Categories: Transport & Logistics

Cargo Drones Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Cargo Drones Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Cargo Drones Global Market Report 2024, The cargo drones market size has grown exponentially in recent years. It will grow from $1.31 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 34.7%. The growth in the historic period can be attributed to regulatory support, cost efficiency, increased environmental concerns, last-mile delivery demand, emergency response..

The cargo drones market size is expected to see exponential growth in the next few years. It will grow to $5.77 billion in 2028 at a compound annual growth rate (CAGR) of 34.6%. The growth in the forecast period can be attributed to global supply chain optimization, e-commerce growth, infrastructure development, payload capacity improvement, partnerships and collaborations, customization for specific industries.. Major trends in the forecast period include collaboration with e-commerce platforms, expansion of urban air mobility, remote healthcare and emergency services, enhanced safety features..

The growing acceptance of commercial drones is expected to propel the growth of the cargo drone market going forward. Commercial drone refers to a drone that is used for business or to generate income. These drones are highly functional and well-equipped to undertake complex tasks. Hence, the rising use of commercial drones will support the demand for cargo drones. For instance, according to the Federal Aviation Administration reports, a US-based government agency, as of January 2023, 871,000 drones were registered with the Federal Aviation Administration, and 307,000 were certified remote pilots. Therefore, the growing acceptance of commercial drones is driving the growth of the cargo drone market.

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The cargo drones market covered in this report is segmented –

1) By Type: Fixed-Wing, Rotary-Wing

2) By Solution: Platform, Software, Infrastructure

3) By Payload: 10-49 Kg, 50-149 Kg, 150-249 Kg, 250-499 Kg, 500-999Kg, Above 1000 Kg

4) By Range: Close Range, Short Range, Mid Range, Long Range

5) By End User: Retail, Healthcare, Agriculture, Defense, Maritime, Other End Users

Product innovation is a key trend gaining popularity in the cargo drone market. Major companies operating in the cargo drone market are innovating new products to sustain their position in the market. For instance, in January 2023, Pyka Inc., a US-based aerospace company, launched the Pelican Cargo drone, an electric cargo drone and the first autonomous vehicle of its kind. The Pelican Cargo has a payload capacity of 400 lbs (180 kg), a range of up to 200 miles (320 km), and 66 cubic feet of cargo room. It has a sliding cargo tray and a nose-loading layout, and both distant rural communities and express logistics firms are expected to employ it. This drone is created primarily to safely and effectively move vital medical supplies, including drugs, vaccinations, and patient samples.

The cargo drones market report table of contents includes: