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.
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.
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.
The Report has segmented the global passenger drones market on the basis of component, capacity, end user and region: