Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Racing Drones Market - Insights
First Person View (FPV) racing which is also called drone racing, consists of custom-built quadcopters with front faced camera mounted or inbuilt into them with high-speed electric motor for racing purposes. Furthermore, the pilot controls the drone with a remote control while portraying the vision of camera mounted on the drone with the help of head-mounted display or goggles and controls the motion, speed, and direction of the racing drone with the controller.
Global racing drones market is expected to witness significant growth during the forecast period (2018–2026). The market growth is majorly attributed to increasing application of drones in various sporting events, for example in cricket tournaments, the drones are used for capturing pictures or videos from the top for clear view. . Furthermore, as per Coherent Market Insights, growth of the market of racing drones is also propelled by the drone industry growth, which was pegged at 2.2 million units in 2016 and is also expected to witness high growth during the forecast period from 2018-2026 as well.
Figure 1. Global Racing Drones Market Share (%), by Region (2017 & 2026)
Source: Coherent Market Insights, 2016-17
Introduction of numerous drone racing leagues and tournaments globally is expected to aid in growth of the market
Various sport events are being conducted across the globe, where the use of drones is increasing. This is expected to aid in growth of the market. For instance, in 2014, the drone racing started through Australia which was organized by Quadcopter Aerial Racing Organization and Promotion (QAROP) and became a trend across the world. Since then, racing drones have started gaining traction in sports application. There are different types of leagues and tournaments such as Pilots, Trick Wiki, and MultiGP introduced as of now which require racing drones with different types of configurations, components, and features such as high speed, high battery voltage, camera with wide angle & high quality video throughput, better control, and more focused towards moving forward instead of hovering. Each league has different rules for the type of equipment (standard spec or open spec) such as overall environment of the race and rules for overtaking & combat. This factor is expected to increase sales of different configuration of drones with various specifications required for any particular type of racing.
As per Coherent Market Insights, in 2015, the drone industry witnessed a steep growth due to the rule by Federal Aviation Administration (FAA), which granted new exemptions for companies to operate drones in the U.S. This is another factor expected to aid in growth of the market.
Figure 2. Global Racing Drones Market Share (%), By Drone Type (2017 & 2026)
Source: Coherent Market Insights, 2016-17
Introduction of high-speed lightweight drones is expected to aid in growth of the market
There are numerous types of drones which are used for various applications such as surveillance, reconnaissance, security, and search & rescue operations in different end-use industries such as aerospace & defense, construction, oil and gas, and commercial operational applications as well. The drones which are used for racing are different from the drones used in the above mentioned applications. These are required to have high precision controlling with high-speed and better stability. The new generation drones with high powered motor and high power supply with lightweight components are used for racing. The introduction of these types of drones in the Unmanned Aerial Vehicle (UAV) or drone industry is expected to drive the market growth during the forecast period.
Increasing demand for reducing human intervention in driving along with time & costs in the racing tournaments are driving the market growth
Demand for reducing human intervention in driving in racing tournaments, which could reduce time required for driving and costs has become a major factor to drive growth of the drones industry and for racing drones as well. There is no need to design and operate any safety structure with this factor. The pilot with the controller in his hand gives all the commands to drones and operates it with the controller, which reduces the chances of accidents and loss of human lives which acts as major a driver for drones/UAV industry and for racing drones as well.
Some of the key players operating in the global racing drones market include DJI, Parrot, Yuneec, Walkera, Air Jugar, MJX, EXDRONES, Chengji, Flytec, Binshang Creative Technology Co. Ltd., JYU, Sky Viper, Eachine, ad RotorX Racing.