ID: MRFR/AM/5890-CR | 136 Pages | Published By Sejal Akre on October 2020
Flying Cars Market Size was valued at USD 0.29 billion in 2021. The flying cars market industry is projected to grow from USD 0.42 billion in 2022 to USD 5.28 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 43.70% during the forecast period (2022 - 2030). It is projected that a major market driver contributing to market expansion would be the rising purchasing power and the continually evolving lifestyles and preferences around the world. The focus on using flying vehicles for transportation, the increase in traffic, and the growth of the urban population all help to boost market demand.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Over the course of the projected period, the market for flying cars will expand due to the rising need for ecologically friendly transportation. VTOL is the method used by flying cars to launch themselves into the air. In a poll conducted in 2021 by IBM, 77% of participants said they were interested in sustainable transportation options and felt that it was necessary to reduce personal carbon footprints. 1% of the respondents thought electric vehicles (EVs) were a sustainable option for daily transportation. Comparing flying vehicles to passenger cars, the latter are considerably more effective on longer journeys than on shorter ones. The market for flying cars is therefore anticipated to develop as a result of the rising demand for ecologically friendly transportation. Thus, this factor is driving the market CAGR.
Furthermore, the most frequently used land transportation method, namely road and train transportation, is impacted by road and track restrictions, resulting in deprived controllability and traffic congestion, particularly in the urban regions. Water transportation (such as sea and inland water transportation) is also utilised mostly for distant goods delivery due to its low prices, although it is not practical for the majority of urban areas. Additionally, the HAS (High Altitude Space) transportation system, or the air transportation system, is typically utilised for long-distance or international passenger and freight transportation. Urban use is not possible due to the significantly greater cost. Therefore, only NGS (near ground space, underground, and ground) transit options are suitable for urban settings. As a result, it is anticipated that the introduction of such cars in the years to come will attract considerable interest from the urban population and result in major demand on the worldwide market.
However, aerial vehicles, often known as flying cars, can be driven both on the ground and in the air, allowing for seamless transitions between the two. Engineers, scientists, and well-known automobile and aircraft businesses have been drawn to the potential advantages of deploying aerial vehicles in urban settings. For instance, Uber intends to introduce an air taxi service over the next few years. In order to conduct research and create cost-effective air transportation solutions, Toyota Motors has also invested almost $400 million in Joby Aviation. Various research initiatives, such as the NASA Urban Air Mobility Grand Challenge Program or the EC request for sustainable air travel, are investigating various facets of this cutting-edge mode of urban transportation. Thus, it is anticipated that this aspect will accelerate flying cars market revenue globally.
The Flying Cars Market segmentation, based on product is divided into Flying Cars and Passenger Drones. The passenger drones segment dominated the flying cars market data in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Unmanned passenger aircraft is another name for passenger drones (UAVs). Additionally, it is anticipated that increased use of passenger drones will result from the rapid development of aerial unmanned technology, the growing need to alleviate the problem of traffic congestion, and the rise in interest in investing in the production of environmentally friendly unmanned aerial vehicles.
The Flying Cars Market segmentation has been segmented by capacity into 2-Person Sitter, 3 & 4-Person Sitter and 5-Person Sitter. The 2-person sitter segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This segment's revenue is growing as a result of higher demand brought on by better fuel economy and performance. High-speed data transfer and quick networking between adjacent servers are two benefits of a flying car with two seats that is outfitted with cutting-edge artificial intelligence and blockchain technology.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America flying cars market accounted for USD 0.13 billion in 2021 and is expected to exhibit a 45.70% CAGR during the study period due to the region's early adoption of new technology and the presence of the biggest firms. The market for flying cars in this region is expanding due to the increased number of flying car projects and the necessity for sustainable development of electric vehicles in the commercial and public transportation sectors.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe flying cars market accounts for the fastest growing market share. This market is expanding as a result of increased unmanned flying car demand and rising R&D expenditures for the creation of advanced flying cars. Additionally, strict safety standards are fueling this market's expansion. Moreover, Germany flying cars market held the largest market share, and the UK flying cars market was the fastest-growing market in this region.
Asia Pacific flying cars market is expected to grow at a substantial CAGR from 2022 to 2030 due to growing technical usage and expanding investment in the development of environmentally friendly drone vehicles. The Asia Pacific region is also seeing advancements in this direction, as recently tested such two-seater vehicles in Seoul, South Korea, by EHang Holdings, one of the country's largest listed enterprises. Further, the Japan flying cars market held the largest market share, and the South Korea flying cars market was the fastest-growing market in the region.
Major market players are spending a lot on R&D to increase their product lines, which will help the flying cars industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the global flying cars industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, flying cars industry has provided medicine with some of the most significant benefits. The flying cars market major player such as Volocopter GmbH (Germany), A³ by Airbus (US), AeroMobil (Slovakia), Boeing (US), Cartivator (Japan), EHANG (China), TERRAFUGIA (US), Joby Aviation (US), Lilium (Germany) and Uber Technologies Inc. (US).
Alexander Zosel and Stephan Wolf founded the German aircraft manufacturer Volocopter GmbH, which has its headquarters in Bruchsal. The business focuses in creating electric multirotor helicopters that are used as air taxis and are shaped like personal air cars. In October 2022, at the Leonardo da Vinci International Airport, Volocopter successfully completed the first eVTOL test flight with passengers on board in Italian airspace. This test is an important step toward the 2024 introduction of Rome's advanced air mobility (AAM) services.
San Francisco-based Uber Technologies, Inc. offers ride-hailing, food delivery, package delivery, courier services, and freight transportation in addition to mobility as a service. In December 2020, Uber Technologies will provide Joby Aviation a USD 75 million investment. As part of a large transaction involving the purchase of Uber Elevate and the strengthening of the relationship between the two parent businesses, Uber Technologies, Inc. agreed to invest USD 75 million in Joby Aviation.
January 2021: Together with Lilium, Ferrovial has decided to develop vertical port networks. A framework agreement for at least ten vertical port networks has been signed by Lilium, the airline developing all-electric vertical take-off and landing (e-VTOL) jets, and Ferrovial, the top infrastructure supplier in the world.
March 2020: A Dutch business named PAL-V announced plans to construct a factory in Gujarat, stating that the vehicles made there would be exported to the United States and other European nations. Carlo Maasbommel, Vice President of PAL-International V's Business Development, and MK Das, Principal Secretary of State Industries, jointly signed a memorandum of understanding.
|Market Size 2021||USD 0.29 Billion|
|Market Size 2022||USD 0.42 Billion|
|Market Size 2030||USD 5.28 Billion|
|Compound Annual Growth Rate (CAGR)||43.70% (2022-2030)|
|Historical Data||2018 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Capacity and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||Volocopter GmbH (Germany), A³ by Airbus (US), AeroMobil (Slovakia), Boeing (US), Cartivator (Japan), EHANG (China)|
|Key Market Opportunities||Growing investments from notable businesses to accelerate market growth|
|Key Market Dynamics||Increased demand for environment friendly transportation Increasing traffic congestion constantly to support market growth|
The market size was expected to be USD 0.29 billion in 2021.
The market is expected to register a CAGR of ~43.70% over the next ten years.
North America held the largest market share in the market.
Volocopter GmbH (Germany), A³ by Airbus (US), AeroMobil (Slovakia), Boeing (US), Cartivator (Japan), EHANG (China) are the key players in the market.
The passenger drones category led the segment in the market.
The 2-person sitter category had the largest market share in the market.