Autonomous Aircraft Global Market Report 2024

“Autonomous Aircraft Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on autonomous aircraft market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for autonomous aircraft? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The autonomous aircraft market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Technology: Increasingly Autonomous; Fully Autonomous
• 2) By Aircraft Type: Fixed-Wing; Rotary-Wing
• 3) By Application: Cargo Aircraft; Passenger Aircraft
• 4) By End User: Commercial; Defense
• Companies Mentioned: The Boeing Company; Airbus SE; Lockheed Martin Corporation; Northrop Grumman Corporation; Elbit Systems Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Autonomous aircraft, commonly referred to as unmanned aircraft, are aircraft that operate without the need for direct human pilot control. They find applications in personal, passenger, and defense aviation.

Autonomous aircraft can be classified into two main categories based on their level of automation such as increasingly autonomous and fully autonomous. Increasingly autonomous aircraft rely on advanced automatic systems, reducing the need for human intervention during flight. Fully autonomous aircraft are designed to operate without human pilots actively controlling them. These autonomous aircraft come in different configurations, including fixed-wing and rotary-wing designs, and they serve various purposes, such as cargo transport and passenger travel. They are utilized in both commercial and defense sectors.

The autonomous aircraft market research report is one of a series of new reports from The Business Research Company that provides autonomous aircraft market statistics, including autonomous aircraft industry global market size, regional shares, competitors with an autonomous aircraft market share, detailed autonomous aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the autonomous aircraft industry. This autonomous aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The autonomous aircraft market size has grown rapidly in recent years. It will grow from $0.92 billion in 2023 to $1.05 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth observed in the historical period of the autonomous aircraft market can be attributed to factors like enhanced safety and operational efficiency, increased adoption in military and defense applications, expanded commercial use cases, and the impact of regulatory developments.

The autonomous aircraft market size is expected to see strong growth in the next few years. It will grow to $1.42 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth expected in the forecast period of the autonomous aircraft market can be attributed to factors such as the rise of urban air mobility (UAM), growing environmental concerns, technological advancements and refinement. Key trends in this period include increased focus on connectivity and 5G technology, advanced sensors and perception systems, the emergence of autonomous cargo delivery solutions, and the integration of artificial intelligence and machine learning..

The growth of the autonomous aircraft market is significantly driven by advancements in artificial intelligence. The implementation of AI technologies in aircraft management and operations allows airlines and flight operators to achieve substantial reductions in operational costs and expenses. Leading airlines worldwide are embracing AI to enhance operational efficiency, prevent costly errors, and improve customer satisfaction. For example, Airbus, a major aerospace company, utilizes AI for data analysis across multiple manufacturing facilities to detect process variations promptly. This proactive approach enables the resolution of issues faster and at a lower cost, or even the avoidance of such problems altogether. Hence, advancements in artificial intelligence are expected to be a driving force for the autonomous aircraft market.

The autonomous aircraft market is poised for growth, thanks to the burgeoning e-commerce industry. E-commerce, the practice of buying and selling goods and services online, confronts challenges associated with traffic congestion and urban logistics. Autonomous aircraft offer a solution by efficiently bypassing ground traffic, providing a predictable and swift delivery option, particularly in congested urban areas. For example, a report from the International Trade Administration projects that consumer goods' e-commerce will represent approximately 22% of global retail sales by 2024, with a steady annual growth rate exceeding 1%. Moreover, global retail e-commerce sales indicate a consistent, long-term expansion of 8% through 2024. Thus, the thriving e-commerce industry is a driving force in the growth of the autonomous aircraft market.

Strategic partnerships are emerging as a prominent trend in the autonomous aircraft market. Leading players are forming partnerships to expand their market reach and leverage each other's resources. For instance, in August 2022, Commaris, a brand under Terrafugia, Inc., a US-based company specializing in uncrewed aerial vehicles (UAVs) for commercial operations, announced a dealer partnership with FIZUAS Unmanned Aircraft Systems, a US-based company dedicated to full life-cycle drone and small unmanned aircraft systems (sUAS). Similarly, in March 2022, Reliable Robotics, a US aviation automation firm, entered into a partnership with Vantis, an aerospace company located in North Dakota, USA, to advance uncrewed aircraft systems (UAS). This trend highlights the growing emphasis on collaborative efforts in the autonomous aircraft industry.

Major players in the autonomous aircraft market are actively developing innovative products like autonomous electric cargo airplanes to expand their customer base, increase sales, and boost revenue. These autonomous electric cargo airplanes are unmanned aerial vehicles specifically designed for the transportation of cargo, often utilizing electric propulsion systems. For example, in January 2023, Pyka, a US-based autonomous electric aircraft developer, introduced the Pelican Cargo, a groundbreaking autonomous vehicle and the largest emissions-free cargo aircraft of its kind. The Pelican Cargo platform is set to enhance express logistics networks, foster connectivity in remote rural areas, and ensure swift and dependable access to essential goods and supplies in underserved regions. It boasts an impressive 200-mile range, a payload capacity of up to 400 pounds within its 66 cubic feet of cargo volume, and features a nose-loading configuration with a sliding cargo tray. The Pelican Cargo aims to eliminate CO2 emissions from the goods supply chain while offering a substantial speed advantage over ground transportation and remarkably lower operating costs compared to traditional air transport.

However, the adoption of advanced technologies in autonomous aircraft has raised safety concerns, which represent a significant hurdle to the market's growth. In November 2021, Boeing publicly acknowledged responsibility for the March 2019 crash of an Ethiopian Airlines Boeing 737 Max 8 in a US federal court. Boeing pledged to provide restitution to the families of the victims. Investigators discovered issues related to the new flight control software and sensor defects that had not been adequately communicated to the pilots.

In July 2021, Shield AI Inc., a US-based artificial intelligence firm, acquired Martin UAV for an undisclosed sum. With this acquisition, Shield AI will integrate its battle-tested autonomous software, Hivemind, into the V-BAT, further solidifying Shield AI's dominant position in the realm of defense-focused edge autonomy. Martin UAV is a US-based aircraft manufacturer, and this strategic acquisition bolsters Shield AI's capabilities and presence in the autonomous aircraft sector.

Major companies operating in the autonomous aircraft market include The Boeing Company, Airbus SE, Lockheed Martin Corporation, Northrop Grumman Corporation, Elbit Systems Ltd., Raytheon Technologies Corporation, AeroVironment Inc., Saab Group, BAE Systems PLC, Aeronautics Ltd., General Atomics Aeronautical Systems Inc., Airobotics Ltd., Aston Martin Lagonda Global Holdings PLC, Aurora Flight Sciences a Boeing Company, Bell Textron Inc., Embraer S.A., Joby Aviation Inc., Karem Aircraft Inc., Lift Aircraft Inc., Piasecki Aircraft Corporation, Planck Aero Inc., PrecisionHawk Inc., SkyLights Inc., Volocopter GmbH, Wing, Textron Inc., Israel Aerospace Industries Ltd. (IAI), Collins Aerospace a Raytheon Technologies company, Opener Inc., Xwing Inc.

North America was the largest region in autonomous aircraft market in 2023. Asia-Pacific is expected to be the fastest-growing region in the autonomous aircraft market during the forecast period. The regions covered in the autonomous aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the autonomous aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The autonomous aircraft market consists of sales of autonomous aircraft such as personal, passenger, and defense autonomous aircraft. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.