VANCOUVER, BC, May 18, 2022 /PRNewswire/ -- Global flying car market size was USD 34.8 Million in 2021 and is expected to register a CAGR of 58.6% over the forecast period. Rise in traffic congestion and advancement in technology are some of the factors driving global flying car market revenue growth.

Drivers: Perspectives on urban mobility are changing

Urban mobility has shifted towards digital, high-end technologies, as well as green mobility efforts, in order to establish a more sustainable and robust transportation infrastructure. In addition, rising urbanization necessitates development of alternate solutions to contemporary urban transportation issues such as traffic congestion and increased air pollution. As a result, automotive companies are concentrating their efforts on building electric or hybrid-powered transportation systems that can be used on ground and in air. Furthermore, worldwide traffic congestion problem has grown in tandem with the number of cars on road. Congestion is harmful to the environment as it raises carbon emissions. Flying cars are capable of operating within cities and are being developed on a personal and commercial level all around the world.

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Restraints: Alarm systems and safety concerns may inhibit market growth

Security concerns arising from various aspects such as aircraft-level security and passenger safety are the most critical issue confronting commercial operations. It is also essential to develop adequate systems to detect and monitor data breaches and prevent hacking. Suitable and well-equipped alarm system should be placed in the event of an emergency landing to warn and inform regulating authorities. If car crashes into a body of water, adequate rescue facilities should be accessible.

Growth Projections

Global flying car market size is expected to reach USD 1,390.1 million at a revenue CAGR of 58.6% in 2030. Use of advanced battery technology in the production of flying cars reduces fuel consumption while covering long distances in a short amount of time, which is propelling market revenue growth.

COVID-19 Direct Impact

North America exports vast majority of manufacturing components. As a result of strict restrictions on public gatherings, bans on international travel, and remote working in several Asian and European countries, global flying car market has affected. Trade outlook for flying car market is gradually improving as the world recovers from COVID-19 pandemic and lockdowns are being lifted.

Current Trends and Innovations

The intervention of self-driving cars, as well as rising demand for ultralight electric vehicles, are boosting global market for flying cars. Autonomous cars aid in mobility of people who are unable to drive. Furthermore, use of Internet of Things (IoT) and blockchain in these vehicles provide theft protection and security, making unauthorized entry difficult and attracting more customers.

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Geographical Outlook

North America market contributes significantly to the global flying vehicle market. This region offers superior support for technological advancement as well as a solution for market expansion. Countries such as the U.S. and Canada are expected to dominate this market in the future.

Strategic Initiatives

In December 2020, Joby Aviation announced acquisition of Uber Elevate. The two-parent companies agreed to integrate their respective services into each other's apps, allowing future customers to book both air and ground travel seamlessly.

Scope of Flying Car Research

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Some Key Highlights From the Report

• Hardware segment accounted for a large revenue share in 2021, as fiberglass, metal composites, and other smart features associated with flying cars encourage urban mobility to become more transient, which is expected to drive deployment of hardware and increase revenue from this segment
• Revenue from two seats segment is expected to expand at a large steady rate over the forecast period. They are significantly lighter, which results in improved fuel economy and performance. These advantages are assisting in deployment and driving revenue growth of this segment.
• Piloted flying cars are becoming more popular in the market. They not only reduce traffic pollution but also free up city streets for pedestrians and cyclists. Furthermore, they are simple to park and are not vulnerable to hacking, making daily life easier. Revenue from piloted segment increased significantly in 2021, and this trend is expected to continue throughout the forecast period.
• Major companies in the market report include AeroMobil, Boeing, Cartivator, EHang, Airbus, Terrafugia, Joby Aviation, Lilium GmbH, Volocopter GmbH, and PAL-V International B.V.

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Emergen Research has segmented global flying car market on the basis of component, seating capacity, mode of operation, and region: 

• Component Outlook (Revenue, USD Billion; 2019–2030)
• Hardware
• Software
• Services
• Seating Capacity (Revenue, USD Billion; 2019–2030)
• One seat
• Two seats
• Four seats
• More than Six seats
• Mode of Operation (Revenue, USD Billion; 2019–2030)
• Piloted
• Autonomous
• Regional Outlook (Revenue, USD Billion; 2019–2030)
• North America

                         a. U.S.
                         b. Canada
                         c. Mexico

•  
• Europe

                         a. Germany
                         b. U.K.
                         c. France
                         d. Spain
                         e. BENELUX
                         f. Rest of Europe

•  
• Asia Pacific

                         a. China
                         b. India
                         c. Japan
                         d. South Korea
                         e. Rest of APAC

•  
• Latin America

                         a. Brazil
                         b. Rest of LATAM

•  
• Middle East & Africa

                         a. Saudi Arabia
                         b. UAE
                         c. Israel
                         d. Rest of MEA

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