Passenger Drones Market Share, Size, Trends & Analysis Report, By Component (Hardware, Software, Services); By Capacity (Less than 100 kg, More than 100 kg); By End-User (Personal, Commercial); By Region: Segment Forecast, 2019 - 2026

The global passenger drones market size was valued at USD 181.76 million in 2018 and is anticipated to grow at a CAGR of 29.5% during the forecast period. Passenger Drones are electronic aircrafts that move people from short to medium distances. These drones can be manually piloted, remotely piloted or fully autonomous.

Designed to accommodate two to five people, they are capable of Vertical Takeoff and Landing (VLOT) and do not require a runway.  They run on battery and hence have zero emissions and high energy efficiency. Being quieter than helicopters, these have been in use in military applications but now with technological advancements these can be extended to scientific, commercial, recreational, passenger and surveillance uses. Passenger drones will make intra and inter-city transport time efficient for commuters. In special missions, passenger drones can be used for search and rescue, emergency supply delivery, air ambulance and fire rescue.

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The decline in drone costs and technological advancement are primarily driving the passenger drone market. The growing urban population, and increasing need to travel cheaper, faster and cleaner has accelerated the passenger drone market growth. The growing urban population and their aspiration to avoid traffic congestion are factors expected to provide growth opportunities to the passenger drone market during the forecast period. The increasing global demand of intelligent technologies that reduce emissions and provide higher energy efficiency would drive the passenger drone market growth during the forecast period.

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. Technological innovation in terms of miniaturization and improvement of components has encouraged established organizations, and small and medium organizations to invest in passenger drones. However, safety and privacy concerns restrict the market growth.

Segment Analysis

The global Passenger Drones market is segmented on the basis of component, capacity, end-user, and region. On the basis of component, the market is segmented into hardware, software, and services. The hardware segment accounted for the highest share in 2018 owing to increasing use of technologically advanced hardware components such as cameras, navigation systems, frames, controllers, propulsion systems, and others.

Based on the capacity, the passenger drones industry is segmented into less than 100 kg, and more than 100 kg. The passenger drones with capacity of more than 100 kg are expected to grow at the highest rate during the forecast period. The end-users are segmented into personal and commercial.

Passenger Drones Market Scope

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Regional Analysis

The report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., and Canada. Europe is divided into Germany, UK, France, Italy, Spain, Belgium, Russia, Netherlands, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, Korea, Singapore, Malaysia, Indonesia, Thailand, Philippines and Rest of Asia-Pacific. Europe accounted for the largest share in the global market in 2018 owing to presence of key companies, technological advancements, and increasing need for efficient travel.

Competitive Landscape

The leading players in the passenger drones industry include Ehang, Volocopter GmbH, AeroMobil, Joby Aviation, Uber Technologies Inc., Boeing, Airbus S.A.S., Astro Aerospace, Cartivator, Lilium, and Terrafugia among others. These leading players in the market are introducing innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen presence in the global passenger drones industry.