Mexico Remote Control Products-Hobby Market Highlights Over 2020 - 2030
The Mexico remote control products-hobby market is estimated to garner a revenue of USD 140.79 Million by the end of 2030 by growing at a CAGR of 2.16% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market in the country registered a revenue of USD 113.81 Million. The growth of the market can be attributed to the growing millennial population in the country, and therefore the increasing demand for remote control toys amongst these population. Besides this the growing household disposable of individuals which is contributing to the rising consumption of non-essential goods in the country, are also anticipated to contribute to the market growth during the forecast period.
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The remote-controlled products have recently garnered tremendous interest from the millennial generation in Mexico, backed by the rapid surge in technology of these toys. Moreover, a large number of millennial populations, which is growing at a steady pace, are spending money on buying hobby-grade models, which is also one of the major factors anticipated to drive the market growth in the coming years. According to the statistics by the National Institute of Statistics and Geography (INEGI), the percentage of male population in Mexico aged 15-19, 20-24, 25-29, and 30-34 in the year 2020 were 4.3%, 4.1%3.9%, and 3.6% respectively, while that of female population were 4.3%, 4.2%, 4.1%, and 3.9% respectively.
Besides this, the increasing development of local race tracks which is allowing users of hobby-grade radio control (RC) products to participate in different hobby-based competitions and community games, followed by the rising popularity of drones in the recent years, supported by the increasing advancements in flight technology, and the surge in availability of new RC products are some of the key opportunities and market trends expected to contribute to the market growth in the coming years.
Growth Drivers and Challenges Impacting the Growth of the Mexico Remote Control Products-Hobby Market
Growth Drivers
- Increasing Millennial Population in Mexico
- Rising Household Disposable Income
Challenges
- Stringent Government Regulations for RC Products
Mexico Remote Control Products-Hobby Market Segmentation Synopsis
The remote control products market in Mexico is segmented by product into RC car, RC plane, RC truck, RC helicopter, RC drone, RC bike, and others. Out of these, the RC car segment is anticipated to hold the largest revenue of USD 50.54 Million by the end of 2030, up from a revenue of USD 40.74 Million in the year 2020. The market is further segmented by age group into below 18 years, 18-34 years, 35-54 years, and above 54 years. Out of these, the 18-34 years segment is expected to attain the largest revenue of USD 65.62 Million by the end of 2030 and further grow with the highest CAGR of 2.32% during the forecast period. By power type, the market is segmented into electric, nitro, gas, and others. Out of these, the electric segment is anticipated to grow with the highest CAGR of 2.32% during the forecast period and further attain the largest revenue of USD 86.45 Million by the end of 2030. By distribution channel, the market is segmented into offline, and online. Out of these, the offline segment is projected to hold the highest market share by the end of 2030, and also grow with the highest CAGR of 2.19% during the forecast period.
Top Featured Companies Dominating the 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 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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