New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Remote Control Products-Hobby Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Remote Control Products-Hobby Market Size:
The global remote control products-hobby market is estimated to garner a revenue of approximately USD 8,073.03 Million by the end of 2031 by growing at a CAGR of 2.81% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of nearly USD 6,128.81 Million in the year 2021. Market is primarily driven by growing number of millennials who keeps keen interest for different types of remote control toys. Millennial are more interested in tech products than other age group. For instance, in one of the most populated country India, millennial population hold nearly 34% share of country’s total population. The global market is further expected to be propelled by factors such as, increasing population of millennials, soaring interest of people in photography, boost in earning power of millennials, and boost in earning power of millennials.
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Global Remote Control Products-Hobby Market: Key Takeaways
- The North America region to gain the highest portion of the revenue by the year 2031
- The RC car sub-segment to dominate the revenue graph
- Online sub-segment remains prominent in the distribution channel segment
Increasing Number of Millennials across the World to Boost the Market Growth
Remote control products are gaining traction on the back of the rising population of millennials around the globe and their interest in tech-related products. According to the World Economic Forum, millennials are now the largest adult cohort worldwide. There are 1.8 billion around the world, equal to 23% of the global population. Asia is home to a quarter of the global population of millennials. Of all generations, they are the most educated and are increasingly influential. Hence, this is estimated to result into more adoption of remote control products by the millennials.
In addition to this, increasing internet penetration and growing usage of e-commerce sites by millennials are also adding significantly to the global remote control products-hobby market. For instance, it was noted that millennials spend an average of 7.2 hours online each day. Furthermore, nearly 74% of millennials buy products online at least once monthly. Moreover, photography has been taken up as hobby by many people. To take their skills to the next level, photographers also use drone to capture extremely higher shots. Increasing interest in photography can be associated with the increasing usage of social media across the globe. It was observed that 70% of Americans aged 18 to 29, use Facebook, and the percentage is statistically the same for those of age 30 to 49. Hence, this is expected to be a major factor to drive market growth.
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Global Remote Control Products-Hobby Market: Regional Overview
The global remote control products-hobby market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Technological Advancements in Online Services to Propel the Market in the North America Region
The remote control products-hobby market in North America is projected to hold the largest market share by the end of 2031. The market in North America is expected to grow at a CAGR of 2.71% over the forecast period. It is estimated to garner a revenue of nearly USD 3,248.99 million by the end of 2031. This growth is anticipated on the account of rising millennial population in United States. In addition, higher demand of drones is likely to propel the market growth. According to Federal Aviation Administration, there are 8,65,505 drones registered in United States. Furthermore, the U.S in the North America region is one of the countries with the best cloud based strategies for the organizations. As per the U.S. Department of the Interior, a cloud smart strategy was introduced in the year 2018 that provides guidelines related to security, labor skills and procurement for faster cloud adoption.
Increasing Internet Penetration among the Regional Population to Favor Market Growth in the Asia Pacific Region
On the other hand, the market in the Asia Pacific region is projected to witness significant growth over the forecast period. The market in the Asia Pacific region is to grow at a CAGR of 3.73% over the forecast period. It is expected to collect a revenue of nearly USD 1344.8 million by the end of 2031. In the year 2021, it generated a revenue of nearly USD 932.80 million in the market. This growth can be associated with the increasing growth in the usage of the internet, rapid urbanization in the region, and growing demand for cloud-based services from countries such as China and India. As per The World Bank, in China, 70% of the total population used the internet in the year 2020, and the usage rate is better as compared to other countries. Therefore, an increase in the usage of the internet will allow more users, especially millennials to opt for online services.
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The study further incorporates Y-O-Y growth, demand & supply, and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific.
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Remote Control Products-Hobby Market, Segmentation by Product
- RC Car
- RC Plane
- RC Truck
- RC Helicopter
- RC Drone
- RC Bike
- Others
The RC car segment is anticipated to hold the largest market size by the end of 2031. The segment is to grow at a CAGR of 2.73% over the forecast period. It garnered a revenue of USD 2,147.37 million in 2021. Rising popularity of toy cars among children is pushing the market growth of remote control cars. The segment is further estimated to collect a revenue of USD 2,808.7 million by the end of 2031. Furthermore, augmented requirement of sports car for entertainment is a major trend expected for the growth of the market. In 2026, nearly 920 thousand sports car are expected to be sold.
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Global Remote Control Products-Hobby Market, Segmentation by Distribution Channel
- Offline
- Offline Stores
- Others
- Online
- Company-Owned Websites
- E-Commerce Websites
The online segment is anticipated to hold a significant share over the forecast period in the market. The segment is to grow at a CAGR of 3.84% over the forecast period. The company-owned sub-segment is projected to garner a revenue of USD 1446.56 million by 2031, by growing with the highest CAGR of 4.14% over the projected period. This can be ascribed to the rapid digitalization of various enterprises, and growing adoption of digitalized services. It was noted that in 2020, worldwide spending on digital transformation reached approximately USD 1.4 trillion, growing about 11 percent year-on-year.
Global Remote Control Products-Hobby Market, Segmentation by Age Group
- Below 18 Years
- 18-34 Years
- 35-54 Years
- Above 54 Years
Global Remote Control Products-Hobby Market, Segmentation by Power Type
• Electric
• Nitro
• Gas
• Others
Few of the well-known market leaders in the global remote control products-hobby market that are profiled by Kenneth Research are Artsana S. p. A., DJI, Kyosho Corporation, Silverlit Toys Manufactory Ltd., HPI Racing A/S, World Tech Toys, Tamiya Inc., Horizon Hobby, LLC., Traxxas, Redcat Racing, and others.
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Recent Developments in the Global Remote Control Products-Hobby Market
- In June 2022, three new tools from DJI was released under the names DJI RS 3, DJI RS 3 Pro, and DJI Transmission. For filmmakers, these three tools make it simple and seamless to create content.
- In Sepetember 2022, the brand-new TRX-4 K10 High Trail was launched by Traxxas. This new model has an expanded wheelbase, which provides it height and improves its off-road riding prowess.
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