Flying Taxis Global Market Report 2024

The flying taxis market size has grown exponentially in recent years. It will grow from $2.34 billion in 2023 to $2.93 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The growth observed in the historical period can be attributed to factors such as urbanization and population growth, evolving consumer lifestyles, the expansion of supermarkets and hypermarkets, globalization of supply chains, and the increasing prevalence of e-commerce and online grocery shopping.

The flying taxis market size is expected to see exponential growth in the next few years. It will grow to $6.63 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%. The anticipated growth in the forecast period can be linked to health and wellness trends, a growing emphasis on personalization and customization, a focus on local and artisanal products, the adoption of omnichannel retailing, and the integration of augmented reality (AR) and virtual reality (VR) technologies. Key trends expected in the forecast period include innovations in delivery and fulfillment, technological advancements, product developments, the emergence of subscription-based models, and the implementation of dynamic pricing strategies.

The rise in traffic congestion on roads is expected to drive the growth of the flying taxis market in the future. Traffic congestion on roads refers to a situation characterized by slower speeds, longer trip durations, and increased vehicle queues, resulting from a road's capacity being exceeded by the number of vehicles. Flying taxis have the potential to alleviate road traffic congestion by offering an alternative mode of aerial transportation, thereby reducing ground-based traffic and enhancing urban mobility. For example, in July 2023, the UK Department of Transport reported an 8.8% increase in motor vehicle traffic compared to 2021, resulting in a total of 323.8 billion vehicle miles. Car traffic in 2022 also rose by 10.2% from the previous year, reaching a total of 244 billion vehicle miles. Overall, traffic levels in 2022 surpassed those recorded in 2021, highlighting the impact of increasing road congestion on the flying taxis market.

Key players in the flying taxi market are prioritizing the development of advanced flying firefighting vehicles to gain a competitive edge. A flying firefighting vehicle is an aerial vehicle designed and equipped to conduct firefighting and rescue operations in challenging or inaccessible terrain. For instance, in November 2023, AutoFlight, a German automotive company, unveiled the Supernal S-A2, a fully operational prototype of a high-payload firefighting vehicle capable of carrying up to 800 pounds and flying up to 124 miles. Based on the fully electric Carryall model developed by a Chinese startup, the Supernal S-A2 represents a significant advancement in terms of load capacity, flight duration, coverage, flight efficiency, and firefighting effectiveness compared to existing firefighting unmanned aerial vehicles on the market.

In March 2022, NetJets, a US-based private aviation company, and FlightSafety International, a US-based aviation training company and supplier of flight simulators, formed a partnership with Lilium NV. Under this partnership, NetJets has the option to purchase up to 150 Lilium aircraft, enabling the company to diversify its fleet options and offer regional travel to its customers using the Lilium Jet, which offers high performance and zero operating emissions. The partnership aims to promote sustainable flight services and contribute to the electrification of the private aviation market. Lilium NV, a German aerospace company, specializes in developing all-electric vertical takeoff and landing (eVTOL) flying taxis for air transport.

Major companies operating in the flying taxis market report are HyundAI Motor Company, The Boeing Company, Airbus SE, Zhejiang Geely Holding Group Co. Ltd., Cessna, Dassault Aviation SA, Textron Inc., Vartical Aerospace, Archer Aviation Inc., Embraer S.A, Bell Textron Inc., Joby Aviation, Wisk Aero LLC, Volocopter GmbH, Aurora Flight Sciences, Beechcraft Corporation, SkyDrive Inc., Opener, TERRAFUGIA, Urban Aeronautics, XTI Aircraft Company, Ehang Holding Limited, Lilium GmbH, Jaunt Air Mobility LLC, DeLorean Aerospace, Zunum Aero.

North America was the largest region in the flying taxis market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flying taxis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the flying taxis market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The flying taxis market consists of sales of electric propulsion systems, autonomous navigation software, and lightweight materials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Flying taxis, also known as electric vertical takeoff and landing (eVTOL) aircraft, are designed to transport passengers through the air, providing a faster and more direct mode of transportation compared to traditional methods. By bypassing congested roads, they create new transportation routes that were previously inaccessible.

The primary categories of flying taxis include single-seat, double-seat, and multi-seat configurations. Single-seat designs are intended for one passenger only. These taxis come in various aircraft types, including multicopters, quadcopters, and others, and utilize different propulsion systems such as parallel hybrid, electric, turboshaft, and turboelectric. They serve various applications including intercity and intracity transport.

The flying taxis market research report is one of a series of new reports that provides flying taxis market statistics, including flying taxis industry global market size, regional shares, competitors with a flying taxis market share, detailed flying taxis market segments, market trends and opportunities, and any further data you may need to thrive in the flying taxis industry. This flying taxis market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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