In recent times, toy drones have gained lots of traction, especially among the youths. These drones have become smarter and are witnessing rapid manufacturing around the globe.
Programmed intelligence in toy drones is used to control the actions and have it respond to input to offer real-time interaction and feedback, which makes them smarter.
Unlike before, placing a microcontroller in the toy is now an economical solution. These microcontrollers are Bluetooth and Wi-Fi enabled which allow connected toys to access a wide range of internet services through smartphones.
Most players are currently targeting to create drones for consumer applications. Drones along with cameras are commonly used for recreational videography and photography, wildlife and hunting monitoring, and fishing.
Currently, next-generation consumer drones are widely used for drone sports and racing. In addition to this, as drones adoption will continue to thrive, the number of drone-related service providers will simultaneously increase.
Furthermore, the military sector in some regions is utilizing toy drones as a major tool to seek essential information.
For instance, recently in September 2020, Israel made greatest intelligence breakthroughs by using toy drones to gain required information across the borders of Egypt.
Owing to these factors, the global toy drones market is poised to rise significantly in the near future.
On the other hand, mounting demand for the first-person view (FPV) compatible drones coupled with augmenting demand for drones for marine activities such as fishing will escalate the toy drones market growth.
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Impact of COVID-19 Pandemic Outbreak
Owing to the spread of novel coronavirus, the manufacturing and supply chains are significantly impacted, which further restraints the growth of the market.
In addition, the governments of several countries imposed lockdowns, due to which the players in the market were not able to meet the demands amidst the pandemic outbreak. Thus, the toy drones market is anticipated to decline by 4%-5% by the end of year 2020
Toy Drone Market: Driver and Restraint
Constant Technological Advancement to Let Toy Drones Stay Ahead of the Curve
Amongst all the recent technological development, toy drones are largely witnessing innovations and advancements in the current state.
With the growing adoption of autonomous flight technology, some toy drones also fly without any user guiding the path.
System-failure responses, dynamic routing, and handoffs between human and machine controllers will elevate the demand for toy drones.
Consequently, toy drones are paving their way in the military landscape as military-developed technology.
In the US military reconnaissance and strike missions, drones have become a crucial component in the recent past.
With the help of this technological adoption, the US Army has successfully completed some major missions.
At the same time, the agriculture sector is experiencing a huge demand for toy drones for growth and development.
By enabling more efficient precision crop spraying and efficient land surveying, toy drones are helping the farmers to increase productivity and lower costs.
Owing to the growing usage of toy drones in several sectors, government investments are continuously increasing.
Government is investing a huge amount in the commercial sector to develop cyberspace. In context with the aforementioned factors, the toy drones market will continue to soar over the forecast period.
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Toy Drones Market to Weigh Down with Government Regulation
The toy drones technology booming at an unprecedented rate over the past few years. In such a rapidly and drastically evolving and changing ecosystem, government authorities of some countries are struggling to match the rate at which drones are reaching homes.
The governments are facing difficulties in establishing drone laws, in order to match the changing landscape of drones.
For instance, Government of India had banned the use of civil drones in 2014. However, with growing adoption of the technology in other countries, it pushed the government to understand the prospects of growth with it.
Therefore, in 2018, the Indian Government made changes in the policies regarding the use of drones. Such government regulations are likely to impact the growth of the toy drones market.
Toy Drones Market: Competition Landscape
Examples of some of the market participants in the global toy drones market identified across the value chain include
- AeroVironment, Inc.
- Skyrocket LLC
- Udirc Technology Co., Ltd.
- Drona Aviation Pvt. Ltd.
- Parrot Drones SAS
- Aerix Drones
- Weili Toys
Toy Drones Market: Regional Outlook
North America to hold a major share in the toy drones market. This trend is likely to continue over the forecast period owing to encouraging government initiatives with the development in drone technology coupled with increasing demand from businesses for drone-acquired data.
On the other hand, APAC will rise at a significant pace as China and Japan are experiencing adoption of advanced technologies and automation to counter rising labour costs. Increasing manufacturing of lightweight drones and the availability of low-cost drones in countries such as China are catapulting the toy drone market growth.
Sales of toy drones are stagnant in Europe due to the government regulations. Companies in the toy drones market are exploring new paths to transform by leveraging benefits offered by UAVs.
The toy drones market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment.
The market report also maps the qualitative impact of various market factors on market segments and geographies.
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Toy Drones Market: Segmentation
The toy drones market can be segmented on the basis of product type, application and region.
Product Type:
- Fixed Wing Type
- Rotor Type
- Flapping Wing Type
Application:
- Videography & photography
- Drone racing & sports
- Others
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