The global drone delivery service market is expected to be valued at US$ 359.6 million in 2023. It is projected that the market will rise with a CAGR of 24.0% during the forecast period and enjoy a total valuation of US$ 3,090 million in 2033.
The drone delivery market is driven by the increasing e-commerce industry worldwide and the cost-effectiveness offered by drones over traditional delivery methods. Drones provide quicker, faster, more efficient, and more accurate product delivery, as they are comprised of advanced technologies like GPS systems, vertical take-off and landing (VTOL) systems, machine learning, and other technologies. Owing to these advents abilities of drones, found cost & time effective solutions to the retail & e-commerce industry, which is driving the market growth.
The use of drone delivery services has increased significantly post Covid. In 2022, the global market size of the drone delivery service market was around 5% of the drone services market. Drone delivery services will rise at a significant pace in the forthcoming period with an increase in demand for drone services in various industry verticals. As such, the growth of the drone services industry is somewhat directly proportional to the demand growth for drone delivery services.
Key Takeaways from Market Study
· During the historic period (2018-2022), the CAGR of drone delivery service market was 16.0%
· The market is projected to rise with a CAGR of 24.0% during the forecast period (2023-2033).
· The global drone delivery service market is projected to reach a valuation of US$ 3,090.5 Million by the end of 2033.
· Retail accounts for leading share of 24.0% in the global drone delivery service market
· North America is expected to hold leading share of about 43.0% in the global drone delivery service market.
· Among the region, North America holds leading share of 43.0% in the global drone delivery service market.
· In the end-use industries, retail sectors holds the largest share with 24.0% in the global drone delivery service market.
· Europe to rise with a CAGR of 24.5% during the forecast period.
Soaring demand for cost & time efficient delivery services will aid the market growth,” says a Fact.MR analyst.
The market is comprised of both large and small market players. The business environment in the drone delivery service market is highly competitive with the easy entrance of new market participants in the industry. Additionally, the market is expected to rise substantially in the forecast period with procurement of strategic moves by market players like merger & acquisition and expansion of business location to enhance consumer base and service offering.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global drone delivery services market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of capacity (upto 5 lbs, 6-10 lbs and above 10 lbs), customer type (retail and commercial), end-use industry (healthcare, retail, food and logistics) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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