New York, Feb. 15, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the World Bank, the total population aged 15-64 in Mexico increased from 59985361 numbers in the year 2000 to 85800403 numbers in the year 2020. Moreover, according to the statistics by the National Institute of Statistics and Geography or Instituto Nacional de Estadistica y Geografia (INEGI), the percentage of male population of age group 15-19, 20-24, 25-29, 30-34, and 35-39 in Mexico, in the year 2020, registered 4.3%, 4.1%, 3.9%, 3.6%, and 3.4% respectively. On the other hand, the percentage of female population of the same age groups in the same year registered 4.3%, 4.2%, 4.1%, 3.9%, and 3.7% respectively.
Research Nester has recently released a report on “Mexico Remote Control Products-Hobby Market: Demand Analysis & Opportunity Outlook 2020-2030” which utilizes various statistical tools for the analysis of the market during the forecast period, i.e., 2021-2030. The report also includes the key market dynamics, which include the market drivers, trends, opportunities, and the major roadblocks for the market growth in the coming years.
The demand for remote controlled (RC) toys amongst the millennial population is increasing at a rapid pace, backed by the rising awareness for these products, and the increasing purchasing power of the individuals owing to the surge in household disposable income. According to the statistics by the Organization for Economic Co-operation and Development (OECD), the annual growth in household disposable income of the individuals in Mexico registered 2.8% in the year 2019, up from 0.8% in the year 2017. Moreover, the increasing trade on toys in Mexico, is also expected to create numerous opportunities for the growth of the remote-control products-hobby market in the country in the coming years. According to the statistics by the International Trade Center (ITC), the imports of toys in Mexico increased from USD 1946093 Thousand in the year 2016 to USD 2421077 Thousand in the year 2019.
The Mexico remote control products-hobby market registered a revenue of USD 113.81 Million in the year 2020, and is further expected to touch USD 140.79 Million by the end of 2030, by growing with a CAGR of 2.16% during the forecast period. The market is also anticipated to grow on account of the growing GDP of the country, and the increasing availability of different RC toys launched by the key market players. In the other statistics by the World Bank, the GDP of Mexico in constant local currency unit (LCU), increased from 14.22 Trillion in the year 2009 to 18.51 Trillion in the year 2019.
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The Mexico remote control products-hobby market is segmented on the basis of product into RC car, RC plane, RC truck, RC helicopter, RC drone, RC bike, and others. Amongst all these segments, the RC car segment attained the largest revenue of USD 40.74 Million in the year 2020, and is further projected to touch USD 50.54 Million by the end of 2030. The segment is also anticipated to grow with a CAGR of 2.19% during the forecast period, while the RC drone segment is expected to grow with the highest CAGR of 2.47% during the forecast period. Moreover, the RC drone segment is anticipated to attain the fastest growth of 1.28x over the forecast period, while the RC car segment is expected to attain an absolute $ opportunity of USD 9.8 Million between 2020 and 2030.
On the basis of age group, the market is segmented into below 18 years, 18-34 years, 35-54 years, and above 54 years. By the end of 2030, amongst all these segments, the 18-34 years segment is expected to attain the largest revenue of USD 65.62 Million, up from a revenue of USD 52.22 Million in the year 2020. The segment is also anticipated to grow with the highest CAGR of 2.32% during the forecast period.
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The Mexico remote control products-hobby market is further segmented by power type, and by distribution channel
Mexico Remote Control Products-Hobby Market, Segmentation by Power Type
- Electric
- Nitro
- Gas
- Others
Mexico Remote Control Products-Hobby Market, Segmentation by Distribution Channel
- Offline
- Online
Some of the prominent industry leaders in the Mexico remote control products-hobby market that are included in our report are Redcat Racing, Kyosho America, Traxxas, Silverlit Toys Manufactory Ltd., Tamiya USA, Artsana S.p.A., DJI, HPI Racing A/S, Horizon Hobby, LLC, and others.
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