Growing Trend For Aerial Photography in Travel and Tourism Industry
According to the Federal Aviation Administration (FAA) operating under the United states Department of Transportation, stated that till the year 2019 around 1,533,596 number of drones were registered in the United States alone, out of which, 428,245 numbers (28% of the total) were commercial drones and 1,101,564 numbers (72% of the total) were recreational drones.
Although, registration of drones is based on the unmanned weight of the UAV, yet recreational drones have gained massive popularity in the recent years on the back of rising need for recreational activities amongst individuals around the globe. There is a rising trend amongst individuals for social blogging especially while they are travelling or prefer travelling as a hobby. Increasing trend for videoblogging, also termed as “vlogging” amongst such individuals, and the need to produce creative content for the attraction of a greater number of viewers, is raising the demand for devices, such as selfie drones, which helps them to click pictures of themselves in a much more creative way. Several features available in selfie drones, such as follow me function, which allows the selfie drone to follow the individual just at the click of a button, along with other features such as, light weight, high resolution camera, multi-axis gimbals, and others, help to capture creative aerial images. Moreover, such activities are also contributing towards the growth of the travel and tourism industry and are increasingly favored by many tourist agencies.
Increasing Household Disposable Income
According to Organisation for Economic Co-operation and Development (OECD), household disposable income of USA, Japan and France increased from 40.62, 26.36, and 29.15 USD thousand/Capita in the year 2010 to 50.29, 29.76, and 34.49 USD thousand/Capita in the year 2017 respectively.
Consumer purchasing power is an important factor while considering the growth of any product in a market. An increase in household disposable income provides the consumer the power to purchase goods, especially for recreational purpose or goods meant for an individual’s hobby. Selfie drones can be categorized as a recreational good, and an increase in purchasing power of an individual will help to contribute to a better trade flow of the product. Such a factor is thereby anticipated to drive the growth of the global selfie drones market.
The global selfie drones market is thriving on the back of growing global trend amongst people for clicking selfie pictures, which is defined as a photograph that one takes of oneself. Initially, a selfie was clicked using a smartphone or webcam. With the advent of selfie-stick and selfie gimbals, individuals started using such accessories to click selfies. Technological advancements in camera photography, along with dynamic change in the need for advance photography skills amongst consumers around the globe, initiated the demand for aerial photography. The outcome of aerial photography pictures can be provided with a cinematic effect, giving greater positive impressions to the overall outcome. Such factors are anticipated to promote the growth of the global selfie drones market. CLICK TO DOWNLOAD SAMPLE REPORT
The market is anticipated to record a modest CAGR throughout the forecast period, i.e. 2020-2028. The global selfie drones market is segmented by wing type into fixed and foldable, out of which, foldable segment is anticipated to hold the largest market share on the back of increasing need for drones amongst individuals that occupy less space and which can be carried easily. Foldable drones have the special characteristic where its wings can be folded, thereby reducing its overall size when not in use. An individual carrying the drone can easily keep the foldable drone inside his pocket while travelling without damaging its physical structure. Moreover, foldable drones are a preferred choice amongst travelers as there is minimal or no concern for damaging the rotors and propellers of the vehicle.
High End Product Cost
The price of selfie drones is placed comparatively high owing to the cost of advanced technologies involved in such gadgets. But a major concerning factor that lies behind the high price of the product is the negative impact on sales. Also, selfie drones are aimed for recreational purpose only, limiting its use as commercial UAV drones. Owing to such a factor, the selfie drones might not be widely accepted amongst a mass population and might impact negatively towards the growth of the global selfie drones market in the upcoming years.
Our in-depth analysis of the global selfie drones market includes the following segments:
By Wing Type
By Camera Resolution
By Hovering Time
By Hovering Range
On the basis of regional analysis, the global selfie drones market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to hold the largest market share on the back of presence of numerous key players in the region, along with presence of awareness about the product amongst consumers in the region. Moreover, availability of supportive law and regulations, backed by support from various independent associations and agencies, along with the availability of several varieties of selfie drones, are some of the factors anticipated to drive the growth of the selfie drones market in the region.
The global selfie drones market is further classified on the basis of region as follows:
January 2020: SZ DJI Technology Co., Ltd. announced that it has showcased a wide variety of its products at the Consumer Electronics Show (CES) 2020. Additionally, it also introduced a newly incubated Livox lidar technology during the event.
September 2019: Yuneec International announced that it has collaborated with Leica Camera AG for a long-term technology partnership. The company also presented the Typhoon H3 with ION L1 Pro camera, which is a drone equipped with a high-end 1” sensor camera for sophisticated aerial photography.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.