The urban air mobility market could be worth more than $1 trillion by 2040, Morgan Stanley predicts.

Startups making "flying cars" are competing to see who can get their aircraft certified first.

In the next couple years, experts predict a small number of "flying car" startups will survive.

The urban air mobility market, while still very new, has made significant strides in recent years. In 2021, five companies making electric vertical take-off and landing vehicles, or eVTOLs, including Joby Aviation and Archer Aviation, went public via special purpose acquisition company, or SPAC, deals, with a combined market cap of $10.7 billion, according to McKinsey & Company. Morgan Stanley Equity Research has estimated that the urban air mobility industry could be worth $1.5 trillion by 2040.

Right now, companies that are developing eVTOLs — what some refer to as "flying cars," though they more closely resemble helicopters — are racing to get their aircraft certified for commercial use. Among the hundreds of startups looking to break into the urban air mobility market, there are a wide range of business strategies and aircraft designs. While it's still unclear which business models and aircraft designs will work best, experts predict a dominant design will become evident in the next few years, and the startups that most closely match that design will be the ones to survive and lead the market.

Several eVTOL makers have plans to start operating aerial ridesharing services within the next two years. Experts predict that we'll see a big wave of consolidation in the next couple years as the industry sees which companies are able to secure regulatory approvals and which see their funding run dry. Catch up on what's happening in the eVTOL industry with these stories.

Experts say the eVTOL market is going to see two big waves of consolidation, and just a handful of companies will survive.

How Boeing and Airbus are moving into the high-risk, high-reward flying car industry

China is poised to dominate the eVTOL market. Here are four Chinese eVTOL companies most likely to cash in.

These aviation startups are taking off by moving cargo — not people — across the sky

What kind of talent the eVTOL industry is looking to hire

How to get a job at Joby Aviation, the best-funded eVTOL maker with a $3 billion market cap

How much Archer Aviation, one of the top eVTOL makers, pays its employees

Nine power players helping the eVTOL industry take off

This air taxi service company is taking a Netflix-type approach to urban air mobility

A GM exec turned SPAC founder reveals how a flying car startup landed a $1 billion deal

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