Increasing traffic congestion across mega cities and large urban centers, coupled with the resulting loss to the economy, is driving the need for more efficient modes of urban transportation. Flying cars are being explored as an alternative form of future mobility, making use of the underutilized domestic airspace, according to Frost & Sullivan.

Flying cars are set to disrupt the personal mobility space of the future with at least ten early entrants expected to launch various versions of flying cars by 2022, says Frost & Sullivan. OEMs and other major industry players are expected to follow suit with the introduction of prototypes during the subsquent five years.

Joe Praveen Vijayakumar, Industry Analyst at Frost & Sullivan, observed: "This space has been witnessing bustling activity, with new players from various industries entering the race to build flying cars. We have also seen a surge in funding as several companies have raised funds or been acquired by established players from the automotive industry."

The United States and United Arab Emirates are key markets for flying cars, driven by factors such as high per capita income, purchasing power, regulatory quality and technology capabilities.