Report Overview

Rapid urbanization, heavy traffic congestions on the urban roads, high focus on developing and purchasing eco-friendly automobiles, and increasing disposable income among the people of the country are projected to propel the expansion of Saudi Arabia Flying Car Market size at a significantly high growth rate during the forecast period between 2022 and 2028.

Saudi Arabia Flying Car Market - Industry Trends & Forecast Report, 2028

Saudi Arabia Flying Car Market size is expected to expand at a high CAGR of 38.9% during the forecast period between 2022 and 2028. Saudi Arabia flying car market is being driven by rapid urbanization and industrialization, increasing vehicle safety awareness, growing preference for eco-friendly automobiles, and an increase in people’s disposable income. Emergence of new era urban mobility alternatives in transportation coupled with increasing adoption of digitalization and automation in the aviation sector are also expected to boost the market growth. Due to rapid urbanization across countries, including Saudi Arabia, is increasing the requirement for alternative transportation mode in response to rising air pollution and heavy traffic congestions on urban roads. All these factors are compelling key players to emphasize on developing air mobility solutions and improving the transportation medium. This, in turn, is expected to boost the high growth of Saudi Arabia flying car market during the period in analysis.

Saudi Arabia Flying Car Market

Growth Drivers

Changing outlook toward urban mobility

Urban mobility has transitioned toward digital, high-end technologies, as well as green mobility initiatives, to build a more sustainable and adaptable transport network. Rapid urbanization necessitates the development of alternative transportation solutions to address contemporary urban transportation issues, such as traffic jams and increased air pollution. This has prompted companies in the mobility sector to concentrate on developing electric or hybrid-powered transportation mediums that can be employed on the road along with an air mobility solution. As the number of automobiles on the road has boomed, so has the problem of traffic congestions. Heavy congestions in traffic have a negative effect on the environment by doubling the carbon footprint. Flying cars, which are being manufactured on a personal and commercial level worldwide, are now functional within cities. As a result of increased road traffic congestions and a greater need for alternative transportation solutions around the world, the demand for flying cars is expected to increase. It, in turn, is projected to drive Saudi Arabia flying car market at a significantly high CAGR during the period in analysis.

Restraints

Stringent regulations for aviation license

For attaining the aviation license, one must follow specific regulations to ensure the passenger safety on a flying car. The advent of flying cars around the globe is expected to increase the demand for experienced and well-trained flying car drivers, affecting flying car demand in the initial phases. The lack of qualified flying car operators may jeopardize the safety of passengers and the flying car itself, which neither the flying car owner nor the government can bear. As a result, the stringent aviation license regulations are anticipated to limit the expansion of the flying cars market in Saudi Arabia during the forecast period.

Impact of COVID – 19 on Saudi Arabia Flying Car Market

COVID-19 pandemic had a detrimental effect on the flying car market due to global economic fluctuations that resulted in changing customer preferences and purchasing pattern. Due to stringent lockdown restrictions imposed by government to contain the virus contributed to transportation ban and restrictions on cross border trades. Consequently, it resulted in sharp decline in the global automotive industry, including aerial cars. Moreover, the pandemic is anticipated to have a long-term negative impact on worldwide living standards and consumer preferences. As people develop a better understanding of social distance and remote working policies, the pandemic may minimize the use of automobiles and related goods and services.

Saudi Arabia Flying Car Market

Segmental Coverage

Saudi Arabia Flying Car Market - By Component

Based on component, Saudi Arabia flying car market is bifurcated into Hardware and Software. The hardware segment held a higher market share due to designing of flying cars with rotors rather than wing resulting in vertical takeoff and landing. The purpose of flying car is to enhance the transportation efficiency, particularly in cities with heavy traffic congestions. In addition, technology advancements to improve battery energy density, materials science, and computer simulations are expected to boost the development of personal flying vehicles.  

Saudi Arabia Flying Car Market - By Mode of Operation

Based on the mode of operation, Saudi Arabia flying car market is bifurcated into Piloted and Autonomous segments.

Saudi Arabia Flying Car Market - By End Use

Based on end use, Saudi Arabia flying car market is divided into Commercial and Professional Commute, and Personal Commute segments.

Saudi Arabia Flying Car Market - By Seating Capacity

Based on seating capacity, Saudi Arabia flying care market is divided into One, Two, Four, and More than Six passenger segments. The two-seating segment is expected to dominate the market. Compared to the four and more than six seating capacity segments, two-seating capacity flying cars are lightweight and need less investment, which is supposed to minimize the risk of failure. It is expected to increase investments and development activities by prominent players in Saudi Arabia market to produce two-seating capacity flying cars.

Competitive Landscape

Saudi Arabia flying car market is fiercely competitive. Prominent market players include Boeing, EHang, Airbus, Joby Aviation, and Lilium. To further enhance their market share, these large companies are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.

Recent Developments

• In October 2022, Saudia, the national airline of Saudi Arabia, signed a memorandum of understanding (MoU) with Lilium, a Germany-based leading provider of air mobility solutions, for buying Lilium’s 100 electric flying cars to meet the increasing demand for air taxis in the kingdom.

Scope of the Report

By Component

• Hardware

• Software

By Mode of Operation

• Piloted

• Autonomous

By End Use

• Commercial & Professional Commute

• Personal Commute

By Seating Capacity

• One

• Two

• Four

• More than Six