The market for flying cars, now known as electric air taxis, should continue to mature during this decade, soaring to $1.5 trillion globally by 2040, according to a Morgan Stanley Research study.
Air taxis are vertical take-off and landing (VTOL) aircraft that use electric motors instead of jet engines. Designed to avoid the need for long runways, they have rotating wings and, in some cases, rotors in place of propellers.
Driving this trend is a confluence of technologies, including autonomous vehicles such as drones and self-driving cars, more efficient batteries and advanced manufacturing techniques.
It’s a market that should continue to mature during this decade and then boom globally. The autonomous urban aircraft market may be worth $1.5 trillion by 2040, according to a Morgan Stanley Research study. Another urban air mobility (UAM) study, by Frost & Sullivan, sees air taxis beginning in 2022 in Dubai and expanding with a compound annual growth rate of about 46% to more than 430,000 units in operation by 2040.
The business has the potential to significantly disrupt the landscape of urban mobility, and investors are pouring millions into commercialization efforts.They are attracted to the fact that electric air taxis have the potential to lower operating and maintenance costs dramatically.
Start-ups and major brands are developing them, including Astro Aerospace Ltd., United Airline, Hyundai, and Uber.
Astro Aerospace Ltd. (OTC: ASDND) is the ONLY public pure play company globally that has a functioning technology in a working, full-scale prototype.
ASTRO’s vision is “Flight Made Easy”, to build and distribute the safest, most reliable and efficient autonomous, electric vertical take-off and landing (eVTOL) vehicles for the world market.
ASTRO’s mission is to create and distribute eVTOL aircraft that are safe, accessible, affordable and user-friendly.
The company’s solution is to commercialize our technology and sell it to the government and private sectors, so that it can be used for military operations, search and rescue, commercial deliveries, sight-seeing, personal flight, and more.
Currently, ASTRO has a working prototype that features a carbon fibre shell, and 16 independent rotors to enable flight. In the cockpit is a touch control system, allowing pilots to fly manually or switch to autonomous mode. Though there’s no confirmed release date as of yet, ASTRO foresees the vehicle to be used across a variety of industries – from personal, to agricultural to military uses and many in between.
United Airlines (NASDAQ: UAL) is set to purchase 200 flying vehicles from Archer as part of a wider investment in carbon footprint-reducing technologies.
Announced on Wednesday, the US airline said that Archer’s electric vertical takeoff and landing (eVTOL) aircraft could be used as air taxis in “urban markets” such as for ferrying passengers to and from planes airside.
Under the terms of the deal, United will partner with Mesa Airlines to operate the 200-strong future fleet, which will “give customers a quick, economical and low-carbon way to get to United’s hub airports and commute in dense urban environments within the next five years.”
Uber (NYSE: UBER) is working on a flying car with Hyundai, the first automaker to buy into Uber’s dream for a network of air taxis dotting the skies of major cities.
The two companies outlined their partnership Monday at the CES technology conference and plan to show off a full-scale model of the vehicle this week on the trade show floor in Las Vegas. Hyundai’s aerial taxi would be able to take off and land vertically, accommodate four passengers and cruise at up to 200 miles per hour. It would be fully electric with a range of 60 miles.