Passenger Drone Market Growing at CAGR of 30% from 2017 to 2023 | Global Leaders: Uber, Volocopter, Airbus Group, Terrafugia, Ehang, Lilium, AeroMobil, Cartivator

Market Insights
The last decade or so has seen a surge in popularity in the use of unmanned aerial vehicles (UAV). Initially popularized by hobbyists, UAVs are currently being used in military activities and conducting research. Drones have also been used successfully by businesses for delivery of products to the end user. In the last few years, a niche market for passenger drones has been established and is seeing exponential growth for the forecast period.

Market Research Future’s report on the Passenger Drones Market sheds light on the trends and insights for various segments of this market. The report indicates that an increase in multirotor passenger drones in non-military applications for flight stability and cost benefit is a key factor in the growth of the passenger drone market.

The ubiquity of smartphones has given rise to demand for smartphone controlled passenger drones. Moreover, rapidly increasing demand for efficient transport, has encouraged key players globally, to experiment with relevant technologies. The future of mobility is expected to be revolutionary with flying cars soon becoming a strongly possible reality that changes the way we perceive terrestrial mobility

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New and existing guidelines and regulations for aviation and aerospace in this competitive, budding market could prove to be a restricting factor on growth. The passenger drone market is presently in its infancy stage, however, the potential for this market is reflected in the projection of CAGR, which is an exponential 30% during the forecast period.

Market Segmentation
The passenger drone is segmented into component, capacity, rotors and application.
Segmentation on the basis of sensor includes sensor, controller system, camera, navigation system, propulsion system, batter and others. Sensor is further segmented into motion sensor, light sensor, proximity sensor, temperature sensor, position sensor and others. Camera is sub segmented by multispectral camera, thermal camera, lidar camera and high resolution camera. Navigation systems are further divided into global positioning system and geographic information system.

Based on capacity, the passenger drone market is segmented by up to 100kg, 100 – 200kg and 200kg above.

Rotors are segmented into up to 10, 10 – 20 and 20 above.
Based on application the market is segmented into commercial and personal passenger drones.

Regional Analysis
The MRFR report on the passenger drone market analyses the market trends for the forecast period in North America, Europe, Asia Pacific and the rest of the world (ROW). This market is fairly new and still forming. The projected global growth is significantly rapid.

Currently, North America leads the market share globally. This is partly due to countries like the U.S.A already using drones for commercial activities. Many key players of the market are located in the North America and countries like U.S.A have passed legislation pertaining to passenger drones and aviation, thus significantly contributing to the region’s position as market leader.

The Middle East, which falls under rest of the world (ROW), is projected to be the fastest growing regional market segment during the forecast period. This is primarily because countries like the UAE are seeing a compelling demand for passenger drones. Prominent key players have successfully carried out test flights in this region.

Asia Pacific is the second fastest growing region, the want for transport solutions for heavily populated countries in this region are driving forces for market growth.

Developments and advancements in aviation, aerospace and defense in Europe are expected to restrain market growth, but key players from the region will still see modest growth.

Key Players
Eminent players in the passenger drones market include Volocopter GmbH (Germany), Airbus Group (Netherlands), Terrafugia Corporation (U.S.), Ehang (China), Lilium (Germany), AeroMobil s.r.o (Slovakia), Cartivator (China) and Uber (U.S.) to name a few.

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Latest Industry News
EHang Inc., is currently testing the E-184 while also striving to get the necessary approvals to make it commercially viable. Dubai and the State of Nevada have shown great interest in the E-184, which is expected to go into automated mass production in 2018. The E-184 has four battery powered propellers, an automated navigation system, a cruising speed of 100 km/hour and flight autonomy at a duration of 25 minutes.

Airbus has also successfully tested its passenger drone, Vahana. Players in this market appear to be motivated by the competition as the news of Airbus’ success in test flying their passenger drone model comes at a time of creative innovation in the market.

Uber will be hosting Elevate Summit, which is an aviation conference that is dedicated to futuristic vehicles. Uber has displayed intentions to be a prominent player in the passenger drone market. Elevate Summit will be an invite only even that will feature announcements and relevant demonstrations.

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