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Increasing research and development activities for the flying taxi is one of the vital factors driving the growth of the market.
NEWARK, UNITED STATES, August 25, 2022 /EINPresswire.com / -- As per the report published by The Brainy Insights, the global flying taxi market is expected to grow from USD 1.13 billion in 2020 to USD 8.01 billion by 2028, at a CAGR of 28.25% during the forecast period 2021-2028. The North America region emerged as the largest market for the flying taxi market and valued at USD 488.21 million in 2020. U.S. and Canada are experiencing high traffic congestion and requires an alternative way to reduce the traffic jams, driving the growth of the market in the region. Furthermore, many companies of global flying taxi market have an important presence in the region boosting the market growth.
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The European regional market is projected to register the highest growth during the forecast period, as many aviation companies in Europe are working on the development and commercializing the flying taxi across the region.
Some of the major companies in the global flying taxi market are Airbus, Beechcraft Corporation, Boeing, Dassault Aviation SA, EHANG, Volocopter GmbH, Uber, Embraer, Gulfstream, Cessna, Joby Aviation, TERRAFUGIA, and AeroMobils.r.o.AeroMobil, among others. Developing and developed countries are offering more significant opportunities and significant players are continuously focused on new developments, strategic partnerships, acquisitions and venture capital investments to obtain high growth in the market. In October 2019, Volocopter GmbH, a German startup backed by Intel Corp. and Daimler AG, announced that its volocopter, an electrically powered air taxi, took its first public test flight in Germany. The Volocopter GmbH expects to offer its first commercial trips in the next three to five years.
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The component segment is divided into software, hardware, and services. The software segment is anticipated to grow at the highest CAGR of 29.06% over the forecast period. Software also helps to control the flying taxi without manual process autonomously. Many companies are working together to develop a software solution for a flying taxi. The technology segment includes autonomous, semi-autonomous, and manual. The autonomous segment is likely to grow at the highest CAGR of 29.9% over the forecast period. The propulsion type segment includes parallel hybrid, electric, turboshaft, and turboelectric, and others. The parallel hybrid propulsion system held the largest market share of 28.6% in 2020. This is mainly due to its benefits such as higher fuel efficiency and longer driving range, among others. The aircraft type segment is divided into multicopter, side-by-side aircraft, tiltwing aircraft, tiltrotor aircraft, and others. The multicopter aircraft type accounted for a major market share of 32.3% in 2020. Multicopter is a rotorcraft which contains more than two rotors, and it requires simpler rotor mechanics required for flight control. The passenger capacity segment is classified into less than 5, less than 10, and more than 10. Less than five-passenger capacity segment accounted for the major market share of 61.2% in 2020. This is mainly due to many companies are focusing on developing the 2 and 4 passenger capacity flying taxi.
Increasing research and development activities for the flying taxi is one of the key factors driving the growth of flying taxi market. In addition to this, rising traffic congestion across the globe is also positively influencing the growth of the market. However, regulations and lack of infrastructure remains the primary challenges for the flying taxi market could hamper the market growth of flying taxi market.
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Table of Content:
Introduction
Research Methodology and Assumptions
Executive Summary
Premium Insights
Market Dynamics
Global Flying Taxi Market Analysis and Forecast, By Component
Global Flying Taxi Market Analysis and Forecast, By Technology
Global Flying Taxi Market Analysis and Forecast, By Propulsion Type
Global Flying Taxi Market Analysis and Forecast, By Aircraft Type
Global Flying Taxi Market Analysis and Forecast, By Passenger Capacity
Global Flying Taxi Market Analysis and Forecast, By Regional Analysis
Global Flying Taxi Market-Competitive Landscape
Company Profiles
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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