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Flying Cars Market Size, Share & Industrial Analysis, By Product Type (Flying Cars and Passenger Drones), By Application Type (Military, Commercial and Civil), and Regional Forecast, 2024-2040

Last Updated: July 04, 2024 | Format: PDF | Report ID: FBI105378

 

KEY MARKET INSIGHTS

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The global flying cars market size was USD 552.38 million in 2023. The market is projected to grow from USD 2205.69 million in 2024 to USD 1,533,471.44 million by 2040 at a CAGR of 50.5% in the 2024-2040 period.


A flying car is also known as roadable aircraft or a dual-mode vehicle, or a personal air vehicle, which can be used for both road travel and air travel. This flying vehicle comprises protective devices and two propellers used in the front and rear of the car to lift it in the vertical direction from the rest position. Aerial cars are an upgraded version of cars, developed to overcome the problems faced by people in areas with heavy traffic. There are mainly two types of flying cars-manned and unmanned or autonomous. These cars also have different capacities, such as 2 seaters, 3 seaters, or 4 seaters.


Growth in urbanization, increasing demographic rate, rising concern over driver and vehicle safety, and surging demand for environmentally friendly automobiles are considered significant factors for the rapid growth of this market in the forecast period. Moreover, the rise in the disposable income of people and improvement in the standard of living is expected to accelerate the growth of this market.


Several companies, including Uber, Airbus, Boeing, and startups such as Terrafugia and Lilium, have been actively pursuing the development of prototypes and concepts for flying cars or electric vertical takeoff and landing (eVTOL) vehicles. Although there is evident interest in these innovations, their mainstream acceptance and market demand may be several years down the road. This hinges on advancements in technology, regulatory approvals, and the establishment of necessary infrastructure. Additional market research and extensive real-world testing will likely be essential to gain a deeper understanding and accurately predict the demand for flying cars.


Flying Cars Market Trends


Adaption of Advanced Technologies to Bring a Disruptive Change in the Market


With the rapid adoption of advanced technology, the lifestyle of people is also changing and is inclining more towards innovative technologies. Also, long-distance traveling in a shorter time has gained high demand across the globe. Moreover, the increasing popularity of small drones or unmanned aerial vehicles and regulations supporting their commercial use, aerial cars, and passenger drones seem to soon become a reality with the rapid development in aerospace and aircraft design technology. The shift toward electric propulsion systems offers numerous advantages, including reduced emissions, lower operating costs, and quieter operation. Electric motors are more efficient and reliable compared to traditional combustion engines, making them ideal for flying cars. Furthermore, advancements in artificial intelligence and autonomous systems are enabling the development of self-flying capabilities for flying cars. This technology has the potential to enhance safety, improve traffic management, and enable point-to-point navigation without the need for human pilots.


With the advent of aerial cars, flexible and faster transportation will be attained in less time span as compared to the on-ground transportation system. Aerial cars involve less ground support infrastructure because maximum operations take place in the nearest ground airspace. The vertical take-off and landing (VTOL) mode has been considered and used as the primary and general aircraft mode. Moreover, these cars promote environmentally-friendly vehicles, as the power batteries have been installed in them, thus zero emissions can be obtained. Furthermore, several manufacturers of aerial vehicles and passenger drones have already surpassed the conceptualization and design phase, while most of which are present in the prototype design and testing phase and hope to deliver before 2026.


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Flying Cars Market Growth Factors


Continuous Rise in Traffic Congestion to promote Market Growth


The most widely used land transportation system, specifically road and train transportation, is affected by road and track limitations, resulting in deprived controllability and traffic congestion, specifically in the urban areas. Also, water transportation (such as sea and inland water transportation) is mainly used for distant cargo transport due to its low costs, but it is not feasible for the majority of urban areas. Moreover, the HAS (High Altitude Space) transportation system, that is, the air transportation system, is usually used for international or long-distance transportation of people or cargo. However, the cost is much higher, and so it is unfeasible for urban usage. Thus, only the underground, ground, and near ground space (NGS) transportation solutions are appropriate for urban environments. Hence, the advent of such cars in the coming years is expected to gain huge attention from the urban population and create significant demand in the global market.


Growing Investments from Prominent Companies to Boost the Market Growth


Flying cars, also called aerial vehicles, can be driven on the ground as well as air, thus switching between land and air modes. In urban environments, the potential benefits of using aerial vehicles have attracted engineers, scientists, and prominent automobile and aircraft companies. For instance, Uber is planning to launch an air taxi service in the upcoming few years. Moreover, Toyota Motors has also invested in Joby aviation an amount of around $400 Million to research and develop affordable solutions for air transport. Simultaneously, various research projects explore several aspects of this advanced mode of urban travel, such as the EC call for sustainable air travel or the NASA Urban Air Mobility Grand Challenge Program.


RESTRAINING FACTORS


High Manufacturing Cost and Safety Issues May Hamper the Market Growth


The manufacturing cost of such aerial vehicles is one of the biggest obstacles hindering the commercialization of the aerial cars Transportation System (FCTS) on a broader scale. These cars are incorporated with advanced battery technology, the latest high-tech composites, and alloys that incur high costs and considerably increase the manufacturing cost of the market.


Moreover, security concerns arising from various aspects such as aircraft-level security, including weather resistance and passenger safety, system-level security such as the collision avoidance or obstacle avoidance, disturbance and invasion of control networks, search and rescue, as well as environmental protection are the most crucial issue challenged by the FCTS commercial operations.


Flying Cars Market Segmentation Analysis


By Product Type Analysis


Passenger Drone is expected to hold the Largest Flying Cars Market Share


Based on the product type, the market is segmented into flying cars and passenger drones. The passenger drones segment holds a major share in the global market. Passenger drones are also called passenger unmanned aerial vehicles (UAVs). Moreover, the rapid advancement of aerial unmanned technology, the growing necessity to resolve the road congestion problem, and the increasing interest in the form of investments for the manufacturing of environmentally friendly unmanned aerial vehicles are anticipated to surge the usage of passenger drones. Besides, passenger drones are automatic and don’t require any human assistance for flying, thus reducing their operating costs further positively affects the implementation of passenger drones.


However, these aerial vehicles require manpower, which reduces consumer interest in using them. These cars require a pilot or a driver to drive the car to the airport, reconfigure it to airplane mode, and then fly to the destination airport. It is intended to carry people and fly medium to long distances (50 to 200 miles). Presently, it needs to be operated by a licensed pilot, but it can become fully autonomous and unmanned with time. In the near future, aerial cars may have VTOL capabilities.


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By Application Type Analysis


Military Segment is expected to hold the Largest Market Share


Based on the application type, the market is segmented into military, commercial, and civil. The military segment holds a major share in the global market. In a couple of years, the U.S. Air Force is planning to take this futuristic aircraft through multiple tests, which will help determine how to use the aircraft for various applications. The Air Force Research laboratory’s AFWERX Innovation Program reports that the "Agile Prime" service has passed several regulations to advance its "Organic Supply Bus" (ORB) program.


For example, the S4 aircraft manufactured by Joby Aviation has passed the assessment of the Technical Airworthiness Administration (TAA). This will enable the aircraft to fly in 2021 as per the Air Force contract. The road congestion problem has attracted increasing attention. More than 30 million new passenger cars have been deployed in the past ten years, and the road infrastructure has been relatively stable.


REGIONAL INSIGHTS


North America Flying Cars Market Size, 2023 (USD Million)

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The market size in North America stands at USD 394.47 million in 2023. The region presently holds dominance in the global market owing to the rapid boost in the demand for aerial vehicles. The easy availability of advanced technologies to offer inventive solutions, coupled with the presence of major players including Joby Aviation, Boeing, and Workhorse among others, contributes to the development of this region in the global market. Moreover, other countries such as Mexico and Canada are also likely to adopt and implement the aerial car technology in the coming years. As the U.S. Department of Transportation prepares to approve the aerial cars from existing air carriers, the United States is at the forefront of the development of aerial cars. Some companies are showing increasing interest in the market, such as. At the same time, American cities such as LA and NY are facing extreme traffic congestion. Thus, it is expected that these factors will boost the demand from the U.S. flying car market over the next few years.


Europe is anticipated to get aerial cars by 2023, one of the largest deployments in this sector called Air Mobility Urban - Large Experimental Demonstrations (AMU-LED), around 17 companies will be participating in this project, coordinating with municipalities across the US and Europe. The developments in this direction are also underway in the Asia Pacific region as recently EHang Holdings, one of the largest listed companies in South Korea has tested such two-seater cars in Seoul, South Korea. Similarly, in the rest of the world market, the Middle East region is among the first to get these cars, the Road Transportation Authority is testing autonomous aerial vehicles in Dubai.


List of Key Companies in Flying Cars Market


The AeroMobil is a Key Player in the Market


Aeromobil is the first company to develop and launch an aerial car in the world. The company has spent considerable time and efforts in developing various prototypes, experimenting with various designs and technologies to develop its commercial product. It is expected to be available in the market by 2023. Its latest version, AeroMobil, will be available in 2023. After 300,000 hours of designing, engineering, and testing, it will be marked as an essential innovation in realizing mankind’s dream of infinite personal mobility.


Other prominent players in the market include Joby Aviation, Boeing, Airbus, and PAL-V International B.V. are focusing on the development and engineering of aerial cars.


For example, Archer, an electric aerial vehicles startup, has partnered with Fiat Chrysler to help reduce purchase costs and boost the introduction of electric flying/aerial cars or vertical take-off and landing (eVTOL) aircraft, which are intended to carry passengers with minimal noise. The top speed can reach 150 mph (60 mph).


LIST OF KEY COMPANIES PROFILED:



  • AeroMobil (Slovakia)

  • Boeing (Illinois, United States)

  • Joby Aviation (California, United States)

  • Airbus (Leiden, Netherlands)

  • PAL-V International B.V. (Netherlands)

  • Samson Motorworks (Oregon, United States)

  • Cartivator (Tokyo, Japan)

  • Uber Technologies (California, United States)

  • Urban Aeronautics (Yavne, Israel)

  • Volcopter GmbH (Bruchsal, Germany)

  • Moller International (California, United States)


KEY INDUSTRY DEVELOPMENTS:


In Sep 2023, Bentley launches Flying Spur Hybrid in India at Rs 5.25 crore


Bentley has recently introduced the Flying Spur Hybrid in India, marking its entry into the luxury sedan market with an eco-friendly twist. Priced at a staggering Rs 5.25 crore (ex-showroom), this ultra-luxurious sedan was previously offered solely with V8 and W12 engines. Now, the British automaker has opted for a plug-in hybrid powertrain, showcasing its commitment to sustainability alongside opulence.


In June 2023, Suzuki has announced a collaboration with SkyDrive to develop electric


Suzuki Motor Corp, a Japanese automaker, has inked a partnership deal with SkyDrive Inc to co-manufacture electric vertical take-off and landing (eVTOL) aircraft, commonly referred to as "flying cars." The manufacturing activities are set to occur at a Suzuki Group facility situated in central Japan, with production slated to kick off in spring next year, as per Suzuki's official statement.



  • In October 2022, Volocopter has made headlines by announcing the successful completion of the first ever test flights with passengers on board for its electric vertical takeoff and landing (eVTOL) aircraft. Conducted in the airspace of Leonardo da Vinci International Airport in Italy, this milestone marks a significant step forward in the advancement of air mobility technology. The successful test flights pave the way for the anticipated launch of advanced air mobility (AAM) services in Rome by the year 2024.


In March 2022, AeroMobil launched AM NEXT


AeroMobil has introduced AM NEXT, marking the global debut of the first-ever 4-seater flying car. Built upon the engineering foundation of its predecessor, the AM 4.0, a two-seater model, this innovative vehicle combines familiar design elements with cutting-edge advancements. The company has unveiled plans for AM NEXT to serve as the cornerstone of a fleet-based aerial ride-hailing service scheduled for launch in 2027. Furthermore, this flying car is set to impress with a range spanning between 100 and 150 miles.


January 2021 – Ferrovial and Lilium together Agree to Develop Vertical Port Networks


Ferrovial, the world's leading infrastructure provider, and Lilium, the airline that develops all-electric vertical take-off and landing (e-VTOL) jets and services, has signed a framework agreement for at least ten vertical ports networks.


REPORT COVERAGE


The global flying cars market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.


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Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2020-2040



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2040



Historical Period



2020-2022



Growth Rate



CAGR of 50.5% over 2024 to 2040



Unit



Value (USD Million), Volume (Thousands Unit)



Segmentation



By Product Type



  • Flying Cars

  • Passenger Drones



By Application Type



  • Military

  • Commercial

  • Civil



By Geography



  • North America

  • Europe

  • Asia-Pacific

  • Rest of the World






Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 552.38 million in 2023 and is projected to reach USD 1533471.44 million by 2040.

In 2023, the North America market stood at USD 394.47 million.

The market is projected to grow at a CAGR of 50.5% and will exhibit steady growth over the forecast period (2024-2040).

The passenger Drones type segment is expected to be the leading segment in this market during the forecast period.

Continuous rise in traffic congestion to drive the market growth.

AeroMobil Company is the leading player in the global market.

North America is dominating the market share in 2023.

Increasing investment by prominent companies to boost the market growth.

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