June 22, 2024
Racing Drones Market
Ict

The Global Racing Drones Market Growth Is Driven By Rise In Recreational Drone Usage

The racing drones market encompasses unpiloted aerial vehicles or drones that are specifically built and equipped for high-speed racing and competitive flying. Racing drones are equipped with advanced telemetry systems, brushless motors, and propellers that enable speeds more than 100 km/h. They have compact frames made from lightweight materials like carbon fiber for enhanced maneuverability. Racing drones are equipped with first-person view (FPV) technology that allows pilots to see through an onboard camera in real-time. The growing popularity of drone racing as an organized professional and recreational sport has been fueling the demand for racing drones among enthusiasts around the world.

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 2024 to 2030.

Racing Drones Market
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 drone racing as an organized recreational activity is fueling the demand for high-performance racing drones globally. Major racing drone manufacturers are focusing on expanding their distribution channels and offering newer products with advanced features to cater to the rising demand. With increasing participation in organized drone racing tournaments and competitions worldwide, the global racing drones market is expected to witness significant expansion over the coming years.

Market key trends

One of the key trends boosting the Global Racing Drones Market Growth is the rising popularity of drone racing as an organized professional and recreational sport worldwide. Major organized drone racing tournaments and leagues are coming up in various countries promoting drone racing as an adrenaline-fueled competitive air sport. Drone manufacturers are introducing newer product variants equipped with more power, speed, and customized features to attract participation in such events fuelling further demand. Overall, growing enthusiasm for drone racing among the young generation as an air sport is a major trend driving the global racing drones market currently.

Porter’s Analysis

Threat of new entrants: Racing drone market requires high investment and technical skills which acts as a barrier for new companies.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of close substitute components.

Threat of new substitutes: Substitute products like hobby drones pose moderate threat to racing drones market.

Competitive rivalry: Market has few international players resulting in high competitive rivalry.

Geographical regions: Currently, North America dominates the global racing drones market and holds over 35% share due to high drone racing popularity. Asia Pacific region is expected to grow at fastest pace during the forecast period owing to rising drone sport fanbase in China and Japan.

Geographical regions: North America is the largest market for racing drones, valued at US$ 365 million in 2024. However, Asia Pacific region is anticipated to witness highest growth during 2024-2030 with a CAGR of 11.4% primarily attributable to factors such as increasing number of drone racing tournaments and events along with growing tech-savvy youth population in countries such as China, Japan, India, and South Korea. Meanwhile, Europe racing drone market is projected to exhibit a notable CAGR of 9.2% during the same period.

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