Cars

The Flying Car Market Size Will Reach USD 1533471.44 Million By

The Flying Car Market Size Will Reach USD 1533471.44 Million By

Pune, India, March 07, 2022 (GLOBE NEWSWIRE) — Flying car market size is expected to reach USD 1533471.44 million in 2040. The global flying cars market size was USD 55.00 million in 2021. The global impact of COVID-19 has been unprecedented and staggering with flying cars witnessing a positive demand shock across all regions amid the pandemic.

This pandemic has disrupted many industries, including manufacturing and aviation industries. Changes in consumer tastes and shopping habits induced by global economic volatility could have an effect on this market during the forecast period. The pandemic could also contribute to a decline in vehicles and related products due to the implementation of remote work policies. In addition, due to limitations on public meetings and travel bans in many countries, the growth of the global industry is likely to be limited in the estimated period.

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Report cover Details
Forecast period 2022-2040
Forecast Period 2022 to 2040 CAGR 58.1%
2040 value projection 1533471.44 million USD
Year of reference 2021
Market size in 2021 $255.37 million
Historical data for 2020
Number of pages 200
Segments Covered Product type, application type and region
Growth engines Increase investment from leading companies to drive market growth
Increase investment from leading companies to drive market growth

Partnership of Terrafugia and AOSSCI to strengthen the market

Terrafugia, a Chinese company, based in Woburn, Massachusetts, USA, announced that it has signed a partnership agreement with AOSSCI, a Chinese drone producer established by Aerofugia Technology (Chengdu) Co., Ltd. According to Aerofugia CEO Jing Chao, the new company, a subsidiary of Chinese Geely Technology Group, will have unified solutions in the general aviation market. The two companies’ similar technical paths laid the foundation for the merger, encouraging technology sharing, improving product durability and R&D performance, and reducing costs. According to the CEO, the two companies will combine their development teams while retaining the original brands for eventual airlifters and UAVs. Terrafugia’s operations and properties were purchased by Geely, one of China’s largest private automakers, in 2017.

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Rise in investment from large companies to fuel market growth
Flying cars, also known as aerial vehicles, can be propelled on the ground and in the air, allowing them to transition between the two types. The theoretical benefits of using flying cars in urban areas have attracted the interest of architects, scientists, and major vehicle and aircraft manufacturers. For example, in the near future, Uber will operate an air taxi service. Joby Aviation, a subsidiary of Toyota Motor Corporation, has received a $400 million investment from Toyota to improve fast, quiet and accessible air travel services. At the same time, a growing number of research programs, such as the European Commission’s call for sustainable air transport or NASA’s Urban Air Mobility Grand Challenge program, are studying different facets of this innovative mode of urban transport.

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Passenger drones will dominate the market

Based on product type, the market is segmented into flying cars and passenger drones. The passenger drone segment holds a major share of the flying cars market. Passenger drones are expected to see strong demand in the coming years.
Based on the type of application, the market is categorized into military, commercial, and civilian. The military segment is expected to dominate the market over the forecast period owing to the series of tests. The Air Force Research Laboratory’s AFWERX Innovation Program reports that the “Agile Prime” service has cleared numerous regulations to advance its “Organic Supply Bus” (ORB) program.
Geographically, the market is divided into North America, Asia-Pacific, Europe, Latin America, Middle East and Africa.

Partnerships and collaborations of prominent companies to strengthen business

Companies operating in the market engage in partnerships and mergers to strengthen their position in the industry. For example, Archer, an electric flying car startup, has collaborated with Fiat Chrysler to reduce purchasing costs and improve electric flying cars or vertical take-off and landing (eVTOL) aircraft, which are intended to carry passengers with minimal noise. Top speed can reach 150 mph (60 mph). Other leading players such as Joby Aviation, Boeing, Airbus and PAL-V International BV in the market are focusing on the development and engineering of this type of cars.

The report lists the major companies in the global market

  • AeroMobil (Slovakia)
  • Boeing (Illinois, USA)
  • Joby Aviation (California, USA)
  • Airbus (Leiden, Netherlands)
  • PAL-V International BV (Netherlands)
  • Samson Motorworks (Oregon, USA)
  • Cartivator (Tokyo, Japan)
  • Uber Technologies (California, USA)
  • Urban aeronautics (Yavne, Israel)
  • Volcopter GmbH (Bruchsal, Germany)
  • Moller International (California, USA)

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Global Flying Cars Market Segmentation:

By product type:

  • Flying cars
  • Passenger drones

By type of application:

By geography

  • North America (USA, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)

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Contents:

1. Introduction
1.1. Search scope
1.2. Market segmentation
1.3. Research Methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market factors
3.2. Market constraints
3.3. Market opportunities
4. Key information
4.1 Mergers, acquisitions and partnerships
4.2 Distributor Analysis- For Major Players
4.3 Growth and Penetration Analysis
4.4 Porter’s Five Forces Analysis
4.5 PEST analysis
4.6 Vendor landscape
4.7 Impact of COVID-19 on the market
5. Global Flying Cars Market Analysis, Outlook and Forecast, 2022 – 2040
5.1. Main results/summary
5.2. Market Analysis, Outlook and Forecast – By Product Type
5.2.1 Flying cars
5.2.2 Passenger drones
5.2.3 Others
5.3. Market Analysis, Outlook and Forecast – By Application Type
5.3.1 Military
5.3.2 Commercial
5.3.3 Civil
5.4. Market Analysis, Outlook and Forecast – By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Rest of the world
6. North America Flying Car Market Analysis, Outlook and Forecast, 2022 – 2040
6.1. Main results/summary
6.2. Market Analysis – By Product Type
6.2.1 Flying cars
6.2.2 Passenger drones
6.2.3 Others
6.3. Market analysis – by type of application
6.3.1 Military
6.3.2 Commercial
6.3.3 Civil
7. Europe Flying Car Market Analysis, Outlook and Forecast, 2022- 2040
7.1. Main results/summary
7.2. Market Analysis – By Product Type
7.2.1 Flying cars
7.2.2 Passenger drones
7.2.3 Others
7.3. Market analysis – by type of application
7.3.1 Military
7.3.2 Commercial
7.3.3 Civil
8. Asia-Pacific Flying Car Market Analysis, Outlook and Forecast, 2022 – 2040
8.1. Main results/summary
8.2. Market Analysis – By Product Type
8.2.1 Flying cars
8.2.2 Passenger drones
8.2.3 Others
8.3. Market analysis – by type of application
8.3.1 Military
8.3.2 Commercial
8.3.3 Civil
9. Rest of the World Flying Car Market Analysis, Outlook and Forecast, 2022 – 2040
Continued…

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