of COVID-19 across the world. The changing consumer preferences and buying behavior due to fluctuations in the global economy are likely to influence the flying cars market over the forecast timeframe. Moreover, the announcement of COVID-19 as a global pandemic has resulted in lockdowns being imposed in numerous countries around the world. It has also led to the sealing of international borders and the implementation of strict measures by regulatory authorities in multiple countries, causing a severe decline in the global demand for automotive, including flying cars. Thus, there is a high possibility that the COVID-19 pandemic will have long-term effects on the consumer's standard of living and preferences worldwide.
New passenger car registrations in the EU (Units IN THOUSAND)The pandemic may also result in lowered usage of automotive and related products owing to the increasing individual awareness regarding social distancing and the adoption of remote working policies. Moreover, the restrictions on public gatherings and travel bans in numerous countries are expected to limit the growth of the global market for flying cars over the projected timeframe. The demand for flying cars has declined severely owing to the global slowdown in both the commercial and domestic requirements of the product. The increased focus on personal care and hygiene is also likely to affect the future demand for automotive and related products, including flying cars. According to the MRFR analysis, there is uncertainty regarding the future growth of the flying cars market in the pandemic period. However, the global flying cars market is expected to stabilize in the Q1 of 2021.
Source: MRFR Analysis