Consumer Drone Market expected to grow significantly over 2024
Date: 2018-08-22   Author: Ronak Bora  Category: #market

Consumer Drone Market expected to grow significantly over 2024

The Consumer Drone Market is set to grow from its current market value of more than $1.5 billion to over $9 billion by 2024; according to a new research report by Global Market Insights, Inc.

The consumer UAVs are aircraft without human pilot aboard. These are well-known and are widely used as prototypes or toys for children and are designed & developed for entertainment purposes for consumers to utilize it at beaches & parks.

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The consumer drones market is driven by the rising awareness about drone technology. It has allowed the government to take measures ensuring convenience, safety, and reliability for entertainment purposes. The relaxation by the government authorities and the rising investments are also fueling the market growth. The industry is exploring different consumer drone applications with a focus on developing the autonomous drones. Furthermore, integration of AI (Artificial Intelligence) and machine learning programming empowers the autonomous operation of drones that is expected to create huge opportunities in the market. For instance, in 2018 Skydio, the manufacturer of an autonomous drone, launched one of the first professional grade consumer UAV R1.

The rotary blade drone dominates the market due to its high durability, reliability, and robustness and its rising use in photography and gaming applications. The rotary blade offers a good control over framing and positioning as compared to the other two and is widely utilized in aerial photography. The hybrid drone market is expected to grow faster due to its increasing use for photogrammetry applications. It has the features of a rotary blade as well as fixed-wing UAV. It offers several advantages over rotary and fixed-wing drones, such as higher payloads, durability, long endurance, and flexible flights, that make it a demanding product for prosumers.

Remotely-operated drones are leading the market due to strict regulations by the government. However, the autonomous UAV is observed as a substantially growing technology in the consumer UAV market. The technological advancement is due to the integration of AI and advanced machine learning in UAVs. The gaming market is expected to grow substantially due to the advancements in the drone technology. The other factors augmenting the growing demand in the market include the rising use for aerial photography and the increasing interest of vendors to deliver new autonomous products in segments such as agriculture, entertainment, and construction.

North America holds the majority of the global UAV market due to the growing adoption of drones for discovering and innovatively capturing the events through videos and aerial photography. The relaxation in regulations Federal Aviation Administration (FAA), U.S. on the use of the drone for entertainment and non-entertainment applications is forecast to have a great impact on the market. In addition, a high disposable income of the population and presence of big market players, such as 3D Robotics, UDI RC, and Horizon Hobby, are delivering the market with innovative products. 

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he Asia Pacific market is estimated as the fastest growing market due to increasing investments in the technology in developing economies such as China and India. Furthermore, China is the leading the consumer UAV market due to the availability of market players and huge investments for R&D from top investors globally. It is forecast that China will build the world’s largest consumer UAV over the forecast timeline with a disruptive technology and has capabilities to raise its market position.

The UAV industry is very competitive due to the presence of both major players and small organizations. The drone market is highly competitive in terms of features, pricing, functionality, and product. Some of the major consumer drone market vendors are Horizon Hobby, DJI, 3D Robotics, Parrot, Cheerson Hobby, Mota Group, Hobbico, Shenzhen Hubsan Technology, Jianjian Technology, UDI RC, Meijiaxin Innovative Technology, Walkera Technologies, SkyTech, SYMA, and Yuneec. Some of the common strategies followed by most market players are collaborations and product launches to increase the market share and geographic spread. For instance, in May 2017, Parrot introduced three new autonomous products under a new prosumer division, Parrot Professional that offers the UAV technology for agriculture and construction applications. In addition, DJI, the Chinese vendor, launched a product in the year 2017, Spark, a mini camera drone easily controlled by hand gestures.  

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.


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