The
global passenger drones market is estimated to reach USD 1,419.5 million
by 2026 growing at a CAGR of 29.5% during the forecast period, according to a
new study published by Polaris Market Research.
Passenger
Drones are move people for short to medium distances. Being capable of vertical
takeoff and landing (VLOT), these can replace driving on roads in cities.
Passenger Drones will solve the problem of transport during peak travel time
and overcoming obstacles like bridges or lakes. Not just daily commute,
passenger drones can be of great significance in adversities and be used for
rescue, search operations, emergency supply delivery or air ambulance.
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The growing
need for cheaper, faster and cleaner transport is increasing the demand for
transport alternatives. The increasing demand for intelligent technologies that
reduce emissions and offer higher energy efficiency play a key role in the
passenger drone market growth. The increasing penetration of mobile devices and
technological advancements in components such as camera, mapping software, and
others are expected to further support passenger drone market growth.
The decline
in drone costs and technological advancement is encouraging significant
investments in the technology. The growing urban population and their
aspiration to avoid traffic congestion will further push the passenger drone
market growth during the forecast period. However, safety, security, and privacy
concerns restrict the market growth. Growing demand from emerging economies,
and technological advancements are factors expected to provide numerous growth
opportunities in the coming years.
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Europe
generated the highest revenue in the market during 2017. The increasing
population, and growing need for efficient travel options drives the growth of
this market. Presence of key players in the region, significant investments,
and increasing technological innovation further support the market growth.
The different
components used in passenger drones include hardware, software, and services.
In 2017, the hardware segment accounted for the largest share in the global
market. The hardware used in passenger drones include technologically advanced
cameras, navigation systems, frames, controllers, propulsion systems, and
others.
The
well-known companies profiled in the passenger drones market report include Ehang,
Volocopter GmbH, AeroMobil, Joby Aviation, Uber Technologies Inc., Boeing,
Airbus S.A.S., Astro Aerospace, Cartivator, Lilium, and Terrafugia among
others. These companies are consistently launching new products to enhance
their offerings in the passenger drones industry. With the advancement of
technologies, companies are innovating and introducing new solutions to cater
to the growing needs of the customers. Leading companies are also acquiring
other companies, and enhancing their offerings to improve their market reach
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