Passenger drone is an advanced version of Unmanned Aerial Vehicles (UAV) that can carry cargo and passengers. This is an emerging concept that would completely change the dynamics of the transportation industry. Passenger drones are also referred to as pilotless helicopters, flying taxis, or drone taxis. Owing to the rapid developments in autonomous-flight systems, batteries, and electric power, there has been a steep rise in the sales of drones. Concurrently, a number of entrepreneurs have engaged in developing unmanned systems that can carry passengers inside them. The ultimate goal of the entrepreneurs and the participating companies is to develop a pilotless passenger drone that can be parked outside the houses like an ordinary car or can be booked with the help of a smartphone app, like a taxi. Currently, huge investments are being done by companies, such as Airbus, Boeing, and Uber Technologies Inc., for designing and developing passenger drones, which would significantly propel the market growth.
The growing urban population, coupled with rising traffic congestion problems; rapid technological advancements; decline in drone costs; and rising participation of companies are the key factors driving market growth. Meanwhile, limited endurance and safety concerns associated with drones are hindering the market growth to a certain extent and lack of regulatory framework and supporting infrastructure is a significant challenge for the market. However, factors such as focusing on reducing vehicular pollution, government and aviation industry support, aerial drone innovations, and high R&D investments offer promising growth opportunities for the market.
The global passenger drones market is estimated to witness a 27.74% CAGR during the forecast period, 2018-2024. By 2024, the market will be led by Europe with 32.48% share, followed by Asia Pacific and North America with shares of 28.24% and 25.49%, respectively. Asia Pacific is likely to become a lucrative region for the firms that develop passenger drones and related systems, due to the increasing focus of countries such as China, Japan, and South Korea. Meanwhile, Europe is expected dominate the passenger drones market by 2024. Countries such as Germany and the U.K will contribute to a large extent in the passenger drones market during the forecast period. The presence of companies such as Airbus S.A.S, Lilium, and Volocopter GmbH is expected to boost the Europe passenger drones market in the next decade. The key drivers for the Europe passenger drones market include increasing joint ventures & partnerships, along with rapid technological advancements. Regarding country, the U.S. is at the forefront of developing passenger drones, and this country will be the single largest market on the global scale by 2024. The U.S. Department of Transportation is focusing on the process for the approval of passenger drones that is similar to approving traditional commercial air carriers. This country houses companies such as Boeing and Uber Technologies Inc., which are very active in the passenger drones market. Meanwhile, the U.S. has a couple of cities, Los Angeles and New York, which face high levels of traffic congestion. Passenger drones could prove a beneficial solution in these areas.
AeroMobil (Slovakia), Airbus S.A.S. (France), Boeing (U.S.), Cartivator (Japan), EHANG (China), Joby Aviation (U.S.), Lilium (Germany), TERRAFUGIA (U.S.), Uber Technologies Inc. (U.S.), and Volocopter GmbH (Germany) are the major companies that focus on the development and provision of passenger drones systems for commercial and military applications, across the globe. Airbus and Boeing are estimated to account for more than 40% of the market share by 2024.
Objective of the Global Passenger Drones Market Research Report – Forecast to 2024
- To provide insights into factors influencing the market growth
- To provide historical and forecast revenue of the market segments and sub-segments with respect to regional markets and their key countries
- To provide historical and forecast revenue of the market segments based on component, capacity, application, rotor, and region
- To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
- Manufacturers of avionics system
- Original Equipment Manufacturers (UAV OEMs)
- Battery and related component providers
- Providers of raw materials and equipment for airframe
- Commercial end-users
- Transportation network companies
- The passenger drones market in this report has been segmented on the basis of component into five types, namely airframe, controller system, navigation system, propulsion system, and others. The controller system segment market is projected to register the highest CAGR of 28.94% during the forecast period.
- The global passenger drones market has been segmented, by capacity, into up to 100 kg and over 100 kg. The over 100 kg segment market is projected to register the highest CAGR of 30.33% during the forecast period.
- The global passenger drones market, in this report, has been segmented on the basis of application into two types, namely commercial and personal. The commercial application segment market is projected to register the highest CAGR of 28.79% during the forecast period.
- The global passenger drone market, in this report, has been segmented on the basis of rotor into two types, namely less thaten10 rotors and more thaten10 rotors. The more thaten10 rotors segment market is projected to register the highest CAGR of 31.27% during the forecast period.
- Europe would dominate the passenger drones market by 2024. It is expected to register a CAGR of 27.78% during the forecast period. It is expected to reach a market size of USD 276.5 million by 2024.
The regional analysis also includes:
- ·Rest of Europe
- Asia Pacific
- ·South Korea
- ·Rest of Asia Pacific
- North America
- Rest of the World
- ·Saudi Arabia
- ·Other Countries