The global drone package delivery market size is expected to be worth USD 2.66 Billion in 2023. It is expected to grow at a CAGR of 14% during the forecast period and reach a value of USD 5.12 Billion by 2028.
The delivery drone is a type of unmanned aerial vehicle used to distribute packages in any locality. It is available in three different types: fixed-wing drones, rotor drones, and hybrid drones. The market value of Drone Package Delivery is expected to increase more during the forecast period with the increasing investments.
One of the major driving factors of the global Drone Package Delivery market is the increasing demand for delivery drones in the health sector. Rising demand for delivery drones across the globe and technological advancements in delivery drone batteries are some of the major driving factors in the Drone Package Delivery market. Another prominent aspect of the drone package delivery market is the rise in demand for faster delivery and amendments in the regulatory framework to encourage drone package delivery that propels the growth of the worldwide business. Growing demand for fast delivery and reduction of carbon emissions is also a growth factor of the global Drone Package Delivery market.
The high cost involved in the equipment is one of the major restraints affecting the growth of the drone package delivery market. Another major limitation to the development of the market of drone delivery packages is the lack of technical expertise in operating drones and the low battery life of delivery drones. Stringent regulations from the government authorities are another challenge to the expansion of drone delivery packages.
Impact of COVID-19 on the drone delivery package market:
Coronavirus has impacted the global industries by directly affecting production and demand, creating supply chain and market disruption, and by its financial impact on firms and financial markets. Furthermore, a reduction in drone orders is a likely knock-on effect of the global pandemic, as commercial markets have always been the primary consumers of the drone delivery package market. The ongoing situation is a major threat to the Drone Package Delivery market. The companies restarted their operation as the lockdown was lifted with some stringent regulations by the government authorities, which will support the supply chain to some extent. As per the analysis, the market for drone package delivery is expected to increase in the next few months with all the industries starting their manufacturing of the products, which in turn will increase the revenue rate. The market of Drone Package Delivery is likely to propel with the rise in demand for faster delivery and amendments in the regulatory framework to encourage drone packages, as well as increasing demand for delivery drones in the health sector and increasing investments by the companies for the new technological advancements.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2022 to 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 to 2028 |
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CAGR |
14% |
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Segments Covered |
By Solution, Duration, Range, Package Size & Region |
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Various Analyses Covered |
Global, Regional, and country-level analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global drone package delivery market has been segmented and sub-segmented into the following categories.
Drone Package Delivery Market – By solution:
Drone Package Delivery Market – By Duration:
Drone Package Delivery Market – By Range:
Drone Package Delivery Market – By Package Size:
Drone Package Delivery Market – By Region:
Asia Pacific region holds the major share of the market owing to retail and e-commerce, which are the most dominant applications for the drone package delivery market in the Asia Pacific region, followed by healthcare and pharmacy. Asia Pacific region is also predicted to continue its dominion in the market during the outlook period.
North America region holds the second-largest share of the Drone Package Delivery market owing to the rise in demand for faster delivery and amendments in the regulatory framework to encourage drone package delivery in this area.
Europe is expected to increase the market for drone package delivery owing to the increasing demand for delivery drones in the health sector and increasing investments by companies in this locale for new technological advancements.
KEY MARKET PLAYERS:
Some of the key players in the global drone package delivery market are Workhorse Group Inc. (US), Wing Aviation LLC (US), Boeing (US), Zipline (US), Flirtey (US), DHL International GmbH (Germany), Amazon.com, Inc. (the US), FedEx (US), United Parcel Service of America, Inc. (US), Matternet, Inc. (US), Drone Delivery Canada Corp. (Canada), Flytrex (Israel) and Airbus S.A.S. (Netherlands).
RECENT HAPPENINGS IN THE MARKET:
Frequently Asked Questions
Drone package delivery relies on technologies such as GPS for navigation, sensors for obstacle detection and avoidance, communication systems for remote control, and automated flight control systems to ensure precise and safe deliveries.
Challenges include regulatory hurdles, public acceptance, safety concerns, battery technology limitations affecting flight range, adverse weather conditions, and the development of reliable sense-and-avoid systems to prevent collisions.
Benefits include faster delivery times, reduced traffic congestion, lower delivery costs in some cases, and the ability to reach remote or difficult-to-access areas quickly.
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