Major players in the flying cars market are AeroMobil, Boeing, Joby Aviation, Airbus, Cartivator, Volocopter GmbH, Terrafugia, PAL-V International, Lilium GmbH, Urban Aeronautics, Moller International, Kitty Hawk Corporation, Workhorse Group, Opener, and Jaunt Air Mobility.
New York, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Flying Cars Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06177528/?utm_source=GNW
The global flying cars market is expected to grow from $34.41 million in 2020 to $52.20 million in 2021 at a compound annual growth rate (CAGR) of 51.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $330.94 million in 2025 at a CAGR of 58.7%.
The flying cars market consists of sales of flying cars by entities (organizations, sole traders, and partnerships) that is a type of vehicle that can function as both a personal road vehicle and an aircraft. Flying cars also known as hover cars, usually use rotors instead of wings and are smaller than a commercial aircraft, and have lower emissions.
The main types of products in flying cars are manned flying cars and unmanned flying cars.The manned flying car is a type of flying car that requires a trained professional driver or a pilot to fly the vehicle using the car’s control system.
The capacity of flying cars ranges from 2-seater, 3 and 4 seaters, 5-seaters and is used in military, commercial or civil applications.
North America was the largest region in the flying cars market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The rapid adoption of advanced technology is shaping the flying cars market.Major companies operating in the flying cars sector are focused on adopting advanced technology such as the fast-developing distributed electric propulsion (DEP) technology which plays a role in efficiency, helps with quieter take-offs, and hovering.
For instance, in August 2019, Airspace Experience Technologies (ASX), an American company, developed the MOBiOne electric vertical take-off and landing vehicle that uses a distributed electric propulsion system (DEP) and integrates a hybrid propulsion system that allows the vehicle to fly without recharging.
In September 2020, Terrafugia, a US-based company that manufactures flying cars merged with AOSSCI to form Aerofugia Technology (Chengdu) Co., Ltd. The new company, which is a subsidiary of China’s Geely Technology Group, will provide comprehensive general aviation services. For future air travel and UAV products, the two businesses will merge their development teams while keeping the original brands. AOSSCI is a China-based unmanned aircraft system developer.
The increase in demand for environmentally friendly transportation will propel the growth of the flying cars market during the forecast period.Flying cars use vertical take-off and landing (VTOL) to take off cars.
According to a 2019 study by the University of Michigan, energy use and emissions during 5 phases of VTOL flight have shown emissions from the VTOL were 52% lower than petrol vehicles and 6% lower than battery-electric vehicles.Flying cars are a lot more efficient over longer trips than shorter trips when compared to passenger cars.
Therefore, the increasing demand for environmentally friendly transportation is expected to drive the growth of the flying cars market.
The countries covered in the flying cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06177528/?utm_source=GNW
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