- North America was estimated to be the largest region in 2019 and is also expected to be remain largest.
- Requirements for highly skilled pilots to operate these machines in racing tournaments and assembly complexity for beginners are some of the major restraining factors negatively impacting the market.
- The global racing drones market size is expected to reach $2,060.7 million by 2026
Racing drones also called FPV (First Person View) refers to high speed small sized drones with specific configurations required to participate in racing sport events worldwide. The global racing drones market size is expected to reach $2,060.7 million by 2026 according to a new study by Polaris Market Research. This results in an ASTOUNDING CAGR of 22.1%.
Drone racing is a sport event which was initiated in Australia (2013) wherein many drone pilots met together to participate in a championship. The participating machines must fulfill specific requirements of organizing leagues wherein factors such as weight, speed, motors, and propellers play a very important role. Racing drones are basically high-speed machines along with FPV camera and controller which is operated by a highly skilled pilot in such sports championships.
Increasing production propelled by adoption across the world, introduction of high-speed drones, rising expenditure in R&D, increasing racing sports tournaments across different countries in the world, and increasing adoption of such racing trends by different countries are some of the major factors aiding growth of this market. In addition, factors such as requirements for highly skilled pilots to operate these machines in racing tournaments and assembly complexity for beginners are some of the major restraining factors negatively impacting the market.
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Among drone types, the market is segmented into RTF (Ready-to-Fly) and ARF (Almost-Ready-to-Fly). RTF are the drones which come complete with assembled parts and a controller which the operator can easily operate directly out of the box. ARF drones require assembly to make them operable. Most of the FPV pilots have their preference towards ARF drones so they can customize them to gain more speed by replacing high speed motors, propellers, and other components based on a event eligibility criteria. The ARF segment was estimated to be largest sub-segment in 2019 and also is expected to maintain its dominance during the forecast period as well. This is due to cost comparison between ARF and RTF. RTF is more expensive and offers less customization options to pilots.
Among applications, the market is segmented into rotorcross, drag race, and time trial. Rotorcross is a racing event where many drones compete across an arena full of obstacles & number of laps wherein the first drone to cross the finish line wins the championship. Drag race is a racing event in which a number of pilots race together wherein the drone which achieves highest speed wins the race.
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Similarly, time trial is a event wherein the participants have to complete the laps in a minimum amount of time. In 2019, rotorcross segment dominated the market and is expected to be largest during the forecast period as well. This is owing to increasing number of rotorcross events across different regions of the world. For instance, MultiGP is one of the biggest racing events across the world and till 2019 it has organized more than 12,500 racing events since 2015. Similarly, DCL (Drone Champions League) is another major event which occurs every year across different regions in the world. These events are expected to increase the demand for FPV across the world.
Among component type, the market is segmented into airframe, motors, camera/sensors, propellers, and others which comprises of components such as batteries, transmitter, controllers, connectors, etc. Airframe was accounted for one of the largest market shares in 2019. This is due to the high cost of lightweight composite materials employed to attain lower overall weight, making it possible to achieve higher speeds in the racing events.
Among regions, North America was estimated to be the largest region in 2019 and is also expected to be remain largest during the forecast period. The U.S. is one of the major regions and accounted for more than 70% of share in North America. Moreover, increasing awareness for drone racing sports across the region and growing adoption across different end-use sectors are some of the major factors aiding market growth in the region. Furthermore, Asia Pacific was expected to be the fastest growing region during the forecast period of 2020-2026 propelled by countries such as China, Japan, and South Korea.
The global market is moderately consolidated and the top five players of this market accounted for more than 45% in 2019, according to Polaris Market Research. These companies are continuously investing in R&D activities in order to fulfil continuous demands for better technologically advanced products. Some of the major companies in this market include Airjugar Technology Co. Ltd., Autel Robotics, DJI, eachine, Guangzhou Walkera Technology CO. LTD, Hubsan, ImmersionRC Limited, mjxrc.net, Parrot Drones SAS, RotorX, Spin Master (Air Hogs), Skyrocket LLC (Sky Viper), UVify Inc., and YUNEEC..