The global drone package delivery market is expected to be valued at US$ 347.2 million in 2023 and is projected to rise at a CAGR of 24.0% during the forecast period 2023-2033, according to the Fact.MR, market research, and competitive intelligence provider.
The market growth is driven by surging demand for time-efficient delivery services and the cost efficiency of drones over vehicles. The drone is majorly utilized in last-mile delivery services where it delivers products instantly, quickly with accuracy & safety to the client. It eliminates the risk of traffic jams, vehicle collisions, and others. Also, it is an efficient option to eliminate the excessive cost incurred while performing delivery services with electric vehicles, and diesel cars or vans. Therefore, drone utility for package delivery is an optimum option for the enhancement of time and cost efficiency for the end-use sectors and customers.
The market is projected to grow at a significant pace in the forthcoming period with continuous technological development in drones. It offers drones the ability to navigate, operate and tackle obstacles efficiently and provides safer delivery to the customer.
Key Takeaways from Market Study
- The Drone Package Delivery market is expected to grow with a CAGR of 24.0% during the forecast period 2023-2033.
- global drone package delivery market is expected to reach a valuation of US$ 347.2 million in 2023 & to top a market size of US$ 2,983.9 million by 2033
- Logistics and retail sectors together are observed with more than 50.0% of the share in demand for drone package delivery.
- During the forecast period (2023-2033), the market is projected to rise with a CAGR of 24.0%
- Drone with a capacity of up to 5 lbs holds the largest share with 53.0%% in the market.
- Among Regions, North America is expected to have a leading share in the market with 43.0% of the total market.
- Based on region, demand for drone package delivery is expected to increase at a CAGR of 24.5%, and 25.0% respectively, in Europe and East Asia.
Market Development
The market is comprised of various new and established market players. These market players are adopting an aggressive approach like acquisition and service launch to expand their footprint and consumer base. In 2022, Valqari acquired IDU Group, and Amazon introduced drone delivery services in California, United States. Additionally, the market players are expected to be extremely benefited with the integration of advanced technologies to create lucrative growth opportunities for market expansion.
Insights
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).
