Global Electric Air Taxi Market is valued at USD 386.48 Million in 2021 and expected to reach USD 2342.73 Million by 2028 with a CAGR of 29.36% over the forecast period.
Electric Air Taxi is a commercial aircrafts for short flights. They are a type of electric vertical takeoff and landing (eVTOL) systems that uses electric power to takeoff and landing vertically. The eVTOL based systems came into existence due to the advanced combination of batteries, motors and controllers and growing necessity for urban air mobility. The study of air taxi was promoted by NASA in 2001, and then idea was reemerged in 2016 as personal air vehicles or passenger drones. Around the world, transport and aviation industries are collaborating and investing millions in vertical takeoff and landing (VTOL) projects. Major criteria in the development of air taxis are to cover maximum distance in short time without worrying about traffic congestion around the city. Other benefits of electric air taxi include generation of job opportunities as with rising taxi businesses, experienced pilot requirement will increase and new jobs will be created in terms of training and flying taxis.
During the COVID-19 pandemic, some industries have flourished like never before and some have experienced the sudden fall due to the COVID-19 virus. The lockdown has crashed the global economy and many industries have affected in terms of supply chain & demand, manufacturing processes and interrupted research & development procedures. Aviation industry has struggled due to halting of business and commercial flights in order to follow the lockdown and restrictions setup by countries and government. According to Andrew Charlton, MD of Aviation Advocacy, flying taxis and drones have potential in future in post-COVID19 due to the growing opportunities in cargo delivery or passenger aircrafts.
Global Electric Air Taxi Market report is segmented on the basis of Type, Components, Application, and Region & country level. Based upon Type, Global Electric Air Taxi market is classified as Two-seat aircraft and Four-seat aircraft. The market is classified on the basis of components are Motors & rotors, Battery, Propulsion system and Combustion engines. On the basis of Application, market is divided as Military use, Delivery use and Passenger use.
Some major key players for Global Electric Air Taxi Market are:
February 9, 2021; The composite structure of air taxi programme VA-1X will be developed by Solvay partnered with Vertical Aerospace. The eVTOL aircraft will be able to carry four passengers and one pilot for 100 miles at speed of 150mph. Both companies aim to develop first prototype for test flight in September 2021.
February 8, 2021; The first airport for flying cars will be in operation by November 2021 near city of Coventry in the UK. The facility will be open for one month in collaboration with government organization, aviation industries and private businesses. The airport has been developed by partnership of Urban Air Port, Hyundai Motor Group and Coventry City Council.
The major factors driving the growth of Global Electric Air Taxi Market are increasing need of urban air mobility and low carbon emissions vehicles. Hundreds of vehicles and flights results into air pollution and climatic change. Therefore, electric air taxis will be beneficial and environmental friendly as it has potential to decarbonize air travel. Vertical Aerospace, UK based Aviation Company designing F1 design for air taxis to be lightweight and produce zero carbon emissions. Furthermore, technological advancement in automotive industry along with cost and time efficient option for daily commute are also expected to contribute the growth of electric air taxi market. However, the service cost for air taxis can be quite expensive for average class citizens along with regulatory norms and infrastructure can act as the major restraining factors for electric air taxi market. On the other hand, supportive government initiatives to promote the electric air taxis along with constant innovation and R&D activities are expected to create ample opportunities over the forecast period.
North America is expected to dominate the Global Electric Air Taxi Market within the forecast period attributed to early adoption to flying taxis technology and upcoming eVTOL projects in this region. In the U.S. air taxi operations are governed by Federal aviation Regulations (FAR) Part 135 and in Canada, these operations are regulated by Transport Canada under Canadian Aviation Regulation 703. Aviation industries in partnership with transport agencies are developing eVTOL projects like Uber with Hyundai showed off their flying taxi with capability of carrying 4 passengers with maximum speed of 180mph and maximum height operation to 2000ft.
Europe is also growing rapidly in air taxi market due to the initiatives by government and aviation companies to develop and test the eVTOL prototypes. Since 2018, European Union Aviation Safety Agency (EASA) has been working on aviation certificates for eVTOL projects. Thus, all the above mentioned factors are expected to augment the growth of electric air taxi market in the near future.
The regions covered in this Global Electric Air Taxi Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Electric Air Taxi is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
|Historical data||2018 - 2021|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 386.48 Million|
|Base year considered||2021|
|Forecast Period CAGR %:||29.36%|
|Market Size Expected in 2028:||USD 2342.73 Million|
|Tables, Charts & Figures:||175|
|Key Players/Companies||ImagineAir, Airstream Jets, Skymax, Propair, Volocopter, General Motor, Hyundai, Uber, Archer, Boeing, Airbus, Toyota, Lilium, and others|
|Segments Covered||By Type, By Application, By Component|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|