by Racing drones, commonly known as drone racers or FPV (First Person View) drones, are specifically designed for indoor and outdoor drone racing. They have compact and lightweight frame designs along with powerful motors for maximum speed. Their highly portable nature, first-person view through the drones’ cameras, and ability to execute fast maneuvers and stunts have made drone racing an exhilarating extreme sport.
The global market for racing drones is estimated to be valued at US$ 1.04 Billion in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Racing Drones market are Zoetis Inc., Elanco, AB Science, Boehringer Ingelheim International GmbH, Zenoaq, VetDC, Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Regeneus Ltd., AdvaVet, Inc., and Rhizen Pharmaceutical SA. The rising popularity of drone racing as an action-packed hobby and competitive sport has opened lucrative opportunities for market players to sponsor racing events and leagues. Technological developments such as improved onboard cameras, real-time onboard video transmission systems, GPS tracking capabilities, and development of mini racing drones are propelling market growth.
Market drivers
One of the key drivers for the Racing Drones Market Demand is the ongoing technological advancements that are making drones faster, more powerful, easier to control and more durable. For example, improvements in brushless motor and lithium-polymer battery technology have increased drone speeds while reducing their weight. Furthermore, developments in camera systems, transmission platforms and apps utilized for FPV flying provide drone pilots with improved control and viewing capabilities. Such innovations are attracting more individuals towards drone racing.
Current Challenges in Racing Drones Market:
The racing drones market is growing at a rapid pace. However, there are a few challenges which are inhibiting the growth potential of this market. Some key challenges include high costs of these drones, regulatory compliance issues, lack of skilled pilots, risk of damages and crashes. The initial investment required to purchase a professionally built racing drone is significantly high ranging between $500 to $3000. Additional costs are incurred for replacement parts, batteries and other accessories. Regulatory bodies in many countries have imposed restrictions on drone usage due to safety and privacy concerns. Drone racing pilots need to abide by all guidelines which makes the process cumbersome. There is also a shortage of trained pilots who can handle racing drones professionally. Risks of hardware damages and crashes are high especially for amateur pilots which increases maintenance and repairing costs over time. technology advancements are required to make drones more durable and autonomous.
SWOT Analysis
Strength: Lightweight but durable frames and components enable high-speed agility and maneuverability. Advanced sensors and controllers provide stable and precise control experience.
Weakness: Batteries have limited power capacity requiring frequent recharges. Complex configurations require advanced technical skills for assembly and troubleshooting.
Opportunity: Esports industry growth is facilitating professional drone racing leagues and tournaments. Advancements in AI and autonomy can enhance assisted piloting and collision avoidance capabilities.
Threats: Strict regulations by aviation authorities may prohibit non-line-of-sight operations in future. Market saturation due to lowering prices may intensify price wars among manufacturers.
Geographical Regions
In terms of value, the North America region accounted for majority share in racing drones market in 2024 owing to high adoption rate among gamers and tech-savvy population in US and Canada.
The Asia Pacific region is expected to witness fastest growth during the forecast period 2024-2031. Emergence of commercial drone racing clubs and leagues in countries like China, Japan and South korea is driving the demand. In addition, large customer base of DJI and other Chinese drone makers in the region will propel the APAC racing drones market.
Geographical Regions
Fastest growing region for the racing drones market during the forecast period 2024-2031 is expected to be Asia Pacific. Emerging economies like China, India, South Korea and South East Asian countries offer huge untapped growth potential for commercial and recreational drone applications including drone racing. Favorable government initiatives to promote drone technology adoption and thriving gaming/esports industry are some key factors attributed to drive fastest growth of racing drones market in Asia Pacific.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
