Press Releases

Global Market Value for Gas Engines for drones and Electric Vehicles

September 24, 2018

WELLESLEY, Mass., Sep. 24, 2018–The growing popularity of drones and overall technological advantages are helping to guarantee the growth of the gas engines for drones and electric vehicles market, according to a report by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 5.8% through 2023, when it could be worth more than $3.1 billion, according to the report Gas Engines for Drones and Electric Vehicles: Global Markets Through 2023.

Major players in the market include BMW, Daimler, Fiat Chrysler Automobiles, Ford Motor Company, General Motors, Honda Motor Company, Hyundai Motor Company, Kia Motors, Mazda Motor Corporation, Nissan, Peugeot, Renault, Toyota Motor Corporation and Volkswagen Group.

Research Highlights

  • The market will be led in size by electric vehicles, which anticipates a 2023 value of $2.6 billion, though by growth the market will be led by drones, which expect a CAGR through the period of 7.3%. Overall, electric vehicles account for 87% of the market.
  • Hybrid electric vehicles will dominate the electric vehicles segment, with an estimated 2023 value of $2 billion, though the greatest growth will come from plug-in hybrids, which will see a CAGR through the period of 10.5%.
  • By end users, the electric vehicles market will be led by consumers, with a $1.2 billion value in 2023. Consumers will also dominate the market by growth, with a CAGR of 6.5%, followed by commercial at 3.8%.

“The internal combustion engine, the most common engine used in commercial and consumer vehicles, is a study in contrasts when it comes to environmental considerations,” said analyst Michael Sullivan in his recent report. “On the one hand, there is pressure to discontinue or reduce use of these gas-powered engines because of CO2 emissions. On the other hand, there is no better-performing means of power generation for vehicles than gas engines. This has created a dilemma pitting intangible environmental impacts against ease-of-use, low cost and superior performance expectations of consumers and commercial users.”

Expanding Drone Market Challenged by Regulations

The drone market has increased rapidly in recent years, with uses including inspections, military applications, public safety and consumer uses. Advancements in engine performance, efficiency and control will contribute to the industry’s growth, though federal regulations and controls aimed at lessening the disruption of public peace present challengers to the market. The U.S. Federal Aviation Administration says it will soon release rules for unmanned aircraft and there is increasing pressure to regulate drone use in many areas; already they are banned in national parks. Optimizing drones for noise, privacy and safety remains a challenge to the industry.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Gas Engines for Drones and Electric Vehicles: Global Markets Through 2023( EGY155A )
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