One of the most futuristic drone applications – passenger drones – is predicted to grow astronomically over the next 6 years, to reach a market size of $1,419.5 million by 2026.
Polaris Market Research has released a new report that predicts the global passenger drone market to grow at a rate of almost 30% during the forecast period.
‘”Passenger Drones Market Share, Size, Trends, & Industry 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“ says that passenger drones have value beyond just urban air mobility, the idea of adding air travel options to public transportation infrastructure.
“Passenger Drones are move people for short to medium distances,” says a Polaris Market Research press release. “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.”
As Europe’s cities suffer increasingly from road traffic congestion and pollution, the demand for alternatives is high. “The growing need for cheaper, faster and cleaner transport is increasing the demand for transport alternatives,” says the release. “The increasing demand for intelligent technologies that reduce emissions and offer higher energy efficiency play a key role in the passenger drone market growth.” Europe generated the highest revenue in the segment in 2017: increasing investment and innovation is supporting the market growth.
The investment appetite for passenger drones is strong. Hardware costs are dropping, and regulations appear to be getting more favorable. Demonstrations in Spain have recently been announced by industry pioneer eHang; a working passenger drone service has been in place since 2017 in Dubai. As these demonstrations prove the safety case, passenger drones get closer to reality in cities around the globe.
Polaris Market Research lists the best known players in the passenger drone market: 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,” says the release. “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.”
Miriam McNabb is the Editor-in-Chief of DRONELIFE and CEO of JobForDrones, a professional drone services marketplace, and a fascinated observer of the emerging drone industry and the regulatory environment for drones. Miriam has penned over 3,000 articles focused on the commercial drone space and is an international speaker and recognized figure in the industry. Miriam has a degree from the University of Chicago and over 20 years of experience in high tech sales and marketing for new technologies.
For drone industry consulting or writing, Email Miriam.
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