Consumer drone market to hit 15 million units by 2024
The consumer drone market is projected to hit 15 million units and be worth $9 billion by 2024. According to a research report by Global Market Insights, Inc., the consumer drone industry is driven by the increasing awareness and understanding of drone technology. This has enabled the government to take proactive measures to ensure safety, reliability, and convenience for recreational purposes. The relaxation by government authorities on the use of drones for recreational and non-recreational purposes is also augmenting the market growth, as are increasing investment initiatives and supportive government policies.
Advancements in drone technology are boosting the growth of the market. The drone industry is exploring unmanned aerial vehicle (UAV) applications with emphasis on developing fully autonomous consumer drones. The integration of artificial intelligence (AI) and advanced machine learning algorithms enables independent operation of drones and is expected to develop many opportunities for the growth of the market. For instance, in 2018, the autonomous UAV manufacturer Skydio launched the R1 consumer drone, powered by AI and advanced machine learning algorithms. It is one of the first professional grade drones that can be flown without any expertise or interference from a human operator.
The hobbyist/toy market is projected grow substantially during the forecast period due to technological advancements in UAVs. The populations of many countries are widely adopting the trend of using drones for aerial photography. The advent of high-definition cameras and gimble systems in the drones fuel the demand for UAVs for photography purposes. Furthermore, advancements in drone technology have attracted the attention of gaming enthusiasts. People are increasingly adopting drones for playing augmented reality (AR) games to obtain a realistic experience of gaming.
Major players in the consumer drone market are 3D Robotics, Cheerson Hobby, DJI, Hobbico, Inc., Horizon Hobby, Jianjian Technology, Parrot, Meijiaxin Innovative Technology, Mota Group, Shenzhen Hubsan Technology, SkyTech, SYMA, UDI RC, Walkera Technologies, and Yuneec.
The Asia Pacific consumer drone market is set to witness extensive growth during the forecast period in the light of growing investments in drone technology in China and other developing economies such as India. The growth of the region is attributed to the rapid increase in awareness among the population about drones and the governments’ relaxation toward the regulations for recreational purposes. Furthermore, the presence of market leaders in the consumer drone space, such as DJI, Yuneec, and Walkera, will also augment the market growth.
For more information about the report, visit https://www.gminsights.com/industry-analysis/consumer-drone-market.