Pune, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) has released a comprehensive report on the global passenger drones market which reveals a CAGR of 27.74% during the forecast period of 2018 to 2024. Additionally, the global market is set to reach an evaluation of USD 851.2 Mn by the end of 2024. A high demand for unmanned aerial vehicles, has resulted in advancements in drone technology; this is expected to lead the global passenger drones market toward remarkable growth.
Market Overview
The global population is at an all-time high and is expected to witness continued growth. This combined with the rising sales of automotive vehicles and growing problems of traffic congestion, particularly in heavily populated countries are driving the demand for passenger drones. Market Research Future (MRFR) has performed a detailed analysis of the market to find that the global passenger drones market is expected to grow at a highly impressive CAGR of 27.74% (2018 to 2024) and is expected to reach an estimated value of USD 851.2 Mn. Rapid technological advances that have been made have increased scope that the market represents and is attracting the attention of several market players who are entering the market. Despite the rapid growth and advancement of the market and drone technologies, passenger drones are yet to reach satisfactory endurance levels, and security concerns surrounding unmanned ariel vehicles are expected to restrain market growth. However, increasing investments in R&D and the increasing need and focus of reducing vehicular pollution is expected to lead the market toward expansion opportunities.
Key Players
MRFR's report includes a detailed analysis of the competitive landscape of the market. Leading market players include Joby Aviation, Lilium, AeroMobil, Airbus S.A.S, Cartivator, Ehang, Boeing, Volocopter GmbH, Terrafugia, and Uber Technologies Inc. Leading players employ various market strategies which include product innovation, research & development activities, mergers, and collaborations among others.
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Market Segmentation
MRFR's market study included segmental evaluation which has been conducted on the basis of factors which include component, capacity, application, rotor, and region. By component, the market is segmented into airframe, controller system, navigation system, propulsion system, and others. The airframe segment accounted for the most significant segment. However, the controller system is expected to witness the fastest growth with the highest CAGR during the assessment period. The controller system is a critical mechanism in a drone and controls the direction of flight; a well-functioning controller system is vital to the development of commercially viable passenger drones.
On the basis of capacity, the market is segmented into up to 100 kg and over 100 kg. The over 100 kg segment is projected to display a CAGR of 30.33% during the forecast period and take the leading position. Organizations looking to commercialize passenger drones show an increased preference for drones that can handle higher capacities.
Based on application, the market is segmented into commercial and personal. Thus far, there has been no wide-scale deployment of passenger drones. However, the growing development and demand are expected to lead to the commercialization of passenger drones. The commercial segment is expected to witness the fastest growth and maintain its leading position over the forecast period.
By rotor, the market is segmented into less than 10 and more than 10. At present less than 10 rotors have the majority share of the market. However, this is shifting as the number of rotors is directly related to speed, range, and capacity of passenger drones. As a result, the more than 10 rotors segment is projected to witness the highest CAGR during the forecast period.
Rapid Technological Advances Catapult Europe to Top Position
Globally, the market is divided into regional segments which include North America, Europe, Asia-Pacific (APAC), and the Rest of the World.
Europe possesses the most significant share of the Passenger Drones Market and accounts for close to 30% of the total market share. The region, which is led by Germany is projected to maintain its leadership position due to the presence of several market-leading players who are presently driving market growth. Moreover, increasing joint ventures, partnerships, and ongoing R&D activities are expected to provide further technological advancements and increase market growth significantly over the forecast period.
The U.S, which is part of the North American regional market, is one of the most prominent contributors to the growth of the passenger drone market across the globe. The U.S government is involved in the advancement of passenger drones and is supportive of the research and development which is expected to make it commercially viable. The country is home to several prominent market players and is inundated with traffic congestion in its largest cities.
The Asia-Pacific is a rapidly growing regional market which is anticipated to witness the highest CAGR during the assessment period. The presence of a massive driving population, rising disposable income and the increasing need to reduce vehicular pollution and congestion will likely drive the market toward significant growth. China, Japan, and South Korea have several leading market players who are invested in the development of passenger drones.
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Industry News
- Rolls Royce has recently entered the passenger drone market with its recent decision to develop a passenger drone which uses electric vertical take-off and landing (EVTOL) technology.
- Boeing has recently announced its plans to open a 100,000 square feet, and 17-floor Aerospace & Autonomy Center in Massachusetts. Boeing's subsidiary Aurora Flight Services which is developing vertical take-off and landing (VTOL) passenger drones will be a part of the new facility and continue its development. The facility which will be in MIT's Kendall Square development is expected to build a strong relationship with the institution and work toward engineering goals with regards to autonomous passenger vehicles.
Related Report
Global Drones Market, By Type (Fixed-Wing and Multi Rotor),By Capability (Passenger Drones and Cargo Drones), By Capacity (Up to 100 kg and Over 100 kg), By Application (Agriculture (Field Mapping, Field Mapping, Crop Spraying, Agricultural Photography, Precise Agriculture Management, Agriculture Insurance Inspection), Industry (Construction, Oil & Gas, Mining ,Logistics, Aviation, Telecom)), By Component (Airframe, Payload, Guidance Navigation & Control, Propulsion System), By Region – Forecast to 2028
https://www.marketresearchfuture.com/reports/drones-market-1124
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