July 24, 2024

The Growing Popularity Of Recreational & Racing Drones Worldwide To Boost The Growth Of Racing Drones Market

Racing drones are small, lightweight unmanned aerial vehicles designed for high-speed racing. They are equipped with powerful motors and propellers for high-speed maneuvers. Racing drones are popular among amateur drone enthusiasts and professional drone racers due to their high speeds and agility. Their frame is made from lightweight materials such as carbon fiber and comes with FPV (first-person view) camera systems for racing in obstacle courses. Racing drones offer an exciting hobby and competitive e-sport.

The global Racing Drones Market is estimated to be valued at Us$ 0.90 Bn in 2023 and is expected to exhibit a CAGR Of 22% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the racing drones market is their use in professional drone racing leagues and competitions. Major professional drone racing leagues such as Drone Racing League (DRL) promote the sport through televised races around the world. This has increased the popularity of racing drones globally. Another trend is the development of more powerful racing drone models with enhancements in battery, motor and camera technology. Manufacturers are focusing on building drones that can achieve higher top speeds, tighter turns and longer flying times. The growing participation of amateur drone pilots in local and national drone racing competitions is also fueling the demand for racing drones. Their adoption is expected to increase significantly over the forecast period.

 

Porter’s Analysis

 

Threat of new entrants: Racing drones market requires huge capital investments and it is difficult for new companies to establish themselves due to established supply chains of existing players.

Bargaining power of buyers: Buyers have high bargaining power in this market due to availability of variety of racing drones brands in the market. Buyers can easily switch between racing drones of different brands based on price and specifications.

Bargaining power of suppliers: A few major players dominate the supply of critical components like motors, batteries and controllers used in racing drones. This gives them significant bargaining power over racing drone manufacturers.

Threat of new substitutes: There exists low threat of substitution as racing drones provide unique aerial racing experience which can not be easily substituted.
Competitive rivalry: The global racing drones market is highly competitive with major players differentiating their products on the basis of performance, features and pricing.

Key Takeaways

The Global Racing Drones Market Size is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing popularity of aerial racing among youth. The market size is expected to reach US$ 7.20 Bn by 2030 from US$ 0.90 Bn in 2023.

Regional analysis: North America dominates the global racing drones market owing to high participation of Americans in aerial racing leagues and events. The presence of leading racing drone manufacturers in the U.S. further fuels the market growth. Asia Pacific is expected to be the fastest growing market for racing drones driven by increasing spending power of middle class population in China and India.

Key players operating in the racing drones market are YINYAN Model Tech MFT., Tian Yu Hi-tech Co. Ltd, Eachine, Hubsan. Major players are focusing on introducing affordable yet high performing racing drones to expand their customer base. They are also launching new racing drones featuring advanced technologies like obstacle avoidance to gain competitive advantage.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it