Research Nester published a report titled “Remote control products-hobby market– Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers detailed overview of the remote control products-hobby market in terms of market segmentation by product type, by age group type, by distribution channel type, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for remote control products-hobby is anticipated to record a notable CAGR over the forecast period 2020-2028. The major key factors accelerating the growth of the market include surge in the number of racetracks along with the advancements in semiconductor and electronics industry. Further, prevalence of local participation in racing events is leading to the increased demand for remote control products from hobbyists. In addition, rising science & technology activities related to the upgradations in remote control products along with the advancements in camera technology is fostering the growth of the market during the forecast period. Based on age group type, the market is segmented into below 18 years, 18-35 years, 36-60 years and more than 60 years. The market for 18-35 years of age group is estimated to lead the market owing to the surge in consumer spending falling under this age group along with the rising knowledge about remote control products. Additionally, focus of consumers on learning new skills in order to operate latest remote control products and rising interest & enthusiasm is propelling the growth of the market.
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Based on the regional analysis, the market for remote control products-hobby is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The Asia Pacific is anticipated to dominate the market on the back of technological advancements in hardware & software in addition to artificial intelligence. Further, presence of leading manufacturers in the region owing to the huge consumer base hobbyist’s is fostering the market growth. The market in North America region is anticipated to witness noteworthy growth rate on the account of presence of several remote control racing groups along with rapid innovations and rising interest of consumers for remote control products.
Innovative Remote Control Products Along With Drone Based Deliveries
The rising innovations for the introduction of latest remote control products along with the introduction of 4K recording & 3D aerial coverage in remote control drones is driving the market growth. Further, wide range of applications related to customized products and increasing focus of research & development for vision tracking system camera cars is leading to enhanced customer experience, which in turn, is fostering the demand for radio control products. Additionally, prevalence of virtual reality toys and remote control cars along with the surge in demand for military & commercial drones is boosting the market growth. Moreover, the outbreak of COVID-19 globally has shifted the focus of manufacturers towards drone based deliveries in order to ensure safety and to avoid transmission of virus. The drone delivery helps in the safe delivery of medications and other important applications. Hence, these factors are estimated to foster the market growth over the forecast period.
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However, the disruption in supply chain owing to the outbreak of COVID-19 pandemic along with the lack of expertise and technology is expected to operate as key restraint into the growth of remote control products-hobby market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the remote control products-hobby market which includes company profiling of Redcat Racing, Traxxas, HORIZON HOBBY, Tamiya USA, World Tech Toys, HPI Racing A/S, Silverlit Toys Manufacturing Ltd., Kyosho America and DJI. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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