Plenty of Innovations in Remote Control Products
The occurrence of technological advancements in remote control products-hobby market, the innovations in latest products is on rise. The introduction of remote control cars and virtual reality toys are attracting new customers in the market. Further, introduction of 4K recording and 3D aerial coverage in remote control drones is leading to the improvements in drone videography and photography. In addition, manufacturers are offering customization along with wide applications in tune with the demand from consumers, which in turn, is boosting the market growth. The focus of research & development in order to introduce vision tracking systems camera cars to enhance the consumer experience and growing sales of radio control products are fostering the market growth. Moreover, rising demand for commercial, military and toy drones is accelerating the growth of the market over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Drone Based Deliveries Related to Healthcare Sector
The outbreak of COVID-19 has increased the focus of emerging nations on social distancing. Currently, the key players in the market are focusing on healthcare sector in order to implement drone based deliveries. The use of drones is increasing for the delivery of medications and other applications. Further, drone based deliveries are less risky on the back of lack of air traffic at present and it reduces the transmission of virus. Hence, these factors will account for the growth of the market.
Outbreak of COVID-19 Pandemic
The disruptions in supply chain and operations of various industries owing to the novel COVID-19 pandemic are acting as a major restraint into the growth of the market. Further, lack of expertise and technology in new countries regarding drone based deliveries along with the shortage of locally available regulatory skills is hampering the market growth over the forecast period.
The rising focus of science and technology for the development of new remote control products along with the increasing number of race tracks is estimated to boost the market growth. Further, the emergence of local participation in racing events without travelling long distances and advancements in electronic & semiconductor industries are fostering the demand for remote control products. Moreover, the rising demand for remote control products such as radio control drones, airplanes and other products from hobbyists globally is fostering the growth of market. Driven by these important factors along with the enhancement in camera technology, the remote control products-hobby market is anticipated to record a significant CAGR over the forecast period.
On the basis of age group, the market is segmented into below 18 years, 18-35 years, 36-60 years and more than 60 years, out of which, 18-35 years age group is estimated to lead the market on the account of rising enthusiasm for remote control products along with the increasing spending power of population falling under this age group. Additionally, enhancement in knowledge regarding remote control products and learning of new skills to operate new remote control products is driving the market growth. Therefore, these factors along with the keen interest of population under this age group will foster the growth of the market over the forecast period.
Our in-depth analysis of remote control products-hobby market includes the following segments:
By Product Type
By Age Group Type
By Distribution Channel Type
By End Users
Geographically, the remote control products-hobby market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The Asia Pacific region for remote control products-hobby market is estimated to dominate on the back of majority of population of hobbyist’s living in the region along with the presence of major manufacturing industries for remote control hobby products. Further, advancements in hardware and software in addition to artificial intelligence in emerging economies in the region are driving the growth of the market. The market in North America is anticipated to witness notable growth owing to the rising interest of consumers in photography and introduction of fast paced innovations. Moreover, the availability of various remote control racing groups in the region is boosting the market growth over the forecast period.
The remote control products-hobby market is further classified on the basis of region as follows:
On May 07, 2020: the world leader in civil drones and aerial imaging technology, DJI released most advanced commercial drone, M300 RTK and Zenmuse H20Series-a hybrid, multi sensor camera for data collection missions and smart aerial inspections.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash