Remote Control Products – Hobby Market To Reach Valuation Of ~US$ 2 Bn By 2027

October 14 22:30 2021
Remote Control Products - Hobby Market To Reach Valuation Of ~US$ 2 Bn By 2027
As more number of hobbyists around the world continue to demand for remote control products, including radio control cars, airplanes, and drones, the global remote control products – hobby market is expected to witness a steady growth during the forecast period.

Transparency Market Research delivers key insights on the global remote control products – hobby market. In terms of revenue, the global remote control products – hobby market is estimated to expand at a CAGR of 3% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global remote control products – hobby market report.

In this market report, TMR predicts that rising frequency of various racing events (regional and international) across all categories of remote control products has encouraged several experienced as well as budding hobbyists to take interest in hobby grade remote control products.

These events have not only attracted the potential customers to the market but also encouraged innovations among manufacturers of RC products. During the first quarter of year 2020, more than 19 such top-level events were registered in the U.S. alone. Some of the other major countries known for such events include China, Hong Kong, Singapore, the U.K., and Dubai. Furthermore, in various locations across major markets, including North America, Europe, and Asia, hobbyists have the facility to race among various remote control racing groups.

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Increasing number of local race tracks is also one of the factors contributing to the growth of hobby remote control products. Although a few of the large RC tracks have closed in the past couple of years, emergence of several small scale, local tracks is anticipated increase in the coming years. This trend is further likely to encourage local participation and enable people to access the racing events without the need to travel long distances.

In terms of product type, remote control cars held the highest market revenue share in the global remote control products – hobby market in 2018 and are expected to remain dominant during the forecast period. However, in the coming years, the trucks and drones segments are anticipated to expand at a substantial pace. Enthusiasm for off road racing is expected to fuel the demand for monster trucks in the coming years. The versatility of remote control off-roading makes it a suitable hobby for busy people.

Based on age group, the 18-34 years segment led the remote control products – hobby market in 2018. The population falling in this age group are the people with high spending capability and keen interest in remote control products. Sound knowledge of technological advancements in RC products and skills to operate these new RC products in the market make the 18-34 years age group the most promising population group for the RC products – hobby market.

Majority of RC products hobby manufacturers are located in Asian countries, particularly in China. Some hobbyists across the globe still prefer the conventional method of buying these products, which is through specialty stores. In addition, rising adoption of e-Commerce globally, and ability of sellers to promote sales of products at relatively lower cost is likely to drive the online distribution channel.

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Remote Control Products – Hobby Market: Prominent Regions

Geographically, Asia Pacific led the remote control products – hobby market in 2018 and the region is expected to retain its dominance during the forecast period. Majority of remote control products hobbyists’ population resides in the Asia Pacific region, which accounts for more than 20% of the global remote control products market. In addition, Asia Pacific, being a noteworthy manufacturing base for the remote control hobby grade products industry makes it a prominent market globally.

Remote Control Products – Hobby Market: Key Players

The competition landscape of the remote control products – hobby market is highly fragmented with leading players accounting for nearly 50% of the revenue share. Key players operating in the global remote control products – hobby market include Traxxas, Redcat Racing, Horizon Hobby LLC, Artsana S.p.A, Silverlit Toys Manufactory Ltd., HPI Racing A/S, DJI, Kyosho Corporation, World Tech Toys, and Tamiya Inc.

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