Flying Cars Are Not Fiction Anymore… It’s Getting Real

Flying cars might sound straight out of a Star Wars movie, but there are many companies obsessively working towards bringing them to the streets soon.

What Happened?

Uber Technologies has teamed up with Hyundai Motor to develop electric air taxis and they are planning to launch these taxis by 2023.

But Uber & Hyundai Are Not Alone.

Apart from Uber and Hyundai, Boeing is also working with Porsche, the sports car brand of Volkswagen to make a concept electric flying vehicle that can transport people in urban areas. Also, Germany’s Daimler, China’s Geely Automobile and Japan’s Toyota disclosed investments in startups, which are making electric flying cars.

Startups Too Share The ‘Flying Cars’ Dream

Lilium, a German startup, has recently done a test flight, and it is planning to launch its commercial air taxi service in 2025. Ehang, a Chinese company, was the first to introduce a passenger drone prototype in 2016 and a report in late 2019 said that the firm is very close to commercial production of passenger drones. Also, the company has announced that it will launch an IPO, making it one of the few drone specific companies to be offered publicly.

Flying Cars Industry — A Magnet For Money

Since 2016, venture capitalists have invested $140 million per year in flying cars, three times more than in 2015, as per CB Insights. And that’s a lot of money.

Why Are Flying Cars Attracting Investments?

As per an in-depth analysis from Morgan Stanley Research, the market for autonomous flying cars could amount to around $1.5 trillion by the year 2040. Meanwhile, another bullish forecast says that this number could go to $2.9 trillion.

Woah! That means this industry has a huge potential.

The benefits of making flying cars doesn’t stop with carrying passengers around places like hippy time travellers. It also includes improved package delivery service to rural areas, decreased shipping costs and reduced congestion in urban areas and companies want a piece of this pie.

In conclusion, this technology can make our lives easier and in the upcoming years, we could see more companies investing more money to own a piece of the “flying cars” pie. Because when it comes to flying cars, sky’s the limit, baby!