Global 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 & >10), and by Region – Forecast Till 2024
Global passenger drones market will exhibit a CAGR of 27.74% during the forecast period from 2018 to 2024 to cross a USD 800 million mark by 2024. A number of companies are currently exploring the use of passenger drones as air-taxis, air-cargo, or for air-ambulance services. The concept of passenger drones is relatively new. In 2017, the market was led by Europe and was followed by Asia Pacific and North America. 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.
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. Meanwhile, limited endurance and safety concerns are hindering the market growth to a certain extent and factors such as lack of regulatory framework, supporting infrastructure, cohesive air-traffic management network, and skilled drone operators/pilots are a significant challenge to the market. However, the focus on reducing vehicular pollution will offer promising growth opportunities for the market.
Report Overview
The report provides in-depth information of the recent market scenario, historical market trends, and correlations between the market dynamics and forecasts. The market size in report covers the parameters of the market in terms of value. Along with the market size, the study segments the passenger drones market based on component, capacity, application, rotor, and region, delivering actionable insights. This section helps the report users to identify the segments that are highly lucrative and capitalize on growth opportunities while minimizing risks. The report also explores market dynamics such as drivers, trends, opportunities, and restraints, impacting the growth of the market segments. The section also sheds light on the key micro and macroeconomic factors influencing the growth of the market.
The market, by component, is segmented into five types, namely airframe, controller system, navigation system, propulsion system, and others. The market by capacity is segmented into up to 100 kg and over 100 kg. The market by application has been segmented into two types, namely commercial and personal. The market has been segmented on the basis of rotor into two types, namely less than 10 rotors and more than 10 rotors. All the above mentioned segments are profiled under four major geographies– North America, Europe, Asia Pacific, and Rest of the World, with the respective country-level market sizes. For the scope of the research, definition of the product “passengers drone market” is also included in the report. The report discusses the current and future trends of the market and delivers an unbias growth assessment.
Players Covered
Some of the key players profiled in the report include 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).
The report offers insights into the leading market players and evaluates their current market share. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives.
Research Methodology
MRFR applied an innovative and fail-safe research methodology to compile this market research report. Statistical conclusions drawn in the report are the result of an exhaustive investigation and analysis of the key market elements. A multi-level data collection procedure, which includes both primary and secondary research inputs ensures the delivery of an impactful intelligence. To support the statistical findings and projections, full-scale industry extensive primary research was conducted to gain a deeper insight of the market and industry performance. Primary research includes surveys and interviews with the key personnel from the manufacturers/supplier (VPs, CEOs, Marketing Directors, Business Development Managers and others) in the market. Additionally, the primary data collected from manufacturers is verified with the primary research information collected from distributors, wholesalers, and end users. Secondary research was mainly used to collect and identify information useful for extensive, technical, market-oriented, and commercial study of the passenger drones market.
The market size estimation was done using both top-down and bottom-up approach to estimate market values and volumes for respective segments and countries. Other than this, the market sizes were also calculated based on market share analysis of the most competitve players in the market. Revenue and demand forecasting was done thrugh historical analogy, weighted moving average, time series analysis, panel consensus, and exponential smoothening mtehods. MRFR is committed to provide market data that is highly relevant and factually correct, and helping stakeholders to develop cohesive growth strategies.
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