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