Global Flying Cars Market 2018-2022
About this market
Increasing traffic congestion is emerging as an inescapable condition in certain large and metropolitan cities worldwide from Los Angles to Tokyo and New Delhi to London. Traffic congestion is a serious issue, particularly in countries such as India, China and Vietnam that are witnessing an unprecedented growth in urban traffic and the consequent traffic congestion. In 2016, the direct and indirect costs related to traffic congestion totaled to nearly around $300 billion the US alone. In the coming decades, these numbers are expected to increase due to factors such as expanding population and rising urbanization. Thus, increasing congestion and overcrowding in cities will drive the flying cars market growth during the forecast period.
Increasing congestion and overcrowding in cities
Urban mobility or transportation can be categorized into three main types: public transportation. individual transportation. and freight transportation. The rapid urban development and increase in urban population have led to an increase in individual transportation and freight movement.
High development and ownership costs for flying cars and passenger drones
Currently, the global flying cars market is still in the innovation phase with increasing activities associated with the design, development, and manufacturing of such vehicles. The automakers, aerospace OEMs, and various tech giants and start-ups have been investing heavily in various flying car projects.
For the detailed list of factors that will drive and challenge the growth of the flying cars market during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Lilium, and EHANG the competitive environment is quite intense. Factors such as the increasing congestion and overcrowding in cities and increasing adoption of private air travel, will provide considerable growth opportunities to aircraft towbars manufactures. PAL-V, AeroMobil, Carplane, TERRAFUGIA, Lilium, and EHANG are some of the major companies covered in this report.