Asia Pacific Unmanned Aerial Vehicle (UAV) Market to hit $5bn by 2024

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According to the Graphical Research new growth forecast report titled “Asia Pacific Commercial Drone/Unmanned Aerial Vehicle (UAV) Market analysis based on Product, Technology, Application, Industry Analysis Report, Countries Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 5 billion by 2024.

The Asia Pacific commercial drone market is driven by supportive government initiatives across the region. The governments across the region are constantly working on regulating the commercial use of drones and testing new applications of UAVs for commercial purposes. For instance, in 2017, the Civil Aviation Administration of China revised the regulations related to drone operation licensing and commercial applications of drones. Moreover, the administration also released guidelines related to the small unmanned aircraft for trial implementations. This allows a relatively broad flight area that enables drones to fly out of the visible area or in dense residential areas. In addition, the government is also working on the enhancing the safety of the drones.

Aerial photography is anticipated to be the most lucrative application of the drones in the Asia Pacific region. It accounted for a stake of over 30% in the market. The growth of the market is credited to the growing adoption of the drones for aerial photography and imaging purposes. The drones are widely being used for filming, videography, and photography in media & entertainment companies due to their cost-effectiveness, convenience, and ease of use.

The Indian commercial drone market is predicted to attain a growth rate of over 32% during the forecast timeline. The market is driven by government initiatives to legalize the use of drones for commercial applications. For instance, in October 2017, the Directorate General of Civil Aviation (DGCA), the country’s aviation regulatory body unveiled draft norms for the utilization of commercial drones. Furthermore, increasing start-ups and venture capital investments in the region also foster the market growth.

The key vendors in the Asia Pacific commercial drone market are DJI, Walkera, 3D Robotics, Xiaomi, Parrot, Yuneec International, Ehang, Inc., Hoverfly Technologies, and Intel Corporation. The players are competing based on products, technologies, and services. Strategic collaborations are among the major approaches used by the market players to increase their customer base and expand their product portfolio. For instance, in 2017, DJI & K-Pop Powerhouse Zanybros formed a strategic alliance to enhance their product capabilities for the music & entertainment industry.

Segments we cover:

Asia Pacific Commercial Drone Market, By Product

  • Fixed Wing Drone
  • Rotary Wing Drone
  • Hybrid Drone

Asia Pacific Commercial Drone Market, By Technology

  • Remotely Operated Drone
  • Semi-autonomous Drone
  • Autonomous Drone

Asia Pacific Commercial Drone Market, By Application

  • Aerial photography
  • Agriculture
  • Emergency Management
  • Inspection & Monitoring
  • Remote Sensing & Mapping
  • Wildlife Research & Preservation

The above information has been provided for the following countries:

  • Australia
  • China
  • India
  • Japan
  • South Korea