The thing about the future is that it keeps turning into the present.
Ideas that once seemed wildly innovative now seem commonplace. After all, you probably take for granted the fact that you might have, in your pocket, an iPhone that has more computing power than NASA had for the moon landing.
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You may have already taken a flight on an air-taxi, which are basically a combination of a drone and a mini-helicopter. They can land vertically, and though they don’t have the range of an airplane, they are more nimble. Many of them are also fully electrical and carbon emissions free as well.
Companies ranging from Joby (JOBY), an “Electrical Aerial Ridesharing” and Archer have been recruiting top talent from Silicon Valley to get working prototypes in order. Archer and United Airlines (UAL) have announced plans to launch the first electric air taxi route in Chicago in 2025. It will fly customers from O'Hare International Airport (ORD) to downtown Vertiport Chicago for around $100, which is nearly the cost of an Uber Black trip.
But at the moment, air taxis are still fairly rare, and it's more likely than not you have not taken a ride on one just yet. But a new report indicates that might change in the next decade, as the market is only expected to grow.
Air Taxis Are A Growing Market
According to a report from Allied Market Research, as noted by Flying, the electric aircraft industry is expected to reach $23.5 billion by 2031, with a compound annual growth rate of 10.9 percent from 2022 to 2031.
That's due to a number of factors, including greater demand for short-range routes, advances in batteries and electric propulsion systems, environmental concerns and attempts to drive down the operational cost of aviation.
But there are headwinds the industry has to face, including making the large, heavy batteries required for power, which need to be recharged frequently. Limited infrastructure supporting electric-powered aircraft also limits the market’s growth, the report noted.
