Global passenger drones market is anticipated to reach a valuation of US $1,419.5 million and grow at a CAGR of 29.5% throughout the forecast period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
The report offers an all-inclusive analysis of the market with reference to present market dynamics and anticipated future trends. Based on component, the hardware segment captured the highest revenue in the global passenger drone’s industry in 2018. In terms of regional penetration, Europe was the highest contributor to the global market in 2018.
Passenger drones can take off and land vertically, there is a good possibility that these vehicles can counter the issues surrounding driving on roads in cities. Passenger Drones are also capable of solving critical transportation issues, especially during peak hours and can avoid obstacles such as lakes or bridges. In addition to the daily commute, passenger drones can effectively be used during adversities, and can aid rescue and search operations, air ambulance or emergency supply delivery.
Based on components, the passenger drones market comprises of segments such as software, hardware, and services. In the year 2017, the hardware segment prevailed as the leading contributor in the global market. The hardware commonly deployed in passenger drones comprise technologically advanced cameras, frames, navigation systems, controllers, propulsion systems, and others.
Key highlights pertaining to the passenger drone market report are enumerated below:
- The rising need for swift, low-priced, and cleaner transport is boosting the demand for transport alternatives, like passenger drones.
- The growing demand for smart technologies supporting low emissions and high energy efficiency would contribute significantly to the passenger drone market growth.
- The high penetration of mobile devices paired with technological progressions in components like mapping software, camera, and others are projected to support market growth.
- The decline in drone costs along with technological advancements is attracting significant investments in the technology, thus adding impetus to product demand.
- The rapidly increasing urban population and their desire to skip traffic congestion will further support market growth over the forecast period.
- The market is prone to some obstacles due to concerns pertaining to safety, security, and privacy, that will likely hinder market growth over the forecast period.
- The market is set to encounter numerous growth opportunities in the coming years, owing to increasing demand from developing economies as well as technological advancements.
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Considering geographical growth, Europe procured the highest returns in the market in 2017. The regional growth can be credited to increasing population and their increasing preference for efficient travel options. Additional factors pushing market growth comprise of the existence of key players in the region, major investments, and surging technological innovation.
The report also delivers a comprehensive analysis of the passenger drones market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of component, capacity, end-use spectrum, and regional landscape is also contained within the report. In addition, the business magnates of this industry vertical are summarized with respect to business overview, product benchmarking, financials, and recent developments, in a bid to explicate their role in the overall market.
The competitive landscape of the global passenger drones market includes well-known companies such as Ehang, Volocopter GmbH, Joby Aviation, AeroMobil, Uber Technologies Inc., Airbus S.A.S., Boeing, Astro Aerospace, Lilium, Terrafugia, and Cartivator among others. These firms are steadily enhancing their offerings in the passenger drones industry by launching new products. Given the constantly advancing technology, industry players are innovating and launching new solutions to suffice the growing needs of the customers.