by These drones are usually equipped with powerful brushless motors and lithium-polymer batteries that enable fast flights. Racing drones feature customizable components like frames, motors, electronic speed controllers, and propellers allowing operators to optimize their drones for specific purposes.
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 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 growing popularity of FPV (First Person View) and drone racing has significantly boosted demand for high-performance racing drones in recent years. Major companies are expanding their operations globally to leverage the vast potential opportunities in emerging markets.
The global Racing Drones Market Demand is expected to witness significant growth owing to the rising number of drone enthusiasts and drone racing events worldwide. Manufacturers are focusing on enhancing the features of racing drones by integrating lightweight materials, advanced flight control systems, and modified configurations. Growing investments by companies in research and development of racing drones with swappable components is also fueling the market growth.
Market key trends
The popularity of FPV (First Person View) drones that enable pilots to experience drone racing and flights through camera-mounted drones from a pilot’s perspective is a major trend in the racing drones market. Many racing drones now integrate cameras and FPV systems allowing operators to get immersive racing experiences. The usage of lightweight material such as carbon fiber in drone frames to achieve maximum thrust-to-weight ratio is another key trend in racing drone designs.
Porter’s Analysis
Threat of new entrants: The capital requirements to enter the racing drones market are relatively low. However, established brands have strong customer loyalty and economies of scale which make it difficult for new companies to gain market share.
Bargaining power of buyers: Individual buyers have relatively low bargaining power in the racing drones market due to the fragmented market presence with many options. However, bulk buyers can negotiate on price and demand better services.
Bargaining power of suppliers: A few key component manufacturers exist, giving them some control over pricing and supply. However, alternative suppliers are available which prevents suppliers exploiting their position.
Threat of new substitutes: Almost no direct substitutes exist for racing drones currently. However, new technologies in drone racing or virtual drone racing could potentially take market share in the future.
Competitive rivalry: The racing drones market is highly competitive with many local and global manufacturers. Companies compete based on product performance, features, pricing, branding, and quality of after-sales service.
Geographical Regions
North America currently accounts for the largest share of the global racing drones market, mainly due to early adoption and high disposable incomes. Countries like the US and Canada have seen sizeable growth.
The Asia Pacific region is projected to witness the fastest growth during the forecast period, with a CAGR exceeding 10%. This can be attributed to growing passion for drones among youth, rising incomes, and presence of manufacturing hubs in China, India, and Southeast Asia. Countries like China, Japan and South Korea are seen as key emerging markets.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
