Flying Cars Market to reach USD 550.7 Billion by 2035, at a 43.68% CAGR – Report by Market Research Future (MRFR)
New York, July 14, 2021 (GLOBE NEWSWIRE) — Flying Cars Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Flying Cars Market Research Report, Product, Capacity and Region – Forecast till 2027” the market is expected to reach USD 550.7 Billion by 2035, at a 43.68% during the forecast period 2020-2035.
COVID-19 Analysis
The automotive sector has faced issues owing to the spread of the COVID-19 pandemic. There is a massive change in consumer preference and needs that impact the global market value. It impacts the market revenue in the forecast period. The lockdown in various countries has impacted the market value. Owing to this pandemic, several borders are sealed and follow stringent regulatory actions. There are high chances that the outbreak will impact consumer preferences. Owing to the social distancing trends and remote working process, several organizations have gone on a halt. Due to the stringent restrictions on public gathering and ban in travelling in the global market, flying cars projected the time frame. At this time, people are more concerned regarding personal hygiene which impacts the market’s future demand. The key players in the market and the government organizations adapted the different strategical ways which positively affected the market. The market by this seems in being stable in terms of opportunity and sales in the global range.
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Key Players
Eminent players profiled in the global flying cars industry report include-
- Volocopter GmbH (Germany)
- A³ by Airbus (US)
- AeroMobil (Slovakia)
- Boeing (US)
- Cartivator (Japan)
- EHANG (China)
- TERRAFUGIA (US)
- Joby Aviation (US)
- Lilium (Germany)
- Uber Technologies Inc. (US)
Key players have incorporated several strategies to stay at the forefront such as mergers, partnerships, new product launches, and others.
Industry Updates
Hyundai is all set to develop an airport without a runway in the UK. This will be the first of its kind that has been specially designed for autonomous delivery drones and flying cars.
Browse In-depth Market Research Report (136 pages) on Flying Cars
https://www.marketresearchfuture.com/reports/flying-cars-market-7359
Alluring Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global flying cars market share.
Flying Cars Market Drivers/Flying Cars Market Trends
Adaption of Advanced Technology to Boost Market Growth
The adaption of advanced technology is likely to boost market growth. Owing to the adoption of advanced technology, people are changing their lifestyle rapidly towards innovative technologies. Those in developed economies like North America and Europe are investing more on advanced technologies. People these days want to travel long distances in shorter time. Via incorporating flying cars, fast and flexible door to door transportation is obtained in a brief life span as compared to the on-ground transportation system. A flying car needs less ground supporting infrastructures because most operating behaviors occur in the near-ground air space & the VTOL mode has been considered and adopted as the common and main flying car mode. Flying cars encourage an eco-friendly transport as power cells are fixed with flying cars and potentially zero discharge will be attained.
Opportunities
Constant Rise in Traffic Congestion to Offer Robust Opportunities
The constant rise in traffic congestion is likely to offer robust opportunities for the market over the forecast period. The most widely utilized land transportation system, specially train transportation and road, is effected by road and track limitations, resulting in deprived controllability and traffic congestion, particular in the urban areas. Water transportation such as inland and sea water transportation is mostly used for distant cargo transport owing to its low cost, yet it is not feasible for the majority of urban areas. The HAS transportation system, that is, the air transportation system is usually utilized for international or long-distance transportation of people or cargo. The cost is much higher and thus it is unfeasible for urban usage. The only the underground, near ground space, and ground transportation solutions are appropriate for urban environments. The advent of these cars in the coming years is likely to gain huge attention from the urban population and create significant demand in the global market.
Restraints
Higher Cost to act as Market Restraint
The higher cost of flying vehicles may impact the flying cars market value over the forecast period.
Opportunities
Transportation Facilities to offer Robust Opportunities
Transportation facilities and systems have seen negligible concurrent growth and development to suffice the needs of urban mobility. This will offer robust opportunities for the market in the forecast period.
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Market Segmentation
- By Product
By product, the passenger drones will lead the market over the forecast period. Passenger drones are called passenger unmanned aerial vehicles (UAVs). The rapid advancement of aerial unmanned technology, the surging necessity to resolve the road congestion problem, and rising internet in the form of investments to manufacture eco-friendly unmanned aerial vehicles are likely to increase the use of passenger drones. Besides, these drones are automatic and does not need any human assistance for flying, thus cutting down their operating costs positively impact the implementation of passenger drones.
- By Capacity
By capacity, the 2-person sitter segment will dominate the market over the forecast period. In comparison to the 4 and 5 person sitter, the two-person sitter flying cars are lightweight and require less investment that is supposed to minimize the risk of failure. This is likely to boost the investment from new entrants in the global market for the production of 2-person sitter flying cars. Safety issues like passenger safety, intrusion, and collision associated with 3 &4 person sitter and 5-person sitter restricts their usage in the near ground space.
Regional Analysis
North America to Dominate Flying Cars Market
North America will dominate this market over the forecast period. Use of refined technology, the presence of key market players, rapid boost in the demand for aerial vehicles, the easy accessibility of advanced technologies to offer inventive solutions, the adoption of aerial car technology, and extreme traffic congestion in NY and LA are adding to the global flying cars market growth over the forecast period. The US has the utmost market share.
Segmentation of Market covered in the research:
Information by by Product (Flying Cars, Passenger Drones), Capacity (2-Person Sitter, 3 and 4-Person Sitter, 5-Person Sitter) and Region (North America, Europe and Asia-Pacific)
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