Saudi Arabia Flying Car Market Size Zooming at Impressive CAGR of 38.9% during 2022–2028
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia flying car market size to grow at a strong CAGR of 38.9% during the forecast period between 2022 and 2028.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia flying car market size to grow at a strong CAGR of 38.9% during the forecast period between 2022 and 2028. The expansion of Saudi Arabia flying car market is driven by increasing industrialization and urban growth, rising vehicle safety awareness, consumers’ preference for environmentally friendly automobiles, and higher disposable income among the people of the country. The emergence of new era urban mobility alternatives in transportation as well as increased adoption of digitalization and automation in the aviation sector are also expected to drive the overall market growth. Rapid urbanization in Saudi Arabia spurs the demand for alternative modes of transportation in response to rising air pollution and traffic congestion. This, in turn, is compelling key players to prioritize the development of air mobility solutions and the improvement of the transportation medium. It is expected to fuel the growth of the Saudi Arabia flying car market during the period in analysis. Meanwhile, high initial costs and stringent regulations for aviation licenses are anticipated to limit the market growth.
Saudi Arabia Flying Car Market – Overview
A flying car is a form of private air vehicle or remotely piloted aircraft that provides door-to-door aerial and ground transportation. They are referred as hovercars. Recent advancements in battery system density, materials science, and computer simulation have fueled the development of a variety of personal flying vehicles ranging from electric gliders to fixed-wing craft and quadcopter drones. They are small compared to a commercial plane, and mostly built with rotors rather than wings, allowing for vertical takeoff and landing. A flying car is a hybrid vehicle that combines the capabilities of fixed-wing and rotary-wing aircraft.
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Saudi Arabia Flying Car Market Segmental Information
Saudi Arabia Flying Car Market – By Component
Based on component, Saudi Arabia flying car market has two major segments: Hardware and Software. The hardware segment held a higher share in the market due to designing of flying cars with rotors rather than wings resulting in vertical takeoff and landing. The purpose of flying car is to increase transportation efficiency especially in cities with heavy road traffic. Technology advancements to enhance battery energy density and in materials science and computer simulation have boosted the development of personal flying vehicles.
Impact of COVID-19 on Saudi Arabia Flying Car Market
COVID-19 pandemic had a detrimental effect on Saudi Arabia flying car market due to worldwide economic instabilities, which led in altering client preferences and purchase patterns. The government's strict lockdown restrictions imposed to contain the virus spread contributed to a transportation ban and restrictions on cross-border trades. As a result, the global automotive industry, including aerial cars, experienced a sharp decline. The pandemic is anticipated to have long-term consequences for global living standards and consumer preferences. The pandemic may reduce the use of automobiles and related goods as people gain a better understanding of social distance and work-from-home benefits. These adverse effects affected Saudi Arabia flying car market during the COVID-19 pandemic period. With the relaxations on the pandemic-related restrictions, the market is expected to regain the attention of its stakeholders. It, in turn, is expected to drive Saudi Arabia flying car market at a significant growth rate during the forecast period.
Saudi Arabia Flying Car Market is highly competitive. Prominent players in the market include Boeing, EHang, Airbus, Joby Aviation, and Lilium. To further enhance their market share, these major players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.
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