Flying Bikes (Hoverbikes) Market 2021-2030:
The global flying bikes market was valued at $52.2 million in 2021, and is projected to reach $306.1 million in 2030, registering a CAGR of 21.7%.
A flying bike or a hoverbike is a vehicle that can fly and/or move on the road like a usual motorcycle and resembles a motorbike. A flying bike typically has least two propellers—one in front of and one behind the driver. The combination of various technologies, for instance, advanced manufacturing processes, autonomous systems, and ultra-efficient batteries lead to the development of advanced flying bike prototypes. The investments have increased in this hoverbikes market, which are expected to accelerate the advent of futuristic urban commute, freight & package transportation, and military and defense applications.
Policy makers are required to introduce regulations and rules to boost change in need for urban commute solutions. Furthermore, in the upcoming years, infrastructural development is expected to be quite critical along with product development.
Factors, such as change in urban mobility outlook and upcoming application areas for flying bikes are expected to drive the growth of the flying bikes market. However, safety issues with flying bikes and high cost of flying bikes restrains the market growth. Moreover, acquiring the untapped potential of Asia-Pacific market and strategic developments by major players are projected to offer lucrative growth opportunities for the market players.
The hoverbikes market segmentation is based on application, mode of operation, and region. By application, the market is divided into emergency services, transportation, police administration, military & defense purposes, and others. On the basis of mode of operation, it is classified into electric, hybrid, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA
Key players that operate in the global flying bikes market include A.L.I. Technologies, Aerofex Corporation, Bay Zoltan Applied Research Non-Profit Ltd., BMW Motorrad, Duratec S.R.O, HOVER, Jetpack Aviation, Kalashnikov Concern JSC, Lazareth Auto-Moto, and Malloy Aeronautics.
Change in urban mobility outlook
In recent years, urban mobility, comprising mostly fuel-driven vehicles, is shifting toward digital high-end technologies, along with rise in the adoption of green mobility solutions to develop the next-generation sustainable and resilient transportation system. Moreover, the rapid trend toward urbanization demands for alternative transportation solutions to overcome modern urban transportation issues such as traffic congestions and increased air pollution, among others. This has led the companies that operate in the mobility sector to develop innovative solutions, for instance, flying bikes. Market players of flying bike solutions are focused on developing the electric or hybrid propelled transportation medium that can allow a safer flight. The flying bikes, which are being made across the globe for personal as well as commercial applications, are expected to offer a viable solution to avoid road traffic congestion. A number of prototypes that are expected to launch in the global hoverbikes market are Xturismo, Speeder, and Lazareth LMV 496. In the U.S., Japan, UK, among other nations, market players receive funds from several investors. A rise in demand for mobility alternatives that allow safer and faster movement is expected to drive the growth of the global flying bikes market during the forecast period.
Emergency Services is projected as the most lucrative segments
Upcoming application areas for flying bikes
Flying bikes are fast, compact, and powerful machines that can fly with a person, with or without load above the ground at significant heights. This makes flying bikes suitable for a wide range of applications. As most flying bike products have not received approvals by governments throughout the world, and cannot be allowed to fly over cities anytime soon, they could instead be used to support rescue teams to land and take-off in difficult-to-reach areas. In 2018, Dubai police started training its crews to ride Hoversurf Scorpion 3 hoverbikes. The Dubai police saw the immense potential in flying bikes that can travel at high speeds, can cross constricted spaces, and hence, could prove to be immensely useful in carrying out timely rescue operations in cases of disasters or accidents. Successful trials of such platforms and improvement in range &stability are expected to lead to the gradual adoption by police forces across the globe during the forecast period. Hence, the rise in usage of flying bikes for critical applications including rescue operations, emergency response, military applications, and others are anticipated to propel the growth of the global flying bikes market during the forecast period.
High costs of flying bikes
A lot of capital is invested in launching future-ready solutions in the hoverbikes market. Continuous R&D, testing, improvements, and advancements in technology are required to make a practical and reliable product. Flying bikes are one of the most innovative solutions that have recently been launched in the market. The flying bike products available in the market are quite expensive. For instance, in October 2021, A.L.I Technologies launched its product Xturismo in the market at a price of around $680,000. Its price is much higher than many premium cars available in the market globally. Lazareth Auto Moto’s flying bike launched its flying bike at $560,000 each and the company plans to make 5 such products in the near future. Another major player, Jetpack Aviation has announced the initial price for the consumer versions of Speeder at $381,000, which is expected to be available by 2023. As of now, flying bikes can be bought by wealthy customers around the world. The high price of flying bikes limits their purchase only across prosperous developed regions, which is expected to act as a hindrance to the growth of the global flying bikes market during the forecast period.
By Mode Of Operation
Electric is projected as the most lucrative segments
Strategic developments by major players
In order to launch a successful product in the market, companies have over the years made key strategic decisions. One of the frontrunners in the flying bikes market- A.L.I Technologies adopted product development and agreement strategies in order to conduct trials of their product to improve its performance. HOVER or Hoversurf (the company's original name) adopted partnership and product development strategies so as to make their product robust and technologically advanced.
Similarly, JetPack Aviation entered into a partnership with the U.S. Airforce to produce aircraft & product development to make their flying bike solution- Speeder fail-proof. Such developments by market players aimed at the launch of a practical, safe, and reliable product in the market are expected to bolster the growth of the flying bikes market during the forecast period.
North America would exhibit the highest CAGR of 24.1% during 2021-2030.
COVID-19 Impact Analysis
- The COVID-19 impact on the flying bikes market is unpredictable and is expected to remain in force for a few more years.
- The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned the import-export of non-essential items for most part of the year 2020. This led to rise in delays in the production and testing of prototypes and hampered the progress of flying bikes market across the globe.
- Adverse impacts of the COVID-19 pandemic resulted in delay in activities and initiatives regarding development of robust and innovative flying bike solutions globally.
Key Benefits For Stakeholders
- This study presents analytical depiction of the global flying bikes market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall flying bikes market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities of the global flying bikes market with a detailed impact analysis.
- The current flying bikes market is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Flying Bikes Market Report Highlights
By Mode of Operation
Key Market Players
Lazareth Auto-Moto, Aerofex Corporation, Malloy Aeronautics, Jetpack Aviation, BMW Motorrad, A.L.I. Technologies, Bay Zoltan Applied Research Non-Profit Ltd., Kalashnikov Concern JSC, HOVER, Duratec S.R.O
The global flying bikes market is expected to witness significant growth, owing to rise in demand for alternative urban transportation solutions, change in mobility outlook, and growth in adoption of advanced aviation solutions. Market players that operate in the flying bikes market are focused in developing reliable, efficient, and cutting-edge flying bike solutions. Development of next-generation aerial mobility solutions is associated with high capital investments along with expertise in automotive and aviation sectors. Hence, to cope up with these requirements, market players have entered into partnership with various market participants and government agencies to raise funds through various investment avenues. Numerous developments have been carried out by top companies, such as A.L.I Technologies, HOVER, and Jetpack Aviation, which are anticipated to propel growth of the global flying bikes market during the forecast period. In addition, in October 2021, A.L.I Technologies started the booking of their flying bike Xturismo in Japan, and is projected to accept orders for global customers in 2022. Jetpack Aviation is expected to launch their flying bike Speeder by 2023.
Among the analyzed regions, North America dominated the market in terms of revenue in 2021, followed by Europe, Asia-Pacific, and LAMEA. North America is expected to maintain its lead during the forecast period, owing to presence of various companies developing their flying bike prototypes, for instance, HOVER and Jetpack Aviation, among others, along with rise in investments by investors in the U.S. market.