Passenger Drones Market Size, Key Players Analysis, Business Growth, Regional Trends, Development Status, Sales Revenue and Comprehensive Research Study Till 2023

Market Highlights:

Market Research Future has published its report on the global passenger drones market which has been observed to value USD 154.4 Mn in 2017 and will likely appreciate reaching USD 851.2 Mn by the end of 2024. UAVs and passenger drones are witnessing massive growth due to various factors including overpopulation in urban areas, worsening traffic conditions, and gradual, yet the consistent decline in drone costs are expected to lead growth over the forecast period from 2018 to 2024.

Globally, urbanization has led to the increase in disposable income which has further attracted consumers to move to urban areas. Many urban areas are highly populated, and due to the rise in disposable incomes, most consumers have automotive vehicles which have resulted in traffic congestion problems. Moreover, the market is highly competitive, and market players are in a race to establish themselves as leaders in the global passenger drones market. To this effect, investments in R&D toward technological developments are an ongoing effort which has resulted in many advancements and are expected to mitigate the various challenges the market faces in the near future. This development has also resulted in the reduction of drone costs, making them more affordable.

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Key Players Covered

Lilium, EHANG, Airbus S.A.S., Cartivator, AeroMobil, Boeing, Volocopter GmbH, Joby Aviation, TERRAFUGIA, and Uber Technologies Inc. are among the leading market players that have been profiled in MRFR’s report on the global passenger drones market.

Presently, passenger drones have limited endurance in terms of flight durations, and there are various safety concerns regarding passenger drones which are expected to slow market growth. However, ongoing technological advances are expected to mitigate this to a great extent in the coming years. Another challenge the market faces is the lack of regulatory framework surrounding unmanned ariel passenger travel. The market is expected to witness government and consumer support, however, as it is likely to reduce vehicular pollution. this represents a significant opportunity in the future which will perpetuate further growth.

According to MRFR, Global Passenger Drones Market will exhibit a CAGR of 27.74% during the forecast period from 2018 to 2024 to cross a USD 800 million mark by 2024.

Market Segmentation

The global Passenger Drone Market has been segmented on the basis of capacity, application, rotor, and region in MRFR's report. The capacity of passenger drones has been segmented into up to 100 Kg and over 100 kg. At present, a majority of the passenger drones fall in the up to 100 kg category. However, once passenger drones are commercialized, it is likely that the over 100 kg segment will grow at a significant pace and will attain the leadership position over the assessment period.
Applications for passenger drones have been segmented into commercial, and personal. The commercial segment is expected to lead the market as there has not been any wide-scale implementation of passenger drones.

Rotors in passenger drones have been segmented into less than 10, and more than 10. The less than 10 rotors segment accounts for the largest share of the market. however, the more than 10 rotors segments are anticipated to register the highest CAGR during the assessment period.
Regionwise segmentation of the global passenger drones market divides it into North America, Europe, Asia Pacific, and the Rest of the World.

Regional Analysis

The European market, which is led by Germany, accounts for the market-leading share of the global passenger drones market. The region has a concentration of influential market players who are likely to play a significant role in the growth of the market in the coming decade. Increasing joint ventures and strategic collaborations combined with rapid ongoing technological developments are expected to bolster the European market's growth.

Led by the U.S, the North American market is another significant region with a large market share. The u.S is the most significant country in terms of having a concentration of market players. Relevant U.S government bodies are focussing on building a regulatory framework for the approval of passenger drones. Moreover, the region has several urban cities where traffic conditions are truly deplorable, and passenger drones could lead to significant decongestion of traffic, thus increasing consumer support and demand for passenger drones. Meanwhile, the Asia Pacific market is expected to grow at the highest CAGR during the review period. The presence of a large rapidly urbanizing population combined with rising disposable incomes and poor traffic conditions are expected to support market growth. China, Japan, and South Korea are among the most promising country level markets in the APAC.

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Intended Audience
• Passenger drone manufacturers
• Other UAV manufacturers
• Potential investors
• Raw material suppliers
• GNC solution providers
• Associattions
• Government
• End-Users

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