Flying Cars Global Market Report 2024

Flying cars are vehicles that can function as both personal road vehicles and aircraft. Using rotors instead of wings, flying cars are smaller than commercial aircraft and typically have lower emissions.

The main types of products in the flying car market are categorized as manned flying cars and unmanned flying cars. Manned flying cars require a trained professional driver or pilot to operate the vehicle using the car's control system. The capacity of manned flying cars can vary, ranging from 2-seaters, 3 and 4 seaters, to 5-seaters. These flying cars find applications in military, commercial, or civil contexts. Unmanned flying cars, on the other hand, are designed to operate without a human pilot and are controlled remotely or autonomously. Both types of flying cars represent innovative developments in transportation technology, aiming to combine the functionalities of traditional cars and aircraft.

The flying cars market research report is one of a series of new reports from The Business Research Company that provides flying cars market statistics, including flying cars industry global market size, regional shares, competitors with market share, detailed flying cars market segments, market trends and opportunities, and any further data you may need to thrive in the flying cars industry. This flying car market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The flying cars market size has grown exponentially in recent years. It will grow from $133.07 billion in 2023 to $207.23 billion in 2024 at a compound annual growth rate (CAGR) of 55.7%. The growth observed in the historic period can be attributed to factors such as early challenges and learnings, initial infrastructure planning, visionary concepts influenced by popular culture, regulatory and safety considerations, and pioneering research and investment.

The flying cars market size is expected to see exponential growth in the next few years. It will grow to $993.56 billion in 2028 at a compound annual growth rate (CAGR) of 48.0%. The expected growth in the forecast period can be attributed to the development of regulatory frameworks, investment in infrastructure for skyports, market competitiveness, and innovation, as well as consumer adoption and demand, and global investment with policy support. Major trends anticipated during this period include the increasing demand and acceptance from consumers, heightened market competitiveness and investment, advancements in battery technology, infrastructure development for airports, and initiatives in urban air mobility (UAM).

The growing demand for environmentally friendly transportation is expected to drive the growth of the flying cars market in the forecast period. Flying cars typically utilize vertical take-off and landing (VTOL) mechanisms for lift-off. A 2021 survey by IBM revealed that 77% of respondents considered individual carbon footprint reduction important and were actively seeking sustainable transportation options, with 81% believing that electric vehicles (EVs) were a sustainable choice for daily transport. Flying cars, particularly for longer trips, are considered more efficient compared to traditional passenger cars. As a result, the increasing emphasis on environmentally friendly transportation is anticipated to be a key driver for the growth of the flying car market.

The anticipated growth of traffic is expected to drive the flying cars market during the forecast period. Traffic typically refers to the movement of vehicles, pedestrians, bicycles, or other entities along specific routes or within defined areas, such as roads, streets, or pathways. Flying cars have the potential to address various challenges associated with traditional ground-based traffic by reducing congestion, providing quick and direct urban mobility, and offering alternative transportation options. For instance, in January 2023, according to the 'Federal Highway Administration,' a U.S.-based government agency, total travel on roads and streets saw a positive change of +5.6%, equivalent to an increase of +13.2 billion vehicle miles, compared to January 2022. The estimated total travel for January 2023 reached 247.3 billion vehicle miles. Therefore, the anticipated increase in traffic is expected to be a significant factor driving the growth of the flying car market.

The flying cars market is being significantly influenced by the rapid adoption of advanced technology. Major companies in the flying cars sector are actively embracing cutting-edge technologies, with a particular focus on the fast-developing Distributed Electric Propulsion (DEP) technology. DEP technology plays a crucial role in enhancing efficiency, facilitating quieter take-offs, and enabling hovering capabilities. For instance, in October 2022, XPeng, a Chinese electric car manufacturer, introduced an electric Vertical Take-Off and Landing (eVTOL) flying car in Dubai. This eVTOL flying car is designed to resemble a conventional automobile while operating in drive mode. However, during flight mode, control is managed using a steering wheel and a right-hand gear lever, showcasing the integration of advanced technology in the flying cars industry.

Major companies in the flying car market are focusing on the development of innovative solutions, with a notable emphasis on 4-seater flying cars. A 4-seater flying car is a type of personal air vehicle designed to accommodate four occupants, featuring capabilities for vertical takeoff and landing (VTOL) and the ability to transition between flying and driving modes. For example, in March 2022, AeroMobil s.r.o., a Slovakia-based flying car manufacturing company, launched the 'AM NEXT' 4-seater car. The AM NEXT is part of a fleet-based aerial ride-hailing service designed to provide significant time savings on regional routes spanning 100-500 miles. These routes are beyond practical driving distances but are too short or inconvenient for traditional air travel. AM NEXT aims to offer seamless travel with hassle-free door-to-door service, providing single-seat convenience and comfort in the flying car market.

In July 2023, the Austria-based aircraft management company PRIMUS AERO GmbH acquired PAL-V International B.V., a Dutch-based flying car manufacturing company, for an undisclosed amount. PRIMUS AERO aims to boost its services by incorporating PAL-V Liberty flying cars, enabling technicians to efficiently reach customer locations and saving both time and money. PAL-V International B.V. specializes in the production of PAL-V Liberty flying cars.

Major companies operating in the flying cars market report are The Boeing Company, Airbus SE, Joby Aviation Inc., Lilium GmbH, Volocopter GmbH, Vertical Aerospace Ltd., Aurora Flight Sciences Inc., Greenwing International, PAL-V International BV, Uber Technologies Inc., Pipistrel d.o.o. Ajdovscina, SkyDrive Inc., Opener BlackFly, Terrafugia Inc., Alef Aeronautics Inc., Kitty Hawk Corporation, Urban Aeronautics Ltd., Robinson Aircraft Ltd., AeroMobil s.r.o., Moller International Inc., ARC Aerosystems Inc., Aeromot Aeronaves e Motores S.A., Neva Aerospace Ltd., Workhorse Group Inc., Alakai Technologies Corporation, Advanced Tactics Inc., HopFlyt Venturi, Zunum Aero Inc., Guangzhou EHang Intelligent Technology Co. Ltd., Jaunt Air Mobility LLC, Macro Industries Inc., Tesla Inc., Toyota Motor Corporation

North America was the largest region in the flying cars market in 2023. The regions covered in the flying cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the flying cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The flying car market consists of sales of just rotors, or rotors plus fixed wings, all-electric or hybrid, big, small and no wheels flying cars. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Flying Cars Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on flying cars market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for flying cars ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The flying cars market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product: Manned Flying Cars; Unmanned Flying Cars
• 2) By Capacity: 2-Person Sitter; 3 And 4-Person Sitter; 5-Person Sitter
• 3) By Application: Military; Commercial Or Civil
• Companies Mentioned: The Boeing Company; Airbus SE; Joby Aviation Inc.; Lilium GmbH; Volocopter GmbH
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.