LONDON, Oct. 06, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the flying cars market, the global flying cars market is expected to grow from $34.41 million in 2020 to $52.20 million in 2023 at a compound annual growth rate (CAGR) of 51.7%. The growth in the flying cars market 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 flying cars market is expected to reach $330.94 million in 2025 at a CAGR of 58.7%.
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.
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. They are smaller than a commercial aircraft and have lower emissions.
The Business Research Company’s report titled Flying Cars Global Market Report 2023 – By Product (Manned Flying Cars, Unmanned Flying Cars), By Capacity (2-Person Sitter, 3 And 4-Person Sitter, 5-Person Sitter), By Application (Military, Commercial Or Civil), COVID-19 Growth And Change covers major flying cars companies, flying cars market share by company, flying cars manufacturers, flying cars market size, and flying cars market forecasts. The report also covers the global flying cars market and its segments.
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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.
In September 2020, Terrafugia, a US-based company that manufactures flying cars merged with AOSSCI to form Aerofugia Technology (Chengdu) Co., Ltd. AOSSCI is a China-based unmanned aircraft system developer. 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.
Major players in the flying cars industry 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.
North America accounts for the largest share in the flying cars market. The regions covered in TBRC’s flying cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the flying cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Flying Cars Global Market Report 2023 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide flying cars market overviews, flying cars market analyze and forecast market size and growth for the whole market, flying cars market segments and geographies, flying cars market trends, flying cars market drivers, flying cars market restraints, flying cars market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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