The racing drones market has witnessed tremendous growth in recent years owing to growing popularity of drone racing as a new and thrilling hobby as well as competitive sport. Racing drones, also known as racing quads or racing multicopters, are unmanned aerial vehicles equipped with strong and lightweight materials which make them capable of reaching high speeds suitable for drone racing. They have compact size frames made of durable materials like carbon fiber and come equipped with powerful motors and propellers to provide the required thrust to carry lightweight FPV payloads. Their agility, maneuverability and ability to reach top speeds have made them popular racing machines among drone racing enthusiasts across the globe.
The global racing drones market is estimated to be valued at US$ 1.04 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period of 2024 to 2030.
Growing interest of millennial population in adventurous recreational activities and competitive sports has boosted the popularity of drone racing. Drone racing is gaining traction as it allows participants to conduct races with first person view (FPV) using racing drones and goggles. Manufacturers are focusing on designing and developing racing drones with advanced features to offer immersive drone racing experience.
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. These players are focusing on new product launches and expansion strategies to strengthen their global presence. For instance, in 2020, DJI launched its specialized FPV drone for immersive racing experience.
The rising popularity of drone racing as a competitive sport has opened lucrative opportunities for drone manufacturers as well as racing event organizers. Drone racing leagues and championships are attracting sponsorship from various brands. Meanwhile, online drone racing through simulators is also gaining traction.
North America currently dominates the global racing drones market. However, Asia Pacific is expected to witness fastest growth owing to budding drone racing culture in China, Japan and South Korea. Leading manufacturers are focusing on capitalizing untapped growth opportunities in emerging markets through partnerships with local drone racing communities and leagues.
Market Drivers
One of the key drivers for the Global Racing Drones Market Growth is growing popularity of drone racing as an adventurous hobby as well as competitive sport. Drone racing is becoming increasingly popular among the millennial population as it allows them to experience FPV flying in exciting drone races. Meanwhile, drone manufacturers are developing specialized racing drones with features focused on speed, maneuverability and payload capacity to offer realistic drone racing experience.
Market Restraints
High costs of racing drones could limit the mass adoption of drone racing as hobby or sport to some extent. Racing drones used in competitive races require high performance components and durable materials which push up their costs. Meanwhile, the requirement of additional accessories like FPV goggles, controllers and batteries further adds to the overall expenses. This makes drone racing an expensive activity for casual participants.
Segment Analysis
Racing drones sub-segment dominates the racing drones market globally. Racing drones are specially designed drones for competitive racing circuits. They come with advanced features like high processing power, lighter build, precise maneuverability and speed. Racing drones have become very popular among drone enthusiasts and professional racers as they offer the experience of racing drones at high speed through obstacle courses. The global drone racing league further boosted the demand for racing drones among aspiring drone racers.
Global Analysis
North America currently captures the largest share in the global racing drone market and is expected to maintain dominance over the forecast period. Increased spectator interest in professional drone racing leagues along with high spending power of consumers in countries like the US and Canada has propelled the adoption of racing drones in the region. Asia Pacific racing drone market is anticipated to witness highest growth rate during the forecast period. Countries like China, India, Japan, South Korea are emerging as hotspots for drone racing. Growing hobbyist culture and strong consumer base are factors contributing to Asia Pacific's rapid growth in the racing drones market.
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