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Consumer Drones Market Report 2022: High Resolution Image Capturing and Widespread Availability Drive $12 Billion Industry
DUBLIN, Jan. 27, 2023 /PRNewswire/ -- The "Consumer Drones Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The consumer drones market was valued at US$4.231 billion in 2020 and is expected to grow at a CAGR of 16.69% over the forecast period to reach a market size of US$12.463 billion in 2027.
With the use of drones in a vast majority of fields, the market seems to be very lucrative in the future. Adoption by photography enthusiasts that are driving the market growth.
Also, other factors such as rising disposable income, increasing adoption of IoT and cloud-based applications, and cheap data services play a key role in advancing the market size.
Moreover, the significant reduction in the cost of drones, easy operability, and the ability to carry more weight has boosted the market growth too. However, the existence of rules and regulations regarding the use of drones is acting as a restraint in the growth of the consumer drone market.
Drivers
Increasing awareness and availability of consumer drones, high-resolution image and video capturing coupled with advancement in drone technologies are prominent factors driving the growth of the consumer drones market over the analyzed period. The growing popularity of aerial photography is driving the demand for consumer drones. Photography enthusiasts are progressively using consumer drones for capturing photographs and videos, instead of using high-end video cranes.
This popularity is paving the way for growth in demand for the consumer drone market. According to the Federal Aviation Administration of the US, the number of hobbyist drones almost tripled in number reaching about 3.5 million in 2021 from an initial value of 1.1 million back in 2016.
Further, the manufacturers have been focusing on the automation of consumer drones with the help of artificial intelligence, which helps in enabling the programming of flight instructions within the drone itself. Furthermore, the integration of deep-learning algorithms and other machine-learning methods into these drones are some of the primary factors fuelling the growth of the consumer drone market.
Additionally, it is also expected that drones will eventually be used for delivery services, the demand for which is expected to grow continually in the forecasted period. Thus, businesses have been investing continuously in drone delivery initiatives and enabling technological advancements prior to achieving operational advantages and financial growth. For instance, in November 2021, Walmart along with Zipline, a drone delivery service launched a delivery service in two cities in Arkansas. The delivery was restricted to mainly health and wellness products, such as over-the-counter allergy medicines, bandages, and ibuprofen.
Geographical Insights
North America is expected to hold a substantial share of the consumer drone market. The high disposable income of the population and increased governmental spending on advanced consumer drones coupled with advantageous initiatives by the Federal Aviation Authority are some of the key factors that are expected to drive the growth of the consumer drones market in the region.
For instance, in November 2021, the US government planned to invest USD 1 trillion in order to develop infrastructure, which would help to drive the expansion of non-military drone fleets. These platforms would be able to deliver location intelligence safely and at a much lower cost. Further, as per the recent FAA rule change, small drones can now fly at night. Adding to that, the FAA has also granted waivers to numerous companies wishing to transport products by drone, along with some restrictions.
The regulatory agency has also been working on guidelines that would allow drones to fly outside the visual line of sight of the pilot without requiring limited waivers. All these developments and regulations in the region are thus expected to drive substantial growth in the consumer drone market.
The consumer drone market in the European region is projected to account for a significant share of the global market, which can be attributed to the presence of a large number of manufacturers in the countries within the region. The regulations for the provision of a fertile and safe environment and the integration of drones in European civil airspace are also expected to fuel market growth in the region.
Furthermore, major investors from developed countries are inclined towards investment in lucrative markets from emerging economies from the Asia Pacific like China and India. For instance, Bengaluru-based company Skylark Drones raised USD 3 million in a funding round led by Indian Angel Network and Edge Ventures. Due to all these initiatives, Asia Pacific is expected to witness considerable growth over the analyzed period.
Market Segmentation:
By Product Type
- Fixed Wing Drone
- Rotary Blade Drone
- Hybrid Drone
By Application
- Hobbyist & Gaming
- Aerial Photography
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. CONSUMER DRONES MARKET BY PRODUCT TYPE
6. CONSUMER DRONES MARKET By Application
7. CONSUMER DRONES MARKET BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
- Kitty Hawk Corporation
- SZ DJI technology Co. Ltd.
- Autel Robotics
- Parrot Drones SAS
- Yuneec International Co. Ltd.
- Horizon Hobby LLC
- Shenzhen Hubsan Technology Co., Ltd.
- Jianjian Technology Co. Ltd.
- Guangzhou Walkera Technology Co. Ltd.
- Ehang Inc.
For more information about this report visit https://www.researchandmarkets.com/r/h5jap-drones?w=5
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