Flying Taxi Market Size, Growth Opportunities, Future Trends, Revenue Share Analysis, Forecast to 2028

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Reports and data

Flying Taxi Market Size – USD 2.17 Billion in 2020, Market Growth – at a CAGR of 28.4%, Market Trends – Continuous Advancements in Technology

NEW YORK, NY, USA, March 11, 2022 /EINPresswire.com/ — Rising demand for faster means of transportation is a major driver of market revenue growth

The global flying taxi market size is expected to reach USD 16.05 billion in 2028 and register a CAGR of 28.4% over the forecast period, according to the latest report by Reports and Data. The growing need for an improved and faster mode of transportation in urban areas is driving the revenue growth of the flying taxi market. The urban population is increasing globally, resulting in a steady increase in road traffic. Thus, for distances greater than 20 kilometers, a flying taxi is an interesting solution compared to a conventional taxi, because it can circumvent the congested roadway on the ground. Increasing investment in research and development activities by major players to develop better battery technologies to extend the distance the flying taxi can fly is also expected to drive the market revenue growth.

Aerospace companies and startups began to focus on flying taxis from science fiction to reality by partnering and merging with startups and other companies involved in manufacturing flying taxis. For example, in February 2021, United Airlines announced that it would invest $20 million in an electric airplane startup and could buy 200 of the company’s flying taxis. The agreement represents a step towards environmentally friendly flight.

Smart city initiatives are also driving the demand for flying taxis, as new smart city planning strategies aim to produce high-quality living spaces without losing ground to meet the needs of individual motorized transport. The European Innovation Partnership for Smart Cities and Communities (EIP-SCC) urban air mobility initiative has been taken up by many European countries to explore the potential of drones and flying taxis in urban areas.

Key companies profiled in the global market report include Airbus, Joby Aviation, Boeing, Dassault Aviation, Lilium, Volocopter GmbH, Kitty Hawk, Embraer, Gulfstream Aerospace, and Hyundai.

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Some highlights of the report

• In January 2021, Hyundai partnered with UK startup Urban-Air Port to develop urban air taxi infrastructure. The project is based in Coventry, 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 a $1.65 million grant to fund the temporary installation of an airport in Coventry city centre.
• The software segment accounted for a considerably large revenue share in 2020 thanks to several companies working on the development of advanced software programs to ensure a safe and smooth operation workflow of the flying taxi. The software also makes it possible to automate the flying taxi without requiring any manual process.
• By passenger capacity, the 3 to 10 segment is expected to register a significantly high revenue growth rate over the forecast period. The increasing automation of the flying taxi results in the absence of pilots, which paves the way for additional seating capacity on the plane.
• The 51-200 km segment is expected to register a significantly high revenue growth rate over the forecast period. The development of battery capacity is expected to result in an increase in the maximum distance an aircraft can fly over the forecast period. In January 2020, Hyundai and Uber unveiled a new electric air taxi with a range of 100 km and a cruising speed of up to 290 km/h.
• The market in North America accounted for the largest share of revenue in 2020. It is one of the most technologically advanced regions and has a skilled workforce, which has helped in the development flying taxi. The presence of prominent players in the market such as Uber, Boeing, and Kitty Hawk among others also contributes to a high revenue share. North America’s first autonomous air taxi demonstration took off in Raleigh in January 2020. The EH 216 is designed to operate as a taxi service on pre-scheduled routes.

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For the purposes of this report, Reports and Data has segmented the global flying taxi market on the basis of components, propulsion, aircraft type, passenger capacity, max distance and region:

Components Outlook (Revenue, USD Billion; 2018-2028)

Equipment
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
Airplane side by side
Rotary wing aircraft
Tiltrotor aircraft
Others

Passenger Capacity Outlook (Revenue, USD Billion; 2018-2028)

Less than 3
3 to 10
more than 10

Max Distance Outlook (Revenue, USD Billion; 2018-2028)

Less than 50km
51 to 200kms
More than 200 kms

Regional Outlook (Revenue, USD Billion; 2018-2028)

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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Key Benefits of Flying Taxi Report:

• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the flying taxi industry
• Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
• SWOT analysis and Porter’s five forces for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations

Finally, all aspects of the Flying Taxi Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.

Tushar Rajput
Reports and data
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