Dallas, March 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global flying taxi market is expected to grow from USD 1.13 billion in 2020 to USD 8.01 billion by 2028, at a CAGR of 28.25% during the forecast period 2021-2028.
Flying taxi market is witnessing the rapid growth from the past few years. The market holds enormous potential, and flying taxis is expected to be commercially available in some of the countries from 2027. With the development of essential infrastructure, passengers can travel in flying taxis at prices comparable to those of regular taxi cabs. For suppliers, it is, therefore, necessary to offer reliable technology at a low price.
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Flying taxi is a small commercial aircraft which makes short flights on demand. Sometimes referred to as "air taxis" and offers the limited number of passengers a short flight within or between urban areas. The flying taxies can take off and land vertically and mainly flies several hundred meters above the ground. These taxis are generally propelled by a jet engine at the rear and used for the flying over traffic jams and problems and in-between high-rise buildings.
Increasing research and development activities for the flying taxi is one of the key factors driving the growth of flying taxi market. In addition to this, rising traffic congestion across the globe is also positively influencing the growth of the market. However, regulations and lack of infrastructure remains the primary challenges for the flying taxi market, are some of the vital factors which could hinder the market growth in the coming years.
Key companies of the global flying taxi market Airbus, Beechcraft Corporation, Boeing, Dassault Aviation SA, EHANG, Volocopter GmbH, Uber, Embraer, Gulfstream, Cessna, Joby Aviation, TERRAFUGIA, and AeroMobils.r.o.AeroMobil, among others. Developing and developed countries are offering more significant opportunities and significant players are continuously focused on new developments, strategic partnerships, acquisitions and venture capital investments to obtain high growth in the market.
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• In January 2019, Boeing announced the successful testing of its first test flight of air taxi in the U.S. Both Boeing and Textron, the subsidiary of Bell have a partnership with Uber to map out plans for an air taxi service called Uber Air.
• In October 2019, Volocopter GmbH, a German startup backed by Intel Corp. and Daimler AG, announced that its volocopter, an electrically powered air taxi, took its first public test flight in Germany. The Volocopter GmbH company expects to offer its commercial trips in the next three to five years.
The hardware segment dominated the market and accounted major market share of 49.26% in the year 2020
The component segment is divided into software, hardware, and services. The hardware segment accounted for the major market share of 49.26% in the year 2020. This is mainly because many companies are working on the development of hardware component and other necessary structure to develop a highly efficient flying taxi.
The semi-autonomous segment held the major market share and valued at USD 795.56 million in the year 2020
The technology segment includes autonomous, semi-autonomous, and manual. The semi-autonomous segment held the major market share and valued at USD 795.56 million in the year 2020. Currently, many companies are investing in the researcher and development for the launch of semi-autonomous flying taxi at the initial start.
The parallel hybrid propulsion system held the largest market share and valued at USD 318.26 million in 2020
The propulsion type segment includes parallel hybrid, electric, turboshaft, and turboelectric, and others. The parallel hybrid propulsion system held the largest market share and valued at USD 318.26 million in 2020. This is mainly due to its benefits such as higher fuel efficiency and more extended driving range, among others.
The multicopter aircraft type accounted for a major market share of 32.3% in 2020
The aircraft type segment is divided into multicopter, side-by-side aircraft, tiltwing aircraft, tiltrotor aircraft, and others. The multicopter aircraft type accounted for a major market share of 32.3% in 2020, owing to economic benefits offered by the multicopter over aircraft types. Due to its economic benefits, it is widely being integrated into the flying taxi projects.
Less than five-passenger capacity segment is anticipated to rise at the highest CAGR of 29.01% over the forecast period
The passenger capacity segment is classified into less than 5, less than 10, and more than 10. Less than five-passenger capacity segment is anticipated to rise at the highest CAGR of 29.01% over the forecast period. This is mainly due to many companies are focusing on developing the 2 and 4 passenger capacity flying taxi.
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Regional Segment Analysis of the Flying Taxi Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for the flying taxi market and valued at USD 488.32 million in 2020. This is because North America is one of the highly technologically advanced regions, among others. The region has a well-developed infrastructure, and they are early adopters of flying taxi in the world. In addition to this, the U.S. and Canada are experiencing high traffic congestion and requires an alternative way to reduce traffic jams, further driving the growth of the market. The European regional market is projected to register the highest growth during the forecast period due to the technological advancements in telecommunication technologies such as 5G, which will drive the flying taxi market over the forecast period.
About the report:
The global flying taxi market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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