Global Flying Cars Market Size – Industry Trends & Forecast Report 2035

The global flying car market size is estimated to grow at a CAGR of  47.23% during the forecast period (2021-2035). The growing urban population, the rise in disposable income and the emphasis on flying vehicles for transport purposes are expected to drive market growth in the region. In addition, due to the large workforce and existing industries in the region, China dominates the market for flying cars. Other factors that enable market growth include changing lifestyles, growing urban development, increasing competition between service providers for flying cars and solutions, increasing concern about driver & vehicle safety, increasing support from different countries' governments, increasing urban population, and increasing demand for environmentally-friendly vehicles.

Global Flying Cars Market Forecast and Trends

Growth Drivers

Rising Traffic Congestion

The most common ground transport systems, i.e. road/train transport, are affected by track and road constraints, resulting in poor flexibility and congestion, especially in urban areas. Because of its low transport costs, waterborne transport, like maritime and river transport, is primarily used predominantly for long-distance freight transport but is not suitable for most urban environments. HAS (High Altitude Spaces) transportation systems, i.e. air transport, are often commonly reserved for the delivery of long-distance human/goods, but at a substantially higher cost, and thus therefore impractical for urban applications. Therefore, for urban scenarios, only underground, ground level, and near-ground space (NGS) transport solutions are suitable.

Increasing Investments by Flying Car Companies

Flying cars are called vehicles that are supposed to travel both in land and air mode, so that it is possible to switch between air and ground modes. In an urban setting, the possible advantages of using flying cars have caught the attention of scientists, engineers and businesses, including, for example, Uber, which plans to launch air taxi services in the near future. Toyota is investing $400 million in Joby Aviation in order to develop fast, quiet and affordable air transportation service.. At the same time, a rising number of research initiatives are exploring the various facets of this modern form of urban mobility, such as the NASA Urban Air Mobility Grand Challenge Program or the recent EC call on sustainable air mobility.

Advanced Technology Adaption

Due to advanced technology adoption, people are rapidly changing their lifestyle towards innovative technologies. People in developed economies such as Europe, North America are spending more on advanced technologies. Nowadays, people want to travel long distances in a shorter time.  By incorporating flying cars, flexible and fast door to door transportation is obtained in a shorter span when compared to the on-ground transportation system. Flying cars require less ground supporting infrastructures as most operating behaviors occur in the near-ground air space and the vertical take-off & landing (VTOL) mode has been considered and adopted as the main and common flying car mode. Flying cars encourage the environmental-friendly transport as power cells are fitted with flying cars and potentially zero discharge can be achieved.

Restraints

Safety Issues

Security issues emerging from different facets, such as safety at the flying car level (including passenger security and weather resistance), safety at the system level (including collision/obstacle avoidance, search and rescue, intrusion and intrusion on control networks), and environmental safety are the most critical problems that are faced by the FCTS commercial operations. Flying cars operate in the NGS, contributing to the vulnerability of the weather conditions in the operating space. The robustness of flying cars must also be a potential restraint for flying cars in certain extreme weather situations, e.g. flash, strong wind and rain brought by intense convective weather. Since there are some other flying vehicles sharing the air space with flying cars, e.g. UAVs, helicopters, etc., collisions may occur between flying cars and some other flying vehicles.

Manufacturing Cost

The biggest practical obstacle that hinders FCTS (Flying Cars Transportation System) from being widely commercialized is the manufacturing cost of flying cars. Hundreds, if not thousands, of sustainable and cost-effective flying treatment, are required to meet the public transport requirements in cities in order to ensure commercial profits which in turn help to achieve the large-scale commercial activity of FCTS. Flying cars are integrated by new high-tech composites, battery technology, and alloys which are highly costly which significantly increases the manufacturing cost of the market.

Impact of COVID-19 on Global Flying Cars Market

Due to the spread of COVID-19 across the globe, the automotive sector has been interrupted. Over the projected timeframe, shifting consumer preferences and buying behavior due to fluctuations in the global economy are likely to impact the flying car market. In addition, the declaration of COVID-19 as a worldwide pandemic has led to lockdowns being implemented in many countries around the world. It has also contributed to the sealing of international borders and the introduction by regulatory authorities of strict measures in many countries.

 This caused the global market for vehicles, including flying cars, to decline dramatically. There is also a high risk that the COVID-19 pandemic would have long-term impacts on the standard of living and preferences of consumers worldwide. Due to the growing individual understanding of social distancing and the introduction of remote working policies, the pandemic may also result in reduced use of automotive and related goods. In addition, in many countries, limitations on public meetings and travel bans are expected to limit the development of the global flying car industry over the projected timeframe.

 Global Flying Cars Market- By Product

The flying cars market is categorized into flying cars and passenger drones. It is expected that the passenger drone segment would dominate the global market. Passenger drones are known as passenger-carrying unmanned aerial vehicles (UAVs). In addition, rapid advances in aerial drone technology, increased investment in the production of eco-friendly drone vehicles, and the increasing need to fix road congestion are expected to impact the use of passenger drones. Furthermore, passenger drones does not require manpower to operate hence lowering the cost of operation which further impacts the adoption of passenger drones. Flying cars need manpower which declines the interest of the consumers towards usage.

 Global Flying Cars Market- By Capacity

On the basis of capacity, the market is segmented into, 2-person sitter, 3 & 4-person sitter and 5- person sitter. The 2-person sitter group is expected to dominate the industry. Compared to the 4-person sitter and 5-person sitter, two-person sitter flying cars are lightweight and need less investment, which is supposed to minimize the risk of failure. This is expected to increase investment from new entrants in the global market for the production of 2-person sitter flying cars. Safety issues (such as collision, intrusion, passenger safety) associated with 3 & 4 person sitter and 5-person sitter restricts their usage in the NGS (near ground space).

Global Flying Cars Market- By Application

The market is segmented on the basis of application- military and commercial/ civil. Next year, the U.S. Air Force plans to bring the futuristic flying car through a series of tests that would help to decide how the aircraft would be used by the military, at home or deployed. The AFWERX innovation program of the Air Force Research Lab reported that the Agility Prime service has cleared many regulations that advance their planning for its "organic resupply bus," or  ORB.

For instance, the flying machine, the S4 made by aerospace company Joby Aviation, passed an assessment by the Technical Airworthiness Authority (TAA), the initial phase that allows the unusual aircraft to fly in early 2021 under the Air Force contract. Congestion is a growing concern, with over 30 million new passenger vehicles on the road in the last 10 years and relatively stable roadway infrastructure. The average American spends about 87 minutes in the car every day, according to a poll conducted by TNS Global.

Global Flying Cars Market- By Region

The flying cars market is categorized on the basis of region, i.e. North America, Europe, Asia Pacific, Latin America, Middle East and Africa. It is expected that North America would experience excellent growth in the demand for flying cars. Together with the availability of sophisticated technology to deliver creative solutions, the sheer presence of Boeing, Workhorse, Joby Aviation and other main companies makes North American region a promising market. In addition, other nations, such as Canada and Mexico, are expected to adopt the concept of flying cars in the near future.

The US is at the forefront of flying car growth, as the US Department of Transportation is preparing to approve the flying cars by conventional commercial air carriers. Companies such as Samson Motors, Inc. and Uber Technologies Inc., which are very involved in the market for flying cars, are present. In the meantime, US cities like Los Angeles and New York are facing high levels of traffic congestion. These factors are expected to contribute to the growth of the US market for flying cars during the forecast period.

Competitive Landscape

Key players in the flying cars market are AeroMobil, Boeing, Cartivator, EHANG, TERRAFUGIA, Joby Aviation, Lilium, Uber Technologies, Volcopter GmbH, A3 by Airbus, Moller International, PAL-V International B.V., Samson Motorworks, and Urban Aeronautics. For Instance, electric flying car startup Archer teams up with Fiat Chrysler to assist it to lower the purchasing cost and enhance the launch of an electric flying car, or vertical take-off and landing (eVTOL) aircraft which is expected to carry the passengers at speed of up to 150mph for 60 miles at minimal noise.

Recent Developments

·       In December 2020, Joby Aviation reported that, as part of a broader transaction involving the acquisition of Uber Elevate by Joby and an expanded relationship between the two parent companies, Uber Technologies, Inc has agreed to invest a further $75 million in Joby.

·    In January 2021, a framework agreement to develop a network of at least ten vertiports was signed between Ferrovial, the world's leading infrastructure provider, and Lilium, an aviation company developing all-electric, vertical take-off and landing (eVTOL) jet aircraft and services.

By Product

·       Flying Cars

·       Passenger Drones

Ø  By Capacity

·       2-person seater

·       3 & 4- person seater

·       5 person seater

 Ø  By Application

·       Military

·       Commercial/ civil

Ø  By Region

·       North America

·        Europe

·       Asia Pacific

·       Latin America

·       Middle East and Africa