Flying Cars Market- Time’s Ripe for Take-Off
Speed plays an integral role in taking the civilization ahead. The move from foot to horse or carts and then leap to cars can be a study of this incorporation of speed, to travel in less time and that too with a hike in comfort. This is what helped the concept of flying cars gain substantial mentions in both sci-fi films and novels. Innovators took the cue, and their desires got bolstered by recent technological advancements. In addition, the daunting time ahead, marked by traffic snarls and increasing number of cars, have fueled this demand even more. The global flying cars market is witnessing a remarkable growth with companies trying to take the beginner’s advantage. A 25% CAGR during the forecast period (2018-2023), as Market Research Future (MRFR), claims, is quite achievable for the flying cars market.
What Propels Growth?
Lack of space for road expansion, a growing number of cars with increasing disposable income, and demand for a faster life are major thrust-providers for the global flying cars market. These features triggered an idea of dropping the idea of expanding roads horizontally. Going vertically is the option and it is not just flyovers, but the empty space that can be used for better traffic plans. The other major factor to boost this idea is the curbing of carbon emission. With backings from the latest technologies, this is quite easily achievable. In a country like China that is experiencing high demand for urbanization, this traffic congestion is more worrying.
However, the lack of regulations and high initial cost can dampen the flying cars market prospect in the coming years. This is fueling the need for extra software solution care. At the same time, high disposable income could steer out the market from any long-time sluggishness.
Tech and Trends
Dubai is trying to secure its spot as a global tourist destination. They have realized that their reliance on fossil fuel is not sustainable. So, they have started to diversify. Flying cars for them is one such option which could boost their tourism industry. BMW is expected to be one of the first companies to experiment with this technology, and Dubai is the place they have chosen.
On the other hand, Uber Air is also going to exercise their plans in 2020. Their test run would be in Australia. The primary per rider cost would be higher, but with gradual integration of the system, this cost is expected to come down.
The virgin territory is also attracting other companies like Joby Aviation who are planning to launch their electric flying cars. In their endeavor, they are getting backups from Toyota and Intel. DeLorean, Airbus, Lilium, and others have also joined the trend. On the other hand, Corporation of Flight Inc. It is planning to launch its Split Power Engine for flying cars on a commercial scale.
North America is Racing Ahead
Several start-ups and well-established companies are having intense competition in this region. The aim is to trump others. North America has the advantage owing to its superlative technological stand and easy integration of the same in products. High expenditure capacity makes things easier for the regional market. The same is true for Europe as well. Several of the prominent players, interested in controlling the market, are from this region. Both regions are also benefiting much from government initiatives to curb carbon emission. However, the real game-changer could be the APAC region. The region could impact remarkably as the demand for smooth traffic flow is quite high. This densely-populated region is looking for a way out, and flying cars could be the perfect solution.
For More Information, Visit: https://www.marketresearchfuture.com/reports/flying-cars-market-7359
... March 2020
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