Market Research Future (MRFR)’s latest study reveals that the global passenger drones market is set to expand at 27.74% CAGR during the forecast period (2018-2024).
Passenger drone is an advanced version of Unmanned Aerial Vehicle (UAV) that can carry cargo and passengers. This is an emerging concept that would completely revamp the transportation industry. Passenger drones are also referred to as pilotless helicopters, flying taxis, or drone taxis. Currently, there are a number of investments by companies, such as Airbus, Boeing, and Uber Technologies Inc., on the passenger drone front, which would significantly propel the market.
Factors such as growing urban population, rising traffic congestion problems, rapid technological advancements, decline in drone costs, and rising participation of companies are driving the market growth. Meanwhile, limited endurance and safety concerns are hindering the market growth to a certain extent and factors such as lack of regulatory framework, supporting infrastructure, cohesive air-traffic management network, and skilled drone operators/pilots are a significant challenge to the market. However, the focus on reducing vehicular pollution will offer promising growth opportunities for the market.
Global Passenger Drones Market – Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the market based on component, capacity, application, rotors, and region. In terms of component, the airframe market segment accounted for the largest market share in 2017. In terms of capacity, the up to 100 kg market segment accounted for the largest market share of more than 50% in 2017. In terms of application, the commercial market segment accounted for the largest market share of in 2017, with a market value of more than USD 100 million. In terms of rotors, the more than 10 rotors market segment accounted for the largest market share in 2017 and is projected to witness a CAGR of more than 30%, during the forecast period.
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). Europe currently accounts for the largest market share, and the trend is likely to continue in the foreseeable future. Countries such as Germany and U.K will contribute to a larger extent in the passenger drone market in the upcoming years. The presence of companies such as Airbus S.A.S, Lilium, and Volocopter GmbH is expected to boost the European market over the next decade. The key drivers for the European market are increasing joint ventures & partnerships along with rapid technological advancements.
North America is a key region in the passenger drones market. The sheer existence of the key companies, such as Boeing, Workhorse, and Joby Aviation, combined with the availability of sophisticated technologies to deliver innovative solutions enables this region to be a promising market. Moreover, it is expected that other countries such as Canada and Mexico would embrace this concept in the near future and would aid in this region to gain a higher share in the global market.
Global Passenger Drones Market – Competitive Dashboard
Some of the key players profiled in the report include 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).