The global consumer drone market size is expected to reach
USD 4.19 billion by 2024, according to a new report by Grand View Research,
Inc. The substantial growth prospects of the market can be attributed to
surging eminence of drone flying as hobby initiatives such as UAV photography and
racing. Administrative support through permitting drone flying for
non-commercial purposes in select geographies is stimulating the growth of
global consumer drone market.
Consumer UAVs have gained prominence owing to
their ability of high-resolution image and video capturing, dynamic novel
design concept, as well as adequate operational intervals. Upcoming favorable
initiatives by regulatory bodies, such as Federal Aviation Authority (FAA) and
European Aviation Safety Agency (EASA), and increasing governmental spending on
such advanced UAVs are anticipated to drive the industry growth over the
forecast period.
An emerging trend in the industry is the
development of drones with hydrogen fuel cells that in the back end conserve
energy and supply power to UAVs, thereby enabling longer flight hours.
Furthermore, dynamic concept design and enhanced flight capability of UAVs have
revolutionized the gaming, electronics, and associated hobby markets.
Aerial photography enthusiasts are profoundly
accepting drones in complimenting their hobby of exploring and capturing
dynamic images and videos. The introduction of high-resolution HD 4K cameras
and advanced Gimbal systems by manufacturers are presumed to boost the adoption
of UAVs in photography and nature exploration.
However, smaller flight time due to shorter
battery life of drones, as well as registration obligations, to regulate the
issuance of official drone registration certificate in select geographies are
anticipated to challenge the industry growth over the forecast period.
Browse full research report on Consumer
Drone Market:
https://www.grandviewresearch.com/industry-analysis/consumer-drone-market
Further key
findings from the report
suggest:
- Multi-rotor drones dominated the overall
market, both in terms of revenue and volume. They accounted for over 85%
of the overall volume share in 2015 and are poised to witness significant
growth over the next eight years. Multi-rotor drones are increasingly used
in racing and photography applications. The ability to perform under
extreme conditions and development of various innovative applications are
the primary factors driving the increased adoption of multi-rotor drones.
- Nano drones are anticipated to witness
significant growth over the forecast period, growing at a CAGR of over 30%
from 2016 to 2024. The growth in demand for nano drones can be attributed
to their portability and efficient application in photography and security
applications. These small-sized drones incorporate a low cost of
maintenance, operation, and production. Manufacturers are increasingly
integrating nano drones with gimbaled sensors to provide effective
controlling and extend its application base.
- Projected to grow at an estimated CAGR of
close to 30%, from 2016 to 2024, prosumer application segment dominated
the overall market share, both in terms of volume and revenue in 2015.
Rapid increase in aerial photography can be attributed to the growth of
photography as a hobby and aligned technologies. Moreover, FPV racing is
being increasingly promoted as a recreational hobby in some regions owing
to rising adoption of UAVs in the gaming segment.
- Drones’ demand in toy/hobbyist application was
estimated to be over 270 thousand units in 2015 and is presumed to witness
substantial growth in the near future. It is envisioned to surpass
prosumer application segment in terms of volume by 2018. The growth in
this segment can be attributed to increasing adoption of drone flying as a
hobby initiative and customized UAV fabrication.
- Asia Pacific is anticipated to witness
considerable growth over the next eight years, growing at a CAGR of close
to 35% from 2016 to 2024. The region incorporates substantial growth
potential owing to the increasing development of innovative technology
solutions for drones and aiming to manufacture them at a lower cost.
Increasing investments by Japan and China for the development of
multifunctional drones for various applications is expected to drive the
regional industry growth in the recent future.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/consumer-drone-market/request/rs1
Grand
View Research has segmented the global consumer drone market on the basis of
product, application, and region.
Consumer
Drone Product Outlook (Volume, Thousand Units; Revenue, USD Billion 2013 -
2024)
- Multi-rotor
- Nano
- Others (Fixed-wing,
hybrid)
Consumer
Drone Application Outlook (Volume, Thousand Units; Revenue, USD Billion 2013 -
2024)
- Prosumer
- Toy/Hobbyist
- Photogrammetry
Consumer
Drone Regional Outlook (Volume, Thousand Units; Revenue, USD Billion 2013 -
2024)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- China
- Japan
- Latin America
- MEA
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.
