Flying Taxis Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Flying Taxis Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 in the historic period can be attributed to urbanization and population growth, changing consumer lifestyles, expansion of supermarkets and hypermarkets, globalization of supply chains, rise 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 growth in the forecast period can be attributed to health and wellness trends, personalization and customization, focus on local and artisanal products, omnichannel retailing, integration of augmented reality (AR) and virtual reality (VR). Major trends in the forecast period include innovations in delivery and fulfillment, advancements in technology, product developments, subscription-based models, dynamic pricing strategies.

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Market Drivers and Trends:

Increasing traffic congestion on the roads is expected to propel the growth of the flying taxis market going forward. Traffic congestion on the roads refers to a condition characterized by slower speeds, longer trip times, and increased queuing of vehicles. It occurs when the number of vehicles exceeds the capacity of a road, leading to reduced velocity and increased trip duration. Flying taxis have the potential to alleviate road traffic congestion by providing an alternative aerial transportation mode, reducing ground-based traffic, and enhancing urban mobility. For instance, in July 2023, the Department of Transport, a UK-based government department, reported that there was an 8.8% increase in motor vehicle traffic as compared to the year 2021. This increase resulted in a total of 323.8 billion vehicle miles. Car traffic in 2022 also increased by 10.2% from the previous year, reaching a total of 244.0 billion vehicle miles. Overall, the traffic levels in 2022 were higher than the levels recorded in 2021. Therefore, increasing traffic congestion on the roads is driving the growth of the flying taxis market.

Major companies operating in the flying taxi market are increasing their focus on introducing advanced flying firefighting vehicles to gain a competitive edge in the market. A flying firefighting vehicle is an aerial vehicle specially designed and equipped to carry out firefighting and rescue operations in difficult or inaccessible terrain. For instance, in November 2023, AutoFlight, a Germany-based automotive company, launched the Supernal S-A2, a fully operational prototype of a high-payload firefighting vehicle. The Supernal S-A2 can transport up to 800 pounds and fly up to 124 miles. The Supernal S-A2 is based on the fully electric Carryall model developed by a Chinese startup, and it has made significant breakthroughs in terms of load capacity, flight duration, coverage, flight efficiency, and firefighting effectiveness compared to existing firefighting unmanned aerial vehicles available in the market.

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Major Key Players of the Market:

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

Flying Taxis Market 2024 Key Insights:

• The flying taxis market is expected to grow to $6.63 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%.
• Rising Traffic Congestion Fuels Growth In The Flying Taxi Market
• Innovative Solutions Emerging In Flying Firefighting Vehicles
• North America was the largest region in the flying taxis market in 2023

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