San Francisco,17 October 2018:
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.
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.
Access
Research Report of Consumer
Drone Market@ www.grandviewresearch.com/industry-analysis/consumer-drone-market
Based on product, the market
can be bifurcated into multi-rotor, nano, and others (Fixed-wing, hybrid).
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.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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.
Access
Press Release of Consumer Drone Market@ www.grandviewresearch.com/press-release/global-consumer-drone-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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