New research examines the market for flying cars

For those interested in future risks – think flying cars – a new report from Up Market Research (UMR) and Dataintelo, may provide an interesting bit of reading for those interested in vehicle types and end users, and the future market for flying vehicles in different countries, including Canada.

They say the market size was $1.9-billion USD in 2020. It is anticipated to surpass $17.84-billion by 2030. The study looks at flying cars by market type, application (military, commercial and civil), by components and systems used, by end users and by region. Key players are also identified.

“The report covers data on emerging trends, market drivers, growth opportunities and restraints that can change market dynamics. It provides an in-depth analysis of the market segments, industry players and crucial strategies that help market players expand their business,” the report’s authors states.

They say growing demand for aerial transport and increasing advancements in aviation are expected to drive the market. Unmanned flying cars are projected to expand at the fastest compound annual growth rate (CAGR), the military is expected to hold a large market share and delivery companies are expected to grow at a significant pace. “North America is projected to dominate the market during the forecast period, owing to the increasing investment in research and development activities for developing advanced flying cars.” 

In addition to market drivers, the report also looks at constraints. Notably, they say the risk of airborne accidents and their potential damage is significantly higher than with ground vehicles. “Lack of proper regulations and standards for operation and testing is another significant issue,” they write. In addition, they say the high cost of production and maintenance may limit the adoption of flying cars to a niche market. “In addition, societal acceptance of an entirely new mode of transport brings in an element of uncertainty in market adoption.” Despite this, they say the market’s CAGR is expected to climb 25.1 per cent between 2020 and 2028.