Remote Control Products-Hobby Market Analysis by Product (RC Car, RC Plane, RC Truck, RC Helicopter, RC Drone, RC Bike, and Others); by Age Group (Below 18 Years, 18-34 Years, 35-54 Years, and Above 54 Years); by Power Type (Electric, Nitro, Gas, and Others); and by Distribution Channel (Offline, and Online)-Global Supply & Demand Analysis & Opportunity Outlook 2021-2031

 Global Remote Control Products-Hobby Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global remote control products-hobby market is estimated to garner a revenue of 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 USD 6,128.81 Million in the year 2021. Market is primarily driven by boosting 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. In one of the most populated country India, millennial population hold nearly 34% share of country’s total population.

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Surge in need of RC drones and helicopters in various sectors such as, healthcare, defense, film & television is likely to propel the market growth. Drones are highly used in filmmaking, they curb the expenditure on cranes, chase cars, helicopters and others. For instance, rent of helicopter equipped with cinema camera setup is typically around $25,000 per day. Therefore, use of drones for capturing shots is economical and reasonable. Furthermore, rising interest of people in photography is expected to fuel the growth of remote control products –hobby market.

Global Remote Control Products-Hobby Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Population of Millennials

Remote control products are gaining traction owing to rising population of millennials and their interest in tech-related products. According to World Economic Forum, there are 1.8 billion millennials in the world.

• Soaring Interest of People in Photography

Photography has taken up as hobby by many people. To take their skills to next levels, photographers also use drone to capture extremely higher shots. In 2021, about 21% of surveyed people of age 18 to 29 are willing to opt photography.

• Boost in Earning Power of Millennials

Millennials power to earn is to change the economy status of the world. The average annual salary of a millennial is rising notably. Millennials are making higher amount of money than any other generation. Mean annual income of 40-year-old millennial is nearly $50,000, which is about 25% higher than 40-year-old boomer.

• Increasing Demand for Drones from Various Sector

Drones has become popular, it is highly used in film industry, event management, surveillance and other. In India, the volume of drones is likely to reach at 0.1 million pieces by 20217.

• Adoption of Drones for Medical Deliveries

Drones are used to transfer medical products such as, blood donation, vaccination, medication and other medical supplies. For instance, As of October 2020, Zipline made over 70,000 medical deliveries with the use of drone.

Challenges

• Increase in Government Regulation for Safety Standards of Remote Control Products

• Greater Investment Risk Associated with Buying these Products

• Lesser Durability of Remote Control Toys Made for Kids

People hesitates from investing in these products as they could easily be damaged. For instance, flying models such as drones, helicopters are of higher cost and due to their position of working they have more probability to be damaged. Such a factor is anticipated to be hamper the growth of the market in the coming years.

The global remote control products-hobby market is segmented and analyzed for demand and supply by product into RC car, RC plane, RC truck, RC helicopter, RC drone, RC bike, and others. Amongst these segments, 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. In United States, retail sales of toy car in 2021 was valued at USD 2 billion. 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.

Global Remote Control Products-Hobby Market Regional Synopsis

Regionally, the global remote control products-hobby market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the 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 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 2021, around 22% of United States’ population comes under millennial age group. 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.

The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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).

Market Segmentation

Our in-depth analysis of the global remote control products-hobby market includes the following segments:

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Key Companies Dominating the Global Remote Control Products-Hobby Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global remote control products-hobby market that are included in our report 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.

Global Remote Control Products-Hobby Market: Latest Developments

• June, 2022: DJI has launched three new tools naming, DJI RS 3, DJI RS 3 Pro and DJI Transmission. These three tools facilitate seamless and easy content creation for filmmakers. Moreover, DJI Transmission is the first independent wireless video solution involving the features of reception, monitoring, recording and control.

• August, 2022: Traxxas has announced the new TRX-4 K10 High Trail Edition. This new launch comes with extended wheelbase which gives its elevation and increase its capability for off road ride. It has extreme all-terrain quality and higher durability.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal. 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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