The Flying Taxis Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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 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.
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.
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The flying taxis market covered in this report is segmented –
1) By Type: Single Seat, Double Seats, Multi-seats
2) By Aircraft Type: Multicopter, Quadcopter, Other Types
3) By Propulsion Type: Parallel Hybrid, Electric, Turboshaft, Turboelectric
4) By Application: Intercity, Intracity
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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