UK Taxi market size: Industry Outlook, Growth Prospects and Key Opportunities 2024-2031

Flying Taxi: Introduction

  • Flying taxi is a small commercial aircraft that makes short flights on demand. A flying taxi is a concept vehicle built to provide transportation solutions to commuters from one place to the other via air. Sometimes referred to as air taxis, these vehicles offer a limited number of passengers a short flight within or between urban areas. Flying taxis take off and land vertically and primarily fly several hundred meters above the ground. These taxies are generally propelled by a jet engine at the rear and used to fly over traffic jams and in between high-rise buildings. Like helicopters, flying taxis, don’t need a runway, but unlike helicopters are quiet and inexpensive.

Key Drivers of Global Flying Taxi Market

  • Increasing congestion on roads and rising prices of natural gas are key factors driving the demand for alternatives to road transportation. The air medium transportation is an alternate solution to road and rail medium transportation, as air transportation is efficient and less time-consuming as compared to other modes of transportation. A flying taxi can reduce travel time of commuters daily travelling over 100 km in urban traffic by car or public transport. These factors boost the flying taxi market across the globe.
  •  Several companies are investing heavily in research and development activities in developing and commercializing flying taxi in the market, and to gain a competitive advantage by launching it first in the marketplace. This is likely to propel the flying taxi market across the globe.
  • The issue of traffic jams and congestion across the globe has increased considerably due to the increasing population and rising number of vehicles operating on roads. This has resulted in severe issues such as air pollution and environmental hazards. Therefore, the demand for flying taxi is increasing, as it helps reduce traffic congestion in cities, by transporting the passengers by air. Thus increasing traffic congestion across the globe is fueling the flying taxi market across the globe.

Developments in air urban mobility to offer attractive opportunities

  • When introduced, the flying taxi is anticipated to have a profound impact on society, the economy, and the environment. It will reshape how people travel in cities; it has the potential to disrupt conventional transport systems such as highways, trains, and buses, put a dent in the pollution around urban centers, and make for much faster commutes, thereby making society more efficient and productive. Flying taxis are expected to have zero operational emissions and be quiet enough to operate in cities without noise pollution. Ride-hailing service companies such as Uber partnered with Boeing to commercialize the flying taxi concept, which is anticipated to offer significant opportunity in the market.

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Stringent government regulations to hamper market:

  • Regulations remains the primary challenge for the flying taxi market, which is likely to restrain its expansion during the forecast period. These regulations presents barriers for commercial launch, from scaling to ultimate full viability. Flying taxis require several certifications such as Part 135 certification from Federal Aviation Administration in order to run as a passenger transportation. Thus, to comply with these stringent regulations and guideline requires considerable time, which in turn is expected to hamper the market.

North America to Hold Significant Share of Global Flying Taxi Market:

  • Rate of adoption of technology in North America is higher than that in other regions, as vehicle manufacturers of the automotive industry in the region emphasize more on the research and development of components. The Government of the UAE has initiated to develop the infrastructure and implement intelligent transportation solutions for easy and hassle-free commute of people. This is likely to boost the market for flying taxi in the country.

Key Players Operating in Global Market:

The global flying taxi market is highly fragmented with top manufacturers across the global market. A few of the key players operating and potential in the global flying taxi market are:

  • Joby Aviation
  • Opener
  • Volocopter GmbH
  • Kitty Hawk’s
  • Airbus
  • Aero Mobil’s
  • Uber’s VTOL
  • Beechcraft Corporation
  • Embraer
  • Dassault Aviation SA

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