According to a report published by Grand View Research, Inc.; consumer drone market is expected to reach a valuation of around USD 4.19 billion by 2024.
Increasing importance of drone flying as hobby such as racing, and UAV photography can propel the market over the forecast period (2013 to 2024). In addition, supportive regulatory framework regarding drone flying for non-commercial activities in selected geographies can have positive impact on the market.
Full Research Report On Consumer Drone Market Analysis: https://www.grandviewresearch.com/industry-analysis/consumer-drone-market
North America consumer drone market by technology, 2012 – 2022 (USD Million)
Technological advancements in electronics is expected to create more opportunities in the market. Development of new technologies like geo-fencing and collision avoidance to make flying drone safer. This has increased the acceptance of drones across the world.
Consumer unmanned aerial vehicles (UAVs) have gained much traction in the recent times due to their ability to capture high-resolution image and video and new dynamic designs. Launch of high-resolution 4K cameras and advanced Gimbal systems are projected to increase the use of UAVs in nature exploration and photography. In addition, development of drones with hydrogen fuel cells in the back-end conserve energy and supply power to UAVs to accomplish long flight duration is the new trend in the market. UAVs with dynamic concept design and improved flight capability have increased their applications in electronics, gaming, and associated hobby areas. Furthermore, supportive efforts by regulatory agencies like European Aviation Safety Agency (EASA), Federal Aviation Authority (FAA), and rising government spending on the development of advanced UAVs are presumed to boost the market growth over the forecast period.
However, factors such as small flight time due to less battery life of drones, complexities associated with maintenance and repair, and concerns regarding privacy and accidents can challenge the market growth.
Worldwide consumer drone market can be segmented on the basis of product, application, and region.
Based on product, the market can be bifurcated into multi-rotor, nano, and others (Fixed-wing, hybrid).
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In 2015, the multi-rotor dominated the market terms of revenue and volume and estimated for over 85% of the overall volume share. The segment is also expected to show high growth in the coming years due to increasing acceptance in applications including photography and racing. The nano segment is expected to expand at a high CAGR of over 30% during 2016 to 2024 due to their efficient usage in security and photography applications.
As per application, the market can be bifurcated into prosumer, toy/hobbyist, and photogrammetry.
In 2015, the prosumer segment dominated the market and projected to expand at a CAGR of close to 30% during 2016 to 2024 due to increasing applications in aerial photography and gaming.
The toy/hobbyist segment is expected to show significant growth over the forecast period on account of growing acceptance of drone flying as a hobby and availability of customized UAV fabrication.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
In 2015, North America market was valued at near to USD 140 million and expected to show remarkable growth over the forecast period due to increasing government investments. In addition, forthcoming regulations by the Federal Aviation Administration (FAA) in the U.S. is expected to increase the acceptance of UAVs in the years to come.
In 2015, Europe estimated for over 30% of the total market size and is predicted to be the major region during the forecast period. This growth can be associated with the implementation of new regulations that could provide safe and productive environment for the industry.
Asia Pacific is expected to show high growth during the forecast period. This region is likely to grow at a CAGR of 35% during 2016 to 2024. This growth can be attributed to technological advancements and increasing efforts to design low cost products. Growing investment by China and Japan for the development of multifunctional drones for several applications is likely to boost the regional market in the coming years. Increasing foreign investments in China to create production base in China is also expected to support the growth in this region.
Key companies operating in the market include DJI Innovations, Yuneec Electric Aviation, Eachine, SkyTech, Walkera, and JJRC.
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