Passenger Drones Market 2018 Size, Share, Emerging Technologies and Potential Business Growth | Industry by Component, Capacity, Application and Regions
Passenger Drones Market by Component (Airframe, Controller System, Navigation System, Propulsion System, & Others), Capacity (Up to 100 kg & Over 100 kg), Application (Commercial & Personal), Rotors (10), and by Region – Forecast Till 2024
Pune, India – September 12, 2018 /MarketersMedia/ —
Market Insights:
The global passenger drones market is set to grow from USD 154.4 million in 2017 to USD 851.2 million by 2024. This projects that the market will expand at a high rate during the forecast period. Factors such as growing urban population, rising traffic congestion problems, rapid technological advancements and decline in drone costs, and rising participation of companies are driving the market growth. The Asia Pacific region has become a lucrative region for the firms that develop passenger drones and related systems, due to the increasing focus of countries such as China, Japan, and South Korea.
The passenger drones market in this report has been segmented on the basis of component into five types, namely airframe, controller system, a navigation system, propulsion system, and others. Airframe segment accounted for the largest market size, however, controller system segment is expected to witness the highest CAGR during the forecast period. The controller system assists in controlling the drone’s direction during flight. This system is a critical enabler of all drones. Immense growth and adoption of autonomous devices and focus on developing sensing and analytical systems to uphold flight safety and security is driving the growth of this segment.
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Key Players Covered
AeroMobil (Slovakia),
Airbus S.A.S. (France),
Boeing (U.S.),
Cartivator (Japan),
EHANG (China),
Joby Aviation (U.S.),
Lilium (Germany),
TERRAFUGIA (U.S.),
Uber Technologies Inc. (U.S.), and Volocopter GmbH (Germany).
Regional Market Summary
Led by Germany, Europe holds the largest share of the Passenger Drones Market. It is expected to lead the market throughout the forecast period. In 2017, Europe accounted for more than 30% share of the global market; is expected to retain its position during the forecast period. The presence of companies such as Airbus S.A.S, Lilium, and Volocopter GmbH is expected to boost the European market over the next decade. The key drivers for the European market are increasing joint ventures & partnerships along with rapid technological advancements.
The U.S. is at the forefront in developing passenger drones, and this country is the single largest market on the global scale. The U.S. Department of Transportation is focusing on the process which is similar to approving traditional commercial air carriers for the approval of passenger drones as well. This country houses companies such as Boeing and Uber Technologies Inc. which are very active in the passenger drone market space. Meanwhile, the U.S. has a couple of cities, such as Los Angeles and New York, which face high levels of traffic congestion. Passenger drones could prove a beneficial solution in these areas.
Meanwhile, in Asia Pacific is the second largest market and the passenger drones market in this region is poised to expand at the highest CAGR during the forecast period. The increasing urban population, rising disposable income and focus on drones for transportation purposes will bolster the market growth in this region. China, Japan, and South Korea are promising markets for passenger drones. The leading companies dominated the APAC regions are EHANG and Cartivator.
Segmentation:
The global passenger drones market has been segmented by capacity up to 100 kg and over 100 kg. Presently, most of the drones developed fall into the up to 100 kg category. However, companies such as Uber Technologies Inc. are keen on the commercialization of passenger drones, which might not be viable if the drone has less capacity. Hence, the over 100 kg segment is projected to witness a CAGR of 30.33% during the forecast period and will surpass the market size for up to 100 kg segment by 2024.
The global passenger drones market, in this report, has been segmented on the basis of application into two types, namely commercial and personal. Till date, apart from a few exhibits and test flights, there is no wide-scale implementation of passenger drones. However, over the next decade, it is most likely that the passenger drones will be commonly used in amusement parks and other tourist destinations, hospitals for emergency purposes, police for security and surveillance purposes, and so on. Hence, the commercial segment is expected to lead the market and register the highest CAGR during the forecast period.
The global passenger drones market, in this report, has been segmented on the basis of rotor into two types, namely less than 10 rotors and more than 10 rotors. Drones which are being developed by Volocopter GmbH, JOBY Aviation, and Lilium fall under more than 10 rotors category. Meanwhile, based on the present designs, the number of rotors is in direct correlation with the speed, range, and capacity of the passenger drones. Therefore, the more than 10 rotors segment is projected to register the highest CAGR during the forecast period.
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Intended Audience
• Passenger drone manufacturers
• Other UAV manufacturers
• Potential investors
• Raw material suppliers
• GNC solution providers
• Associattions
• Government
• End-Users
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