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Rising congestion in passenger vehicles such as buses, etc., as well as overcrowding are one of the main drivers for flying cars market. Though, the development in economy has directed the surge in net worth of individuals which in turn is inspiring the implementation and adoption of individual air travel such as flying cars. Additionally, growing investment by flying cars manufacturers towards the development and innovations in flying cars to make them more driver friendly is another factor driving the growth of flying cars market. Rapidly changing lifestyles, rising urban development, swelling competition between service providers for flying cars and solutions, growing concern about driver and vehicle safety, increasing provision from various nations governments, growing urban population, and increasing demand for environmentally-friendly vehicles and need for limiting the traffic on roads, are the factors contributing towards adoption of flying cars. Limited durability and safety as well as high price are some of the factors hindering the growth of the flying cars market.
The global flying cars market is categorized on the basis of types namely, manned flying cars, and unmanned flying cars. Among these types, manned flying cars have the maximum share in the market. The critical aspect of the flying cars is addressing operational challenges as well as ensuring safety during adverse weather conditions, thus growing the preference for the manned flying cars more than unmanned flying cars. Along with this, the automotive air filters market is also categorized based on its capacity, that include 2-person sitter, 3 and 4-person sitter, more than 4-person sitter. Among these applications, 2-person sitter have the maximum share in the market, as 2-person sitter flying cars are light in weight and require minimum funding, which is fictional to diminish the danger of failure. The application segment of the market includes recreation, police patrol, military, air ambulance and air taxi services. In application military segment hold largest share. As the flying cars used in missions that the military conducts in synchronization with other federal agencies or civilian administrations, such as humanitarian aid as well as disaster response, aerial medical supply delivery, search and rescue and wildfire suppression.
On the basis of region, categorization of flying cars market includes North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America holds the largest share of the flying cars market. With the convenience of innovative technologies offering advanced solutions, the absolute existence of The Boeing Company, Joby Aero, Inc. and other key players make North American a promising region. Various organizations such as Uber Technologies, Inc., and Samson Motors, Inc. which are working in the flying cars market, are present in U.S.
Different key players from the flying cars market include AeroMobil, The Boeing Company, Cartivator, PAL-V International B.V., Volocopter GmbH, Opener Inc, TERRAFUGIA, Joby Aero, Inc., Samson Motors, Inc., Carplane GmbH, and Uber Technologies, Inc. among others. Most of these companies from flying cars market is concentrating on product capacity, and new product launch as their business strategy.
Due to the spread of Covid-19 pandemic globally, automotive sector has been witnessing fluctuations Declaration of Covid-19 as a global pandemic led to lockdowns and strict restrictions being applied in various nations around the world. This resulted into drastically decline in various non-essential services including global flying cars market. Apart from that, in various countries limitations on social gatherings and travel bans are anticipated to limit the growth of flying cars market but various technological innovations and promotions by companies are expected to grow the demand of flying cars during the forecast period.
Presently, the global flying cars market is still in the innovation phase with growing activities related with the design, advancement, and production of such vehicles. The automakers, aerospace OEMs, as well as different tech giants and start-ups have been capitalizing severely in numerous flying car projects.
Recent News and Development:
- In January, 2021: Ferrovial S.A. and Lilium Gmbh signed a framework agreement to develop a network of at least ten vertiports
- In December, 2020: Uber Technologies Inc. sold air taxi business elevate to Joby Aero, Inc.