Research Nester published a report titled “Mexico Remote Control Products-Hobby Market: Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the Mexico remote control products-hobby market in terms of market segmentation by product, age group, power type, and by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Mexico remote control products-hobby market is anticipated to grow with a CAGR of 2.16% over the forecast period, i.e., 2021 – 2030. The market is segmented by product into RC car, RC plane, RC truck, RC helicopter, RC drone, RC bike, and others, out of which, the RC car segment is anticipated to hold the largest revenue of USD 50.54 Million by the end of 2030. Moreover, the segment generated the largest revenue of USD 40.74 Million in the year 2020.
Moreover, by age group, the Mexico remote control products-hobby market is segmented into below 18 years, 18-34 years, 35-54 years, and above 54 years, out of which, by the end of 2030, the 18-34 years segment is expected to attain the largest revenue of USD 65.62 Million, by growing with the highest CAGR of 2.32% during the forecast period.
The Mexico remote control products-hobby market is estimated to garner a revenue of USD 140.79 Million by the end of 2030, up from a revenue of USD 113.81 Million in the year 2020. Increase in awareness for remote control (RC) toys, especially amongst the millennials, followed by the rapid advancements in radio communication technology, which has significantly helped to develop advanced RC toys, are some of the major factors anticipated to drive the market growth in the coming years.
Growing Younger Generation Population to Drive Market Growth
In Mexico, the percentage of male population aged 15-19, 20-24, 25-29, and 30-34, according to the statistics by the National Institute of Statistics and Geography (INEGI), were 4.3%, 4.1%3.9%, and 3.6% respectively in the year 2020. On the other hand, the female population in the same year for the age groups were 4.3%, 4.2%, 4.1%, and 3.9% respectively.
Backed by the surge in younger population in Mexico, and the increasing interests for remote-controlled products amongst these age groups, the demand for RC hobby products is expected to increase significantly. Moreover, in the recent years, a significant number of local race tracks have been developed for organizing community games for these toys, which is also projected to contribute to the market growth.
However, the stringent government regulations for RC products is expected to operate as key restraint to the growth of Mexico 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 Mexico remote control products-hobby market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Mexico remote control products-hobby market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.