Rising demand for faster means of transportation is a major factor driving flying taxi market revenue growth
Market Size –
USD 2.17 Billion in 2020, Market Growth – at a CAGR of 28.4%, Market Trends –
Continuous advancements in technology
The global flying
taxi market size is expected to reach USD 16.05 Billion in 2028 and
register a revenue CAGR of 28.4% over the forecast period, according to the
latest report by Reports and Data. Rising need for more enhanced and faster
mode of transportation in urban areas is driving flying taxi market revenue
growth. Urban population is increasing globally leading to ever-increasing
on-road traffic. Therefore, for distances of more than 20 kilometers, a flying
taxi acts as an attractive solution to a conventional taxi, as it can bypass
the congested roadway on the ground. Increasing investments in research &
development activities by major players to develop better battery technologies
in order to extend the distance that the flying taxi can be flown to is also
expected to drive market revenue growth.
Aerospace companies and startups have started to shift focus
towards flying taxis from science fiction to reality by partnering and merging
with startups and other companies involved in manufacturing of flying taxi. For
instance, in February 2021, United Airlines announced that it is investing USD
20 Million in an electric-aircraft startup and might buy 200 of the company’s
flying taxis. The deal represents a step towards an environmentally sustainable
flight.
Smart city initiatives are also driving demand for flying
taxi as new smart city planning strategies aim to produce high-quality living
spaces without losing land to assist the needs of individual motorized
transport. The urban air mobility initiative of the European Innovation
Partnership on Smart Cities and Communities (EIP-SCC) has been picked up by
many European countries to explore the potential of drones and flying taxis in
urban areas.
Major companies
profiled in the global market report includes Airbus, Joby Aviation, Boeing,
Dassault Aviation, Lilium, Volocopter GmbH, Kitty Hawk, Embraer, Gulfstream
Aerospace, and Hyundai.
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Some Key Highlights from the Report
- In
January 2021, Hyundai partnered with the U.K. startup, Urban-Air Port, to
develop urban air taxi infrastructure. The project is based in Coventry,
in central England and will show how air taxis work in urban areas. The
startup was chosen by a government program to develop zero-emission flying
vehicles and received USD 1.65 million grant to fund temporary
installation of airport in Coventry city center.
- Software
segment accounted for considerably large revenue share in 2020 owing to
several companies working on developing advanced software programs to
ensure safe and smooth operation workflow of flying taxi. Software also helps
automate flying taxi without requiring a manual process.
- By
passenger capacity, the 3 to 10 segment is expected to register
significantly high revenue growth rate during the forecast period.
Increasing automation in flying taxi is resulting in no need for pilots,
thus making way for an extra seating capacity in the aircraft.
- 51
to 200 kms segment is expected to register considerably high revenue
growth rate during the forecast period. Development of battery capacity,
is expected to result in increase in the maximum distance that an aircraft
can cover during the forecast period. In January 2020, Hyundai and Uber
unveiled new electric air taxi with 100 km range and a cruising speed of
up to 290 km/hr.
- Market
in North America accounted for largest revenue share in 2020. It is one of
the most technologically advanced regions and has skilled workforce, which
helped in development of flying taxi. Presence of prominent market players
such as Uber, Boeing, and Kitty Hawk among others, is also contributing to
high revenue share. North America’s first autonomous air taxi
demonstration took flight in Raleigh in January 2020. EH 216 is designed
to work as a taxi service on preprogrammed routes.
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Summary
For the purpose of this report, Reports and Data has
segmented the global flying taxi market based on component, propulsion,
aircraft type, passenger capacity, maximum distance, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Actuation
Systems
- Flight
Controls
- Others
- Software
- Flight
Management
- Others
- Services
Propulsion Outlook (Revenue, USD Billion; 2018–2028)
- Parallel
Hybrid
- Electric
- Turboshaft
- Turboelectric
- Others
Aircraft Type Outlook (Revenue, USD Billion;
2018–2028)
- Multicopter
- Side-by-side
aircraft
- Tiltwing
aircraft
- Tiltrotor
aircraft
- Others
Passenger Capacity Outlook (Revenue, USD Billion;
2018–2028)
- Less
than 3
- 3 to
10
- More
than 10
Maximum Distance Outlook (Revenue, USD Billion;
2018–2028)
- Less
than 50kms
- 51
to 200kms
- More
than 200kms
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- Middle
East & Africa
Key Questions Answered In The Report
1. What will be the market size and growth
rate in the forecast year?
2. What are the key factors driving the
global Flying Taxi market?
3. What are the risks and challenges in
front of the market?
4. Who are the key players in the global Flying
Taxi market?
5. What are the trending factors
influencing the market shares?
6. What are the key outcomes of Porter’s
five forces model?
7. Which are the global opportunities for
expanding the global Flying Taxi market?
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Table of Contents:
- Global Flying Taxi Market Overview
- Economic Impact on Industry
- Market Competition by
Manufacturers
- Production, Revenue (Value) by
Region
- Market Effect Factors Analysis
- Industrial Chain, Sourcing
Strategy and Downstream Buyers
- Supply (Production), Consumption,
Export, Import by Regions
- Production, Revenue (Value), Price
Trend by Type
- Global Flying Taxi Market Forecast
- Global Flying Taxi Market Analysis
by Application
- Manufacturing Cost Analysis
- Marketing Strategy Analysis,
Distributors/Traders
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