Racing Drones Market Share and Forecast by 2030

[Research Report] The racing drones market is expected to grow from US$ 353.01 million in 2022 to US$ 1,333.19 million by 2030; it is estimated to register a CAGR of 18.1% from 2022 to 2030.

Analyst Perspective:

The racing drones market has witnessed tremendous growth in the past few years. One of the major factors driving the growth of racing drones is the rising number of drone racing leagues. Another major factor driving the growth for racing drones market includes the increasing number of FPV drone pilots. Manufacturers of racing drones majorly focus on the development of innovative products to remain competitive in the market. However, one of the factors acting as a challenge for the market include a large number of stringent regulations regarding the use of drones across different countries. Many countries do have different regulations related to the usage of drones across their respective locations. Some of them are supportive for the drone users, while a few regulations are quite challenging for the drone users to operate their drones.

Market Overview:

Racing drones are the FPV (first person view) drones used by drone pilots for different types of drone racing events that includes drag races, time trial, and rotorcross racing events. Many drone associations are introducing new regulations for drones users across different regions to support the adoption of drones which is one of trends for the market and expected to drive the racing drones market growth during 2022 to 2030. Some of the major factors catalyzing the racing drones market size includes increasing number of drone racing events, rising number of registered FPV drone pilots, and the increasing usage of composite materials to improve speed, power, and maneuverability of the racing drones.

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Racing Drones Market: Strategic Insights

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Market Driver:

Rising Number of Drone Racing Events

The rise in number of racing drone events is one of the major factors boosting the adoption of racing drones across the world. Some of the emerging countries such as Korea, Japan, and India have also been taking initiatives to launch different types of drone racing events across their respective regions. Further, the presence of companies such as DJI, iFlight Innovation Technology Limited, Yuneec, Chengji, and others is another major factor supporting the launch of new drone racing events across such countries. For instance some of the major drone racing events are listed below:

• In October 2023, FAI Sponsored World Drone Racing Championship was organized in Namwon Sports Town complex, Jeollabuk-do, South Korea wherein world’s top 115 drone pilots competed each other to win the global title.
• In July 2023, MultiGP organized an International Open Drone Racing Championship wherein more than 220 pilots from across the world participated to compete under 8 tracks and the whole event lasted with more than 9,000 Li-Po batteries used.
• In 2022, MultiGP organized a championship wherein more than 125 drone pilots competed for 5 days wherein more than 240 qualifying races held that made more than US$ 12,000 in cash and other prizes were awarded.
• In December 2022, MultiGP announced the schedule for six main events of its drone racing leagues for the year 2023 that were scheduled between April 2023 to October 2023.

Such events have been catalyzing the sales of FPV drones and its components across different regions. Moreover, such events are also generating awareness among the millennials that is adding up the new pilots every year for different drone racing events. In addition, many events of drone racing leagues are scheduled for the year 2024 from MultiGP which is yet to be announced from the organization. This is further expected to generate new demand for FPV racing drones during the coming years.

Segmental Analysis:

Based on components, the market is segmented into batteries/FPV goggles, motors/propellers, camera/sensors, and others. The batteries/FPV goggles segment held the largest share of the market in 2022 and it is expected to retain its dominance during 2022 to 2030 as well. Further, the camera/sensors segment is anticipated to register the highest CAGR in the racing drones market during 2022-2030. The main factor behind the largest market share of batteries/FPV goggles segment is the higher price, technology integration, and it is one of the key controllers for the pilot that allows them to have the visibility for drone operations during any race. Moreover, the demand for batteries/FPV goggles segment is also driven due to the fact that batteries are used in the most quantities during a racing drone event. For instance, in July 2023, MultiGP’s International Open Championship announced that more than 9,000 units of lithium polymer batteries were used during the event. Furthermore, more than hundreds of drone racing events are organized every year across different countries which is also driving the growth of racing drone components across different regions.

Regional Analysis:

The Asia Pacific racing drones market was valued at US$ 173.54 million in 2022 and is projected to reach US$ 691.62 million by 2030; it is expected to register a CAGR of 18.9% during the forecast period. Asia Pacific has established itself as a dominant racing drones market, leading market share and driving growth. Several factors have contributed to Asia Pacific's strong position in this market. Firstly, the region has large number of dominating racing drone market players that supply various types of drone technologies to the end users across different regions worldwide. The main reason behind the presence of such manufacturers across this region includes availability of skilled manpower, cheaper resources, and presence of advanced robotic technological countries such as China, Japan, and South Korea. Such factors are driving the growth of racing drones market across the Asia Pacific region.

Racing Drones Market Regional Insights

The regional trends and factors influencing the Racing Drones Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Racing Drones Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Racing Drones Market Report Scope

Racing Drones Market Players Density: Understanding Its Impact on Business Dynamics

The Racing Drones Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Racing Drones Market are:

1. DJI
2. Eachine
3. Walkera Technology
4. ImmersionRC Limited
5. Uvify Inc

Disclaimer: The companies listed above are not ranked in any particular order.

Key Player Analysis:

The racing drones market analysis consists of the players such as DJI, Eachine, Walkera Technology, ImmersionRC Limited, Uvify Inc, SWAGTRON, EMAX, iFlight Innovation Technology, GEPRC, ARRISHOBBY. Among the players in the racing drones DJI, iFlight Innovation Technology Ltd, and ImmersionRC Limited are among the top three racing drone market players owing to the diversified product portfolio offered.

Recent Developments:

Inorganic and organic strategies such as product launches, mergers, and acquisitions are highly adopted by companies in the racing drones market. For instance, in March 2021, DJI launched its first racing drone product named DJI FPV along with FPV Remote Controller 2, and FPV Goggles V2, and a motion controller. Similarly in February 2023, DJI launched its new DJI Action 2 FPV drone that also supports GyroFlow movements. Such factors are also driving the racing drones market growth from the suppliers perspective.