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Classified in: Transportation, Science and technology, Covid-19 virus
Subject: MRR

Cargo Drones Market to Reach $ 16.9 Billion, Globally, by 2032 at 38.1% CAGR: Allied Market Research


The growth of the global cargo drones market is driven by factors such as the rise of e-commerce, the increase in demand for faster delivery & improved efficiency in freight transportation, and a surge in environmental concerns to reduce CO2 emissions and carbon footprint.

PORTLAND, Ore., May 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cargo Drones Market by Propulsion (Gasoline-powered, Electric, Hybrid, and Others), Wing Type (Fixed-Wing, Multi-Rotor, and Hybrid), Industry (Retail, Healthcare, Agriculture, Defense, and Others, and Payload (0.5 to100 kg, 101 to 1000 kg, and above 1000 kg): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global cargo drones industry generated $0.68 billion in 2022 and is anticipated to generate $16.9 billion by 2032, witnessing a CAGR of 38.1% from 2023 to 2032.

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Prime determinants of growth

The growth of the global cargo drones market is driven by factors such as rise of e-commerce, an increase in demand for faster delivery & improved efficiency in freight transportation, and surge in environmental concerns to reduce CO2 emissions and carbon footprint. However, high initial cost and regulatory compliance hamper the growth of the market. On the contrary, technological advancements, and the integration of cargo drones in middle-mile logistics are expected to offer remunerative opportunities for the expansion of the cargo drones market during the forecast period.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023?2032

Base Year

2022

Market Size in 2022

$0.68 Billion

Market Size in 2032

$16.9 Billion

CAGR

38.1 %

No. of Pages in Report

416

Segments Covered

Propulsion, Wing Type, Industry, Payload, and Region.

Drivers

Rise of e-commerce

The increase in demand for faster delivery & improved efficiency in freight transportation

Surge in environmental concerns to reduce CO2 emissions and carbon footprint

Opportunities

Technological advancements

Integration of cargo drones in middle-mile logistics

Restraints

High initial cost

Regulatory compliance

 

Covid-19 Scenario

The electric segment to maintain its leadership status throughout the forecast period

Based on propulsion, the electric segment held the highest market share in 2021, accounting for more than two-fifths of the global cargo drone market revenue, and is estimated to maintain its leadership status throughout the forecast period. As concerns over climate change and environmental sustainability continue to grow resulting in increased demand for cargo drones. However, the hybrid segment is projected to manifest the highest CAGR of 39.4% from 2022 to 2031, owing to the rise in popularity of hybrid drones in industries such as logistics and transportation, where there is a need for drones that can carry heavier payloads over longer distances.

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The multi-rotor segment to maintain its leadership status throughout the forecast period

Based on the wing type, the multi-rotor segment held the highest market share in 2022, accounting for more than two-fifths of the global cargo drones market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to a rise in the integration of drone technology in last-mile delivery. However, the hybrid segment is projected to manifest the highest CAGR of 39.3% from 2022 to 2032, owing to the benefits of hybrid drones such as its design that allows the drone to carry larger payloads than traditional drones, and travel longer distances.

The retail segment to maintain its lead position during the forecast period

Based on industry, the retail segment accounted for the largest share in 2022, accounting for more than two-fifths of the global cargo drones market revenue, and is estimated to maintain its leadership status throughout the forecast period.  The growth is attributed to a surge in the expansion of drone delivery services with the technological advancements in drone design. However, the healthcare segment is projected to manifest the highest CAGR of 39.8% from 2022 to 2032, owing to the rise in the use of drones to transport medical supplies, such as drugs, vaccines, and other essential equipment.

The 0.5 to 100 kg segment to maintain its lead position during the forecast period

Based on payload, the 0.5 to 100 kg segment accounted for the largest share in 2022, accounting for than half of the global cargo drones market revenue, and is estimated to maintain its leadership status throughout the forecast period. As there is a rise in demand for cargo drones to deliver medical supplies, such as vaccines, blood, and medicines, to remote areas or disaster zones. However, the above 1000 kg segment is projected to manifest the highest CAGR of 39.7% from 2022 to 2032, owing to an increase in demand for cargo drones for transporting larger and bulkier cargo, machinery, building materials, supplies, and other heavy freight over longer distances.

North America to maintain its dominance by 2032

Based on region North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global cargo drones market revenue, and is likely to dominate the market during the forecast period, as there is a surge in the use of cargo drones in distribution center logistics to achieve faster delivery times, reduced costs, and increased efficiency. However, the Asia-Pacific region is expected to witness the fastest CAGR of 39.2% from 2023 to 2032, owing to the rise in the e-commerce industry, and the development and deployment of cargo drones to enhance military operations.

Leading Market Players: -

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The report provides a detailed analysis of these key players of the global cargo drones market. These players have adopted various strategies such as expansion, new product launches, partnerships, agreements, expansion, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Similar Reports We Have on Drone Industry:

Drone Service Market Research Report 2023-2035

Multirotor Drone Market Research Report 2023-2035

Drone Payload Market Research Report 2023-2035

Drone Logistics Market Research Report 2023-2035

Drone Package Delivery Market Research Report 2023-2035

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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