The Flying Taxi Market Will Reach $8.01 Billion By 2028

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Rising traffic congestion across the globe is positively influencing the growth of the flying taxi market, where the European regional market is expected to register the highest growth in the forecast year.

Dallas, March 02, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global market for flying taxis is expected to grow from USD 1.13 billion in 2020 to USD 8.01 billion by 2028, with a CAGR by 28.25% during the forecast period 2021-2028.

The flying taxi market has been growing rapidly in recent years. The market has huge potential and flying taxis are expected to be commercially available in some countries from 2027. With the development of critical infrastructure, passengers can travel by flying taxis at prices comparable to regular taxis. For suppliers, it is therefore necessary to offer reliable technology at low prices.

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The flying taxi is a small commercial aircraft that performs short flights on demand. Sometimes called “air taxis”, they offer the limited number of passengers a short flight within or between urban areas. Flying taxis can take off and land vertically and mostly fly several hundred meters above the ground. These taxis are usually powered by a rear jet engine and used to fly over traffic jams and problems and between high rise buildings.

Rising research and development activities for the flying taxi is one of the major factors driving the growth of the flying taxi market. In addition to this, increasing traffic congestion across the globe is also positively influencing the growth of the market. However, regulation and lack of infrastructure remain the major challenges for the flying taxi market, are some of the vital factors that might hinder the growth of the market in the coming years.

Key Companies in the Global Flying Taxi Market Airbus, Beechcraft Corporation, Boeing, Dassault Aviation SA, EHANG, Volocopter GmbH, Uber, Embraer, Gulfstream, Cessna, Joby Aviation, TERRAFUGIA, and AeroMobils.roAeroMobil, among others. Both developing and developed countries offer greater opportunities and major players are continuously focusing on new developments, strategic partnerships, acquisitions and venture capital investments to achieve high growth in the market.

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• In January 2019, Boeing announced successful testing of its first US air taxi test flight. Boeing and Textron, the Bell subsidiary, have partnered with Uber to develop 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 electric air taxi, had made its first public test flight in Germany. Volocopter GmbH plans to offer its commercial trips within the next three to five years.

The hardware segment dominated the market and accounted for a major market share of 49.26% in 2020

The component segment is divided into software, hardware and services. The hardware segment accounted for the major market share of 49.26% in 2020. This is mainly due to the fact that many companies are working on the development of hardware components and other structures needed to develop a highly efficient flying taxi.

The semi-autonomous segment held the majority of the market and was valued at USD 795.56 million in 2020

The technology segment includes autonomous, semi-autonomous and manual. The semi-autonomous segment held the major share of the market and was valued at USD 795.56 million in 2020. Currently, many companies are investing in research and development for the launch of the semi-autonomous flying taxi in the initial startup.

Parallel hybrid propulsion system held the largest market share and was valued at USD 318.26 million in 2020

The propulsion type segment includes parallel, electric, turboshaft and turboelectric hybrids, and others. The parallel hybrid propulsion system held the largest market share and was valued at USD 318.26 million in 2020. This is mainly due to its advantages such as higher fuel efficiency and longer 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, tilting aircraft, tilting aircraft and others. The multicopter aircraft type accounted for a major market share of 32.3% in 2020, owing to the economic advantages offered by multicopter over aircraft types. Due to its economic benefits, it is widely integrated into flying taxi projects.

The less than five passenger capacity segment is expected to grow at the highest CAGR of 29.01% during the forecast period

The passenger capacity segment is categorized into less than 5, less than 10 and more than 10. The less than five passenger capacity segment is expected to grow at the highest CAGR of 29.01% during the forecast period. This is mainly due to the fact that many companies are focusing on the development of the flying taxi with a capacity of 2 and 4 passengers.

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Regional Segment Analysis of Flying Taxi Market

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of 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)

Regions analyzed for the market include North America, Europe, South America, Asia-Pacific, Middle East & Africa. The North America region has emerged as the largest market for the flying taxi market and was valued at USD 488.32 million in 2020. Indeed, North America is one of the most advanced regions in terms of technology, among others. The region has a well-developed infrastructure and they are the first to adopt the flying taxi in the world. In addition to this, the United States and Canada are experiencing high traffic congestion and need an alternative way to ease the traffic jams, which will further boost the market growth. The European regional market is expected to witness the highest growth over the forecast period owing to 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 analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s five forces model, attractiveness analysis and competitor position grid analysis.

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About The Brainy Insights:

The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our repository of union reports is diverse across all categories and sub-categories of domains. Our customized solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.

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