Flying Car Market

According to a research report "Flying Car Market by Mode of Operation (Manned Flying Cars, Unmanned Flying Cars), Capacity (2-Seater, 3–4-Seater, >4-Seater), Vehicle Type (Flying Cars, Passenger Drones), Propulsion (ICE, Electric), Application (Military, Commercial, Civil) and Region - Global Forecast to 2030" published by MarketsandMarkets, the global flying car market is projected to grow from USD 74.2 million in 2022 to USD 920.5 million by 2030, at a CAGR of 37.0% during the forecast period.

Due to the increasing number of vehicles around the world, the idea of an alternative medium of transport has become prominent in the last few years. The concept of flying cars has put forward a new way and faster way of urban mobility solution as a flying car can operate both in the air and on the roads. The idea of flying cars is a very niche concept as many OEMs and startups around the world are still in their R&D phase. Governments around the world need to make certain regulations to incorporate the flying car infrastructure. A flying car can be used in emergency services like police vehicles, medical services and for passenger transport. The flying cars operating on electric, or fuel cell powertrain produce less carbon footprint. However, the main barrier in incorporating the concept of flying cars is to build the infrastructure needed for them.

Vertical takeoff segment to lead the market during the forecast period

Due to increasing population, the number of vehicles in urban areas around the world has increased exponentially. The increasing number of vehicles has resulted into issues like traffic jams, increased air pollution and population in urban areas. The need for an alternative transport system has become prominent to overcome these issues in urban areas.

Many OEMs in automotive industry have already started working to develop ICE or electric powered flying vehicles. A flying car operating in urban areas can be used as a personal vehicle or as an air taxi. Due to traffic congestion in urban areas, emergency services like police and medical services get hampered. Moreover, the increasing number of automotive fleets on the roads has severely impacted the environment by increasing carbon footprint. Flying cars can prove to be a perfect solution to overcome these issues.

Many countries such as US, China have future plans to implement regulations considering flying taxi. For instance, the US state New Hampshire has allowed air taxis to run on roads, however, the vehicle cannot land on / take off from roads. Similarly, Europe has made an association for flying cars, namely, European Flying Car Association (EFCA).

Some of the pre-established OEMs and startups have also showcased the prototype of flying cars and have invested heavily on the emerging concepts. For instance, in October 2022, a US based Advanced Air Mobility (AAM) company, Wisk Aero, revealed its 6th generation of air taxi. The 4-seater air taxi will have electric propulsion and vertical takeoff and landing (eVTOL) features. Similarly, in April 2022, Volcopter revealed the prototype of its air taxi, VoloCity. The air taxi has a range of 35km and a top air speed of 110km/h.

2-Seater segment to have significant market share during the forecast period

Based on capacity, the 2-seater flying car segment is expected to show fast growth during the forecast period. A flying car with a smaller number of seats will provide good fuel economy and better performance. A 2-seater flying car will require less space and minimum infrastructure as compared to a larger number of seats. A flying car with 2 seats can be equipped with AI and IoT devices as extra buffer space will be available in those vehicles. In urban areas, a 2-seater flying car can operate easily in the air and on the roads due to their compact size and can be leveraged in commercial services like air taxi and medical services. For instance, in June 2021, Archer, a US based aerospace-oriented startup, revealed a prototype of its 2-seater autonomous air taxi with electric vertical take-off and landing (eVTOL). The service is expected to start from 2024 in Los Angeles, US. Similarly, in October 2022, a Chinese vehicle manufacturer, Xpeng, conducted the first flight of its autonomous 2-seater air taxi, X2. The flying taxi can fly at low altitudes in urban areas with zero carbon emissions.

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