Global Consumer UAV Market Size to exceed $9bn by 2024
Published Date: September 16, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Consumer UAV Market size is predicted to exceed USD 9 billion by 2024; according to a new research report by Global Market Insights, Inc.
The consumer UAV market is expected to witness an accelerated growth over the forecast timeline due to the rising investments by global drone manufacturers for the development of consumer drones. The leading drone companies including DJI, Boeing, and Yuneec International are investing in camera drone technology to cater to the needs of customers in various verticals including agriculture, defense, and mining. The growing popularity of IoT-enabled drones will also spur market growth to provide real-time aerial imagery and videography. The use of IoT technology in drones enhances their capability to perform drone operations from any internet-connected device and monitor multiple UAVs simultaneously.
The fixed-wing consumer UAV market is expected to grow at a CAGR of around 10% over the forecast timeline due to its simple structure. As drones are more efficient to aerodynamics, they offer benefits for long flight duration at high speeds, catering to large survey areas for flights, which is expected to augment the demand for such consumer UAVs.
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The semi-autonomous consumer UAV market is expected to grow at a CAGR of over 20% as semi-autonomous drones integrate capabilities of autonomous and remotely operated drones. By incorporating a semi-autonomous drone, an operator does not have to constantly monitor its performance or location, making them a more popular choice of deployment for drone operations as compared to other drones. These drones are extensively used to provide situational awareness to defense agencies through real-time information about nearby areas. The demand for semi-autonomous drones is rising due to their impressive flight abilities and levels of autonomy.
The prosumer application segment is estimated to hold a market share of over 40% by 2024 due to the rise in interests for the prosumer drone segment by drone enthusiasts. This can be attributed to the high-end pricing of professional drones and below-par recreational drones accessible in the market. This has resulted in the need to serve high-quality consumer UAVs at a budget price for drone enthusiasts in the market to bridge the gap among two extensive segments.
Browse key industry insights spread across 350 pages with 210 market data tables & 30 figures & charts from the report, “Consumer UAV Market Size By Product (Fixed Wing, Rotary Blade, Hybrid), By Technology (Remotely Operated, Semi-Autonomous, Autonomous), By Application (Prosumer, Hobbyist/Toys, Photogrammetry), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
The North America consumer UAV market is expected to grow at a CAGR of over 15% due to the surge in adoption of the drone technology for capturing surroundings through video, filming, and aerial photography. In August 2017, the U.S. government approved shooting consumer drones as it is illegal to fly consumer-grade drones within 400 ft. of the U.S. Army base. The relaxation by the U.S.’s Federal Aviation Administration (FAA) on the use of drones for recreational and non-recreational purposes is driving market growth.
Companies operating in the consumer UAV market are developing a wide range of drones to transform how enterprises capture and share aerial data to accelerate their business operations. In November 2017, DJI received a suite of advanced features from Kittyhawk as a part of the collaboration. The collaboration brought new features to the DJI hardware such as real-time drone telemetry with audio & video streams. In February 2016, Parrot, a France-based enterprise having expertise in consumer drones invested USD 7 million in MicaSense, a Seattle based company that provides remote sensing solutions for the agricultural market.
Some of the major players in the market are Horizon Hobby, 3D Robotics, Meijiaxin Innovative Technology, SkyTech, DJI, Hobbico, Inc., Walkera Technologies, SYMA,Parrot, Mota Group, Shenzhen Hubsan Technology, Cheerson Hobby, Jianjian Technology, UDI RC, and Yuneec.
The consumer UAV market research report includes in-depth coverage of the industry with estimates & forecast in terms of shipments in units and revenue in USD from 2013 to 2024, for the following segments:
- Fixed Wing Drone
- Rotary Blade Drone
- Hybrid Drone
- Remotely operated
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa