ALBANY, New York, Feb. 19, 2020 /PRNewswire/ -- Transparency Market Research has recently published a research report that provides in-depth information about how growth of the racing drones market will unfold in the near future. The research report expects the global market to exhibit a massive CAGR of ~19% for the given forecast period that starts in 2019 and ends in 2027. With such high rate of growth, the valuation of the market is expected to reach around US$237 mn in 2020, whereas by the end of 2027, the market valuation will be staggering ~US$786 mn.
"Currently, multi-rotor drones, which are mainly used for drone racing have not received any massive update in terms of technology. However, this presents a huge opportunity for new and innovative solutions and upgrades. The key stakeholders in the global racing drones market have identified the trend and are thus stepping up their efforts to develop more advanced and cutting-edge racing drone with enhanced capabilities", finds TMR analyst.
Key Findings in the Research Report
- The global racing drones market can be broadly segmented in terms of type of racing drone, racing drone components, size, and by region.
- Based on type, the market is further segmented into ready-to-fly (RTF), bind-and-fly (BNF), and plug-and-play (PNP) or plug-and-fly (PLF). Of these, the segment of ready to fly drones are expected to garner maximum attention. As the name suggests, these drones just need to be unpacked and can be flown directly without going through any technical assembly. This is a perfect scenario for drone enthusiasts who are more interested in racing drones instead of assembling them.
- Based on components, the market is segmented further into FPV goggles, FPV remote controllers, cameras, batteries, motors, ECSs, flight controllers, and others.
- In terms of size of racing drones, the market segmentation is ≤ 100 mm, 100-200 mm, 200-300 mm, and ≥ 300 mm.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Racing Drones Market by Type: Ready-to-fly (RTF), Bind-and-fly (BNF), and Plug-and-play (PNP)/Plug-and-fly (PNF); Component: FPV Goggles, FPV Remote Controllers, Cameras, Batteries, Motors, ECSs, Flight Controllers, and Others; and Size: ≤ 100 mm, 100–200 mm, 200–300 mm, and ≥ 300 mm at https://www.transparencymarketresearch.com/racing-drones-market.html
Global Racing Drones Market – Key Driving Factors
There is a range of factors that is helping to shape up the growth curve of the global racing drones market. Some of the important growth drivers are mentioned below:
- One of the biggest driving factor for the market development is the increasing popularity of drone racing among millennials. Flying a small quadcopter in a race is quickly becoming a global trend as more and more people are attracted towards it.
- Moreover, this fact is being hugely complemented by the increasing commercialization of racing drones and such events by some of the big organizations such as the US Drone Association and International Drone Racing Association Inc. among others.
- Increasing popularity of drone racing can also be attributed to the growing number of events and competitions such as Drone Racing World Cup, MultiGP Drone Racing, and Drone Racing League. In 2018, Rudi Browning, a drone pilot, won a prize worth US$24,000 in the World Drone Racing Championship. Such events and results create strong brand promotion and ultimately help in the overall development of the global market.
- Another important factor that is helping to drive the growth of the global racing drones market is the launch of new products with latest technology. First person view drones in particular are gaining huge popularity among masses. Such developments are thus driving the racing drone market to newer heights.
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Global Racing Drone Market – Key Restraining Factors
- One of the key restraining factor for the market growth is the complexity in assembling a DIY racing drone. DIY drone provides user with better customization and upgrade possibilities, whereas RTF drones come pre-assembled and very little customization setup.
- However, due to the complexities involved in assembling, lack of knowledge and expertise, can lead to unfavorable results. This is expected to become a notable hindrance for the market growth.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/58644
Global Racing Drone Market – Geographical Outlook
- Asia Pacific region is expected to provide huge growth opportunities for the development of the global racing drone market. Countries such as Japan, China, Australia, South Korea, and India are experiencing massive demands for racing drones and subsequent events. Thus, the growth of the regional market is on the high.
- The regional segment of North America is also projected to have a considerable growth rate in the near future. A strong presence of notable brand, organization of well-known events, and increasing availability of new and more advanced drones are some of the key reasons that are driving the growth of the regional market.
Analyze Racing Drone market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Racing Drone Market – Competitive Landscape
The companies in the global market are looking to provide latest technology integrated with innovative design. These companies are putting in lot of efforts to develop new products that will cater to the evolving demands of their consumers. Some of the key brands operating in the global racing drone market are INYAN Model Tech MFT., Tian Yu Hi-tech Co. Ltd, Eachine, and Hubsan.
Global Racing Drones Market: Segmentation
Racing Drones Market, by Type
- Ready-to-fly (RTF)
- Bind-and-fly (BNF)
- Plug-and-play (PNP)/Plug-and-fly (PNF)
Racing Drones Market, by Component
- FPV Goggles
- FPV Remote Controllers
- Flight Controllers
Racing Drones Market, by Size
- ≤ 100 mm
- 100–200 mm
- 200–300 mm
- ≥ 300 mm
Racing Drones Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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