The global flying car market size is expected to reach USD 1,390.1 Million at a steady revenue CAGR of 58.6% in 2030, according to latest analysis by Emergen Research. Rapid urbanization, rising demographic rate, an increase in people\'s disposable income, and improvement in their standard of living are factors driving market revenue growth.
The Flying Car market drivers and restraints Market intelligence report further offers hard to find data derived from attractiveness analysis that narrates a lot about the products, regions and applications expected to generate more revenue. The research study sheds light on the key growth opportunities and market trends along with other vital market dynamics, including the drivers and restraints on the industry growth. With this report, the prospective buyers can be sure to become capable of adapting to the changes in the Flying Car market drivers and restraints industry.
Flying car is a vehicle that can function as both a private vehicle and aircraft. Apart from the ability to take off and land vertically, another advantage is ease of control. It combines benefits of fixed-wing and rotary-wing planes. The most important feature of a rotary-wing is its ability to take off and land vertically, whereas most important features of a constant wing include speed, efficiency, payload, range, and control. Furthermore, as these vehicles have powerful batteries, they can support environment friendly vehicles while emitting no harmful emissions. These vehicles are available in various seating configurations, including one-seaters, two-seaters, four-seaters, and vehicles with more than six seats.
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Rapid adoption of innovative technologies is shaping the market for flying cars. There is a significant demand for long-distance trips across the globe in less time, which is driving demand for flying automobiles. Market players are focusing on adoption of new technology, such as rapidly evolving distributed electric propulsion technology, which aids in efficiency, quieter takeoffs, and hovering.
One of the impediments to commercialization of such vehicles on a bigger scale is their production cost. These flying motors are made from progressive and modern high-tech composites and alloys that are available at a premium value which increases price of the vehicles. Market participants may suffer from a lack of a proper environmental impact study and a systematic finance system for procuring and maintaining goods. Furthermore, while traveling for long distance, adequate power supply becomes a major concern.
Some Key Highlights from the Report
- In March 2020, PAL-V, a Dutch company, announced plans to build a manufacturing facility in Gujarat, adding that cars produced in this facility would be exported to the U.S. and European countries. A memorandum of understanding was signed by MK Das, Principal Secretary of State Industries, and Carlo Maasbommel, Vice President of PAL-International V\'s Business Development.
- Software segment accounted for a significant revenue share in 2021. The impact of software on flying vehicles has proven beneficial for major market players in terms of not only accessing the vehicle\'s live status but also enabling digital inspection. Customers can easily book vehicle appointments and significantly reduce their maintenance costs.
- Four seats segment accounted for a larger revenue share in 2021, due to increasing demand from urban population and increased comfortability. The boot capacity of this segment is sufficient for carrying luggage, and also have a great handling.
- Autonomous segment witnessed a strong growth rate during the forecast period, as these vehicles are becoming more popular due to reduced travel time, harmful pollutants, and economic viability
- North America registered highest revenue in 2021, due to rapidly increasing demand for flying cars in this region. Moreover, easy availability of modern technology to provide innovative solutions, as well as presence of key players such as Joby Aviation and Boeing, contribute to the region\'s growth in global market.
- 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 Million; 2019–2030)
Hardware
Software
Services
Seating Capacity (Revenue, USD Million; 2019–2030)
One seat
Two seats
Four seats
More than Six seats
Mode of Operation (Revenue, USD Million; 2019–2030)
Piloted
Autonomous
Regional Outlook: (Revenue, USD Billion; 2018-2028)
North America (U.S.) (Canada) (Mexico)
Europe (Germany) (UK) (France) (BENELUX) (Rest of Europe)
Asia Pacific (China) (Japan) (South Korea) (Rest of APAC)
Latin America (Brazil) (Rest of LATAM)
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